Retirement Spending Survey

[Mad Maxx]

Is Susie counting on a guaranteed pension? We were told at one FERS class that a $30K pension is like having $3M in the bank and you are living off the yearly 10% growth. Sure you can't tap into that imagined $3M but you reap the growth reward. Most retirees don't have that guaranteed money coming in and need more to ensure financial stability. Food for thought.

[Mad Maxx]

Oh, I retire in 6 days with a very comfy pension

[WileCoyote]

I retired Feb 29th. Best decision ever. While I'm pulling out a little more than I planned right now, that will reduce in a couple of years when the mortgage is paid off. And I want to have some fun while I'm still "young and able" at 58ish. Not a millionaire, but I have enough. And yes, expenses have went down drastically in some areas. I think I've only bought gas 4 times since Feb, due to traveling less and COVID-19. But, I've spent more in other areas like hobbies and honey-do list items for the house. Great times. Money isn't everything, but it is important to have enough. And only you can answer that question - it is enough?

[twinkc]

No debt, other than house mortgage and daughter's Brooklyn NY rent.

Your daughter better show you how grateful she is for having dad pay for her tony NYC apartment. That is certainly a privilege most parents do not owe their kids.

Hi Bloobs--actually it's her mom not her dad that's paying! and the "tony NYC apt" is in Brooklyn with 2 other roommates (not very classy). and she's finishing school. so she'll be on her own this fall! And yep that'll be a financial relief to us!

[mjedlin66]

Is Susie counting on a guaranteed pension? We were told at one FERS class that a $30K pension is like having $3M in the bank and you are living off the yearly 10% growth.

I recommend checking that math.