• Question
  • If I were able to trim my expenses in half by the time I retire will I have enough to live on

    Asked by a 71 year old man from Yonkers, NY on 2/2/2013

    If I were able to trim my expenses in half by the time I retire will I have enough to live on without having a part time job to supplement my income.

  •  
  • Categories: Retirement Planning, Retirement Calculators, How Much Do I Need?

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

    Get a FREE phone consultation
    with an advisor. Learn more...
  • Before you retire, you should probably eliminate your debt.

    Cutting expenses to be in line with your guaranteed retirement income is a good goal as well.

    You will, however, also want to think about out of pocket medical expenses and make sure that you have a way to pay for that. Many retirees are surprised by what Medicare does not cover. Having some savings to fund medical costs can give you piece of mind.

    Inflation is another risk that you should consider.

    We wish you all the best.
    http://www.newretirement.com

  • Login to rate this answer:   Answered on 2/5/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.