What percentage of your working income do you now live on in retirement?
I plan to retire in the next 6 months. I have a State Pension, a 457 Plan and Social Security that I have contributed to for the last 48 years. The 457 Plan has a retirement calculator built into it. It explains that most retirees live on either 75% to 90% of their working income. At my current contribution rate I am at 113% of my working income. I planned that to include cost of living increases as I got older in retirement. That number was at 136% 3 years ago. But due to inflation and lack of pay raises, my buying power has dropped. I have a side business that is not figured in my retirement numbers, it doesn't bring in much money so I don't count it. However I may have to expand it if money gets tight. I live in Kansas so cost of living isn't bad as far as food and utilities. Property taxes are on the rise. And I plan to cheat the tax man on my vehicle purchases when I retire. Public transport is non-existent, so you have to have a vehicle. What I wish I could change was the amount I had contributed to my 457 plan. I would tell my younger self to save more. You never know what will befall you later in life. My wife was diagnosed with breast cancer 5 years ago and has been under going treatment during this time. Expensive treatments. I worry that when I retire I won't at some point have the finances to care for her. I won't move because all our children are here and frankly they are who I will depend on as I and my wife grow old and need help.
Also, I hope there are some young people on here reading this. I say to those kids. Now is the time to save for retirement. I feel like I'm fortunate to have what I do. But you need to be saving money now. In your teens and 20's so when you're in your 60's it's a coast down hill not a scramble up hill.
So my questions are for current retirees;
What percentage of your working income do you now live on?
In retirement do you think you live a comfortable life? (It doesn't matter how much you make or what you can afford to go and do. I just want to know if you feel your retired lifestyle is comfortable and doable. Or do you struggle with day to day expenses.)
Do you have more than SS income that you live on?
If you have more than SS income what are the streams? (Full time Part-time Jobs, 401K or other retirement plans, Pensions, Inheritance...)
Where do you live now? (Country, State, City...)
Did you move to a new location after work to make your retirement go further?
I don't need elaboration or details about income numbers or expenses. I'm just looking for some short answers. Because we live all over the world our cost of living will be different and income numbers will be more or less dependent on where you worked and where you now live.