Re: Turning down high paying job. Am I crazy?
Originally Posted by medford
anyways, most things I've read is not to expect a drop in your spending as you retire (perhaps as you age, but the goal for most people is to retire in relative good health that they can still get out and around) with the possible expection of a mortgage, most places will tell you to aim to have that paid off by retirement. I guess what I was wondering, were there expenses you see now that you never anticipated? Perhaps medical insurance or something? You may get that thru your wife's employer. What I'll equate it to, is people talk about having a baby a few years down the road, talk about the cost of diapers, baby food, etc... but the thing that rarely gets talked about is the cost of daycare. I don't think most people realize they'll be spending 600-1200 a month on their child's day care if they continue working full time. Didn't know if there was something equivalent to that in retirement that I haven't thought about.
Thanks for everything you share in this regard, its helpful to read about someone else's experience so that I can prepare for my own.
Health insurance is the major wildcard. My parents have friends who just retired and did some research, and they're estimating $800 per person, per month for health insurance. That might be on the high end, but either way it's expensive. Who knows what it'll be in the future. Trying to project health insurance 20 to 30 years in the future is the most difficult thing I've run into.
Barry Larkin - HOF, 2012
Put an end to the Lost Decade.