re: Retirement Income Goals for planning purposes.

Inflation may be the factor that wrecks everybody's plan. Who knows how much worse it can get?

Asking if you can retire on an income without knowing expenses is ridiculous OP. You can retire on $30k income plus social security very easily, millions do it every year.

There’s Also no reason to expect to have $0 income. Going from working 40 hours a week to 0 just isn’t for everyone, plenty of people find a job working 10-15 hours a week doing something they love to help stay active, make a little spending buffer money, etc.

$120k a year is plenty of money to retire comforably.

I would disagree expenses go up. When you aren’t commuting to work daily and you can do more for yourself because you have more time, your expenses should go down.

For example, if you are paying for a yard guy in retirement it’s not to save you time. It’s because you are either lazy or it’s a luxury, that’s a luxury expense.

Once you are old or in poor enough health to need tons of medical attention, nursing home, etc. what people fail to remember is you also generally stop traveling, stop eating out, stop hobbies, etc. So some expenses go way up but others go way down.

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I'm trying to be a responsible person and plan for my future retirement. It's a serious responsibility. I apologize for any inconvenience.

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You live in Louisiana which is a very poor state and you don’t know if $120k in retirement is enough?

There are people with families living in Louisiana on one third of that a year. If you lived in California, New York, or New Jersey I’d take you seriously but Louisiana?

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How much would this person be paying in mortgage, property taxes, and home insurance Per month?

What about other recurring debt obligations?

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Would all be useful things to know

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have no idea how much 10k a month will stretch in the years of the 2040s.

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What are your income sources in retirement? Retirement withdrawal methods such as the 4% rule typically account for inflation and would require +$3m nest egg to draw $120k. On other hand if you are looking at a $10k/m fixed income stream with no inflation adjustments thats gonna get real tight after 20-30 yrs.

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There’s a pun in here about Champagne living on a beer budget but $10k clear per month will practically be enough if everything is paid off and you don’t have costly toys (big RV, big boat, etc).

There’s three phases of retirement:

1. Go-Go-Go

2. Slow-Slow-Slow

3. No-No-No

You’ll save money in the middle because you don’t do as much.

You’ll be lucky to spend half of the budget per month in the Slow period.

You might need it at the end for in-home care.

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Dave Blanchet calls this the "Retirement Income Spending Smile". Wade Pfau talks about it in this article.

what is the Retirement Spending Smile?

In essence you possibly may not need to save as much and be able to spend more in the GoGo years.

Retirement planning is stressful!

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I anticipate having the house paid off, very low property tax. Homeowners insurance will be a necessary expense but I do not live on the Gulf Coast.

There are no recurring debt obligations.

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If your house is paid off i would think you could get by with living on 5K a month? Yes? No?

I live on 6900 a month after taxes. I don't have have house car boat notes etc. Only thing I pay is home owners flood LTC Insurance car insurance . I could live on lest than . 6900. I also have four tickets to LSU Football and parking which run about 4000 a year