I would write down all of your monthly expenditures including home/rent, utilities, food, automobile payments and auto insurance, home insurance if home is paid off, cable, credit cards, and prescription and copay costs. I have done a 4 year look back on these to come up with a yearly cost. I then would look at pension (if you get one), social security if you can include that, and any other resources like 401K or stock divends and such. So, if income after retirement is enough to pay the bills...I would say that would be a confidence builder. You should always look for ways to cut the bills out to keep your income ahead of inflation. Inflation is the bear to your retirement.
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I would write down all of your monthly expenditures including home/rent, utilities, food, automobile payments and auto insurance, home insurance if home is paid off, cable, credit cards, and prescription and copay costs. I have done a 4 year look back on these to come up with a yearly cost. I then would look at pension (if you get one), social security if you can include that, and any other resources like 401K or stock divends and such. So, if income after retirement is enough to pay the bills...I would say that would be a confidence builder. You should always look for ways to cut the bills out to keep your income ahead of inflation. Inflation is the bear to your retirement.
Post: How would you define “enough”?
Link to comment from December 11, 2021