It is recommended to have 50-70% of your current income in order to live
in comfort. In order to calculate this you have to take into
consideration your pension, home bills, health care, travel costs,
spending and debt. All of these can play a major part in increasing the
amount of money you would need or decreasing it.
Of course when you retire life will be different. You will spend less
money on most things. You won’t be raising a family anymore, hopefully
you will have a home that is paid off, therefore having no mortgage.
And you won’t be driving to work every day.
Some other examples of items you may spend less on when you retire:
Of course, when you spend less money on some things, you may spend more
money on other things. You will be home more so will be using
electricity and heating more. You will want to do things and get out
and see places you’ve never seen before. These things will potentially
cost you more than when you were working.
Some other examples of things you will spend more money on when you