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post #13 of Old 10-08-2013
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Re: Real Cost

My head was in a different place when I was 25 and I thought I had it pretty well together compared to a lot of my peers. But retirement was something I barely gave a thought to. I was setting a little aside but not a ton.

Kudos to you for thinking that far ahead.

A few years ago my wife and I sat down with a financial planner. It was a difficult process. He had us go through an exercise that basically asked us how much money we'd need per month to live the way we'd like to live in retirement. We also had to take a stab how long we expected to live and when we'd like to retire.

Of course like many people, my wife and I wanted to be able to travel. A boat didn't really enter the discussion at this point. As we went back and forth over how much money we'd need and what we might have to give up now in order to get there, the financial planner finally stepped in and told us that he had some good news. He said you probably don't need to worry about having much money set aside for traveling once you reach 85 or so. You probably won't want to. We were like "Huh? Why wouldn't we?" He told us that the reality is that most people don't feel physically up to long trips by then and are content to stay at home.

I didn't really think of that as "Good News".

You're an engineer and I'm sure you can do the math. You're much more on top things than I was at your age and maybe more than I am right now. But you do have to consider the end of your life when thinking about retirement. Living on a boat might be great into your 70's, and maybe early 80's but make sure you think about what happens after that and plan accordingly.
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