How much do you think you will need just to eat on during retirement
Well let's take a look
Let's say that you retire at age 65 and live until 85.
That's 20 years in retirement
20 years times 365 days/year = 7300 days in retirement
I'm going to assume that you like to eat three times a day
I tend to eat more but that's a personal problem that I'm working on
7300 days times 3 meals a day = 21900 meals during retirement
If the average meal cost $5.00 today and include inflation,
in 20 years an average meal could run about $10.00
21900 meals time $10 per meal = $219,000.
Another assumption - if you are married
I would have to assume your spouse would like to eat as well
$219,000 each time 2 people = $438000
$438,000 - and ALL you done is eat
This does not include gifts for the grand kids, traveling, medicine, clothes, etc
If you had $1,000,000 for retirement
$1,000,000 - $438,000 = $562,000
$562,000/20 years = $28,100 per year
$28,100/12 months = $2,341 per month
Are you really saving enough for retirement?