Estimated basic monthly expenses for a retired couple after age 62
1. Utilities, phone, cable, water, gas, etc. $1600
2. Food, dining out: $ 1200
3. Property tax ( no mortgage): $ 1500
4. Insurance (car, home): $ 500
5. Medical premium and copay: $ 1200 ( will be less after using Medicare at 65)
6. Miscellaneous: $ 4000
Total monthly expenses: $ 10,000 aftertax/mon, pretax $ 13,000/mon
Estimated monthly fixed cash flow for a couple at 62
1. Company pensions: $ 4500
2. SSN starting at 62: $ 4000
3. SSN starting at 67: $ 6200
Total pretax fixed cash: $ 8500/mon at 62
The difference between the expenses and fixed cash flow will come from the saving and retirement accounts.
Are the basic expenses at pretax $ 13,000/mon enough for a retired couple like you?