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I'm in my mid thirties but I was using one of those retirement calculators, I couldn't help but think that it was missing the boat.
At least in my head, one needs to construct as best they can a hypothetical budget for when they retire.
I was wondering if any retired people here would be able to share the line items from their budget (no dollar amounts, just what is money spent on). I'm sure it would look a similar to my one now, minus school bills and housing costs except for maintenance and taxes. Granted, things will drastically change in the next thirty years but I think it would still give me a better idea.
Right now, it just asks things like "how much do you want to have saved at retirement?" Which is a backwards question for me. Sure, "as much as possible" is great, rules of thumb like 16% per paycheck are okay too but I'm looking to satisfy my curiosity. For example, I have no clue how much medical bills are for retired people on Medicare. Yes, it's dependent on the individual but ball parks are nice.
I'd ask my parents but they're on their company's plan as part of their compensation package.
At least in my head, one needs to construct as best they can a hypothetical budget for when they retire.
I was wondering if any retired people here would be able to share the line items from their budget (no dollar amounts, just what is money spent on). I'm sure it would look a similar to my one now, minus school bills and housing costs except for maintenance and taxes. Granted, things will drastically change in the next thirty years but I think it would still give me a better idea.
Right now, it just asks things like "how much do you want to have saved at retirement?" Which is a backwards question for me. Sure, "as much as possible" is great, rules of thumb like 16% per paycheck are okay too but I'm looking to satisfy my curiosity. For example, I have no clue how much medical bills are for retired people on Medicare. Yes, it's dependent on the individual but ball parks are nice.
I'd ask my parents but they're on their company's plan as part of their compensation package.
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