While I was doodling away on my notebook during class, I received an activity sheet to fill in. The first task was to list some things I wanted to do once I've retired, and how much those activities would cost (excluding inflation). The next question was whether or not I should include those activities into my savings goals.
Duh, of course I should add those on! How else would I manage to afford them when I retire? And then that got me thinking... how much exactly would I need for all of these activities in the unlikely event that I retired at 65, and lived up to, say, 85?
Holy cow. How much??? But wait, I haven't even included how much I'd need for basic living expenses!
I felt slightly woozy and I started to sweat. If my favourite bread costs about $4 now, how much would it be by the time I retire? And if I want it every week for the next 20-odd years post-retirement, how much money would I need just for bread?
It may be boring subject, but it might be a good idea to start thinking about those retirement funds even if retirement is decades away.
Sept. 5 Blogtember topic: Pass on some useful advice or information you learned
Want to participate in Blogtember? Click on the button below!