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I retired about 7 years ago, age 55. I did have a number in mind to secure (at least, to me) a very nice retirement. It has worked out well especially given that I always assumed a very conservative return and have exceeded it greatly as the markets have done better than expected for several years.
We are not seeking to reduce anything in retirement. I didn't retire until house was paid off. I tracked expenses to the penny (quite literally) for several years and did expense projections based on my spreadsheet and house/auto/travel expenses I anticipated.
On the contrary, DW and I have become even greater consumers after retirement having remodeled the house and yard quite extensively, purchasing all new power tools, hybrid car, and a lot of money into travel.
I spend time on a daily basis continuing to follow macroeconomics and general investing stories. Investments are our only income, so managing them is a part-time job to me and has been for 30+ years.
We saved, practiced frugality for 40+ years, invested, planned, furthered our education and careers and (have to admit) had good luck too. We have far more in retirement than anticipated. We are typical of lifetime savers in that we still agonize over any purchase. I research everything we buy, we discuss it, and we make sure we're purchasing something of value to us and is a good item at a good price. I could go out and buy that classic Vette or a new Porsche --- not going to happen. I'm far more excited about getting a top-of-the-line lawn mower.
Life is good.
Posted by retiredtraveler
Not that this is a retiree-specific comment, but It always boggles my mind, when I watch Suze Orman's "Can I afford this?" segment, and so many young people focus on buying some $$$ designer item specifically to impress people who see it, and people > 50 who are willing to dedicate so much $$$ to a mega-expensive "toy". Last time I watched, someone wanted to spend about $80K on a USED sports car!