Percent of retirement expenses from fixed sources?
I've been doing a bit of retirement planning this week. It looks to me that we'll have about $70,000 a year (today's dollars) in retirement income during our golden years:
His Fixed Retirement Income
Pension - $1200/month
Social Security - $2500/month
Her Fixed Retirement Income
Pension - $1500/month
Social Security - $1250/month
These are estimates as the social security website has me locked out (chronic issue) and our retirement dates are uncertain.
Regardless, it totals out to be $70,000 a year in income. Our current expenses, if you exclude the items we won't have in retirement (paying for kids expenses; mortgage; daycare), we spend maybe $40,000 to $50,000.
So, I am thinking we'll have 100% of our retirement expenses paid for by fixed retirement income.
I'm wondering what other's experience is when estimating retirement expenses versus fixed retirement income?