Question

First, calculate what you think will be your monthly expenses in retirement . Detail the expenses and explain why you think this is so.

What would your expenses be if you are married or plan to become married in the future ?

What issues/problems could you encounter in retirement that would impact your estimated expenses ?

What do you plan on sources of income in retirement to be ? What is your understanding of these sources ?

(For example, for social security purposes, what are spousal benefits ? How does divorcing or becoming a widow impact such ? See: SSA: Spousal

Answer 1

Monthly expenses of retirement would be 4300 per month and annually 4300 * 12 = 51,600

The expenses include travelling expenses, living expenditure and rental charges of home.

The expenses would be doubled if I'm married. This is because spouse expenses, living expenses, groceries would be increased. Along with it, children studies and other related expenses would maximize as well.

The first and foremost issue is that I'm not saving money for long-term which could impact my income and expenditures would increase. Further, budget would be affected because of inflation elevating day-by-day.

Sources of income in retirement would be combination of social security benefits, real estate, inherited property, returns on invested shares etc.