Have you attempted Estimating Expenses for Retirement?
If you are in the least worried about having enough for retirement, figure out what you NEED first! We all need to estimate our expenses for the retirement years.
Wait -- aren't we all worried about having enough, pension or not?
We can't see the future (where is that crystal ball of mine?) and don't know how our investments will work (or not), what our health care or food/gas costs into the future, we can't easily estimate inflation at all.
Use this WORKSHEET to figure out your expenses for a normal month with no additional things -- like birthday parties, day trips, etc. You want the absolute bottom line here... the least monthly income you can live on, comfortably.
could go a step further to figure out what you SAVE when you retire.
Some won't save any money in retirement -- they have no long drive to
work so they won't save on gasoline and the wear and tear of their car.
They don't eat out for lunch so they won't save money on all those
One simple example:
John spent approximately $100 per week on gas as he had a gas-guzzling truck and a long drive to work each day.
He also (as a bachelor) went out to lunch daily, and spent a minimum of $8 on lunch (usually more), plus coffee twice a day.... so his working expenses look something like this:
$ 560 PER MONTH SAVED
Simply by Retiring and Spending Those Dollars Elsewhere!
Finally, as you might expect, John's working expenses were actually even more... but my example looked SO high, I opted for lesser numbers here.
Bottom line: it depends on monies YOU spend each week to work!
Wendy's other site... because Aging Matters!