How much retirement income do I need?


How much income I need will depend on what I want to be doing in retirement.

What will I need to be paying for in retirement?

Whether I can do what I want to do in retirement depends on how much income I have.

What does retirement mean for me?

Retirement for me means I do not need to work to meet my financial obligations.

I may choose to continue to work to keep my mind and creativity active, but I would not need to do that for financial reasons.

Reduce Financial Obligations

  • As retirement nears, reduce financial obligations

What do retired people do with their time?

  • Travel
  • See friends
  • Go hiking
  • Read
What you do in retirement depends on fitness, location, friends and finance.


Income Sources
 Social Security - Peter
 Social Security - Sylvia


Fixed Expenses

Housing
  • Where will I be living?
  • Will I downsize to reduce costs?
  • If I downsize, will it be to reduce cost, or save money?
  • Can a large property become a retirement project (e.g. working in the garden, growing vegetables)
  • Will I have a holiday home that is rented to create income?
  • Can I have two homes and rent them both out when I am not there?
  • Do I want a home where children and grandchildren can come to stay?
Health Insurance


Utilities
  • Power
  • Gas
  • Telephone/Internet
  • TV

Variable Expenses
  • Travel and Holidays
  • Hobbies
  • House Maintenance
  • Garden
  • Family support e.g. grandkids gifts or education