{"id":1515,"date":"2021-11-23T15:09:13","date_gmt":"2021-11-23T20:09:13","guid":{"rendered":"https:\/\/www.fellowshipfinancial.com\/?page_id=1515"},"modified":"2022-02-05T17:56:06","modified_gmt":"2022-02-05T22:56:06","slug":"resources-retirement-expenses","status":"publish","type":"page","link":"https:\/\/www.fellowshipfinancial.com\/resources-retirement-expenses\/","title":{"rendered":"Resources Retirement Expenses"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

How to Calculate Living Expenses in Retirement<\/h1>

There are upsides to being a retiree \u2013 senior discounts when spending in retirement, subsidized healthcare, and regular Social Security checks. On the other hand, mature Americans must contend with worrisome issues such as a rising cost of living in retirement that includes rising healthcare costs in retirement.<\/p>

Retirement Budget Planner<\/h3>

To calculate retirement expenses, begin by determining what your average monthly expenses in retirement might look like. When estimating retirement expenses, start by dividing the cost of living in retirement into two categories: those you believe will change and those you believe will remain largely the same.<\/p>

Costs That Might Change<\/h3>

\u00b7 Housing expenses \u2013 particularly if you plan to downsize to a smaller dwelling
\u00b7 Average healthcare costs in retirement, including Medical insurance \u2013 which may shift from a premium for HMO coverage to a Medigap policy
\u00b7 Costs for dependents \u2013 if you have children that may not be self-sufficient by the time you retire
\u00b7 Entertainment and travel expenses \u2013 for some people, these might decline precipitously; for others, they might be far higher
\u00b7 Taxes \u2013 most retirees find their tax burden is less than during their working years
\u00b7 Automobile-related costs \u2013 retirees generally drive less than workers who commute to their jobs every day, thus spending less on maintenance, tolls, gasoline, etc.
\u00b7 Monthly contributions toward retirement savings accounts \u2013 not only can you stop making this contribution, but you might even consider spending it!<\/p>

Costs You Think Will Remain the Same<\/h3>

\u00b7 Food–although your diet and menu may not change, you must consider the impact of inflation on your monthly grocery bill
\u00b7 Clothing \u2013 unless you previously spent large amounts of money on uniforms or other job-specific wardrobe items
\u00b7 Household expenses \u2013 such as telephone, utilities, cable, etc.<\/p>

Determine Your Individual Needs<\/h3>

Once you analyze all this information and calculate your retirement expenses, you can begin to determine your average spending in retirement per month. You will also be able to better determine what your monthly income needs as well as how large of an emergency fund you should establish. This emergency fund should be held in a liquid form such as a money market account, which provides stability for your funds as well as ready access to them.<\/p>

Consider reviewing your retirement budget at least annually, because circumstances can and do change in today\u2019s fast-moving world.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

How to Calculate Living Expenses in Retirement There are upsides to being a retiree \u2013 senior discounts when spending in retirement, subsidized healthcare, and regular Social Security checks. On the other hand, mature Americans must contend with worrisome issues such as a rising cost of living in retirement that includes rising healthcare costs in retirement. […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"Retirement Expenses | Fellowship Financial","_seopress_titles_desc":"Are you prepared for the rising cost of living in retirement? Find out how to calculate your retirement budget and projected retirement expenses.","_seopress_robots_index":"","site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"_links":{"self":[{"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/pages\/1515"}],"collection":[{"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/comments?post=1515"}],"version-history":[{"count":0,"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/pages\/1515\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.fellowshipfinancial.com\/wp-json\/wp\/v2\/media?parent=1515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}