What Kind of Retirement Do You Want?
Murray's Guide to Financial Security
'Two for the Money' is an informative and humurous look at the financial realities that face the baby boomers and generations x, y and z.
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More Answers, Tips and Advice From AOL Coaches
| A very basic retirement |
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| You’re happy in a very small house with low utility bills and no mortgage. |
| You live, or plan to live, in a community with a low tax rate. |
| You enjoy preparing and even growing your own food; restaurant meals are a waste of money to you. |
| You’re happy driving older cars. |
| You take occasional vacations by car, and you stay in budget hotels. |
| You shop for clothes only when you need something. |
| You have no club or membership dues. |
| You will have no debt of any kind including car loans or leases. |
| You would consider part-time work. |
| Cost: $500-$2,000 per month Retirement Funds Needed: $150,000-$500,000 |
| An average retirement |
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| You currently enjoy a typical middle class lifestyle, and you want to maintain it in retirement. |
| The house you own now is just fine, needs no renovations, and will be paid off by retirement. |
| A dinner out and a movie once a week, or every other week, is plenty of entertainment. |
| You plan to take infrequent vacations, and time them to take advantage of off-season rates. |
| You’re happy spending time with grandchildren, who live nearby. |
| When you read magazines, you don’t long for the stuff in the ads. |
| You like simple hobbies such as gardening, walking, fishing, and reading. |
| You have no credit card or automotive debt. |
| You’re willing and able to work part-time if property taxes or health care costs increase during retirement. |
| Cost: $2,000-$8,000 per month Retirement Funds Needed: $500,000-$2 million |
| A very comfortable retirement |
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| You want to retire in a resort comm-unity, such as a beach or golf development. |
| Or you want to retire in a big city and enjoy cosmopolitan amenities such as theater and professional sports. |
| You plan to join a gym or other club. |
| Your home or condo will probably be paid for, but high taxes and association fees are likely. |
| You plan to have nice furniture and new appliances. |
| You enjoy restaurant meals two or three times a week, especially at new places in town. |
| You hope to take at least one 'mem-orable' vacation in season per year, such as Europe in the summer or the Caribbean in the winter. |
| You’ll need a good-sized closet full of nice clothes to wear when you're out and about. |
| Social activities are important, and you plan to entertain often. |
| Cost: $8,000-$50,000 per month Retirement Funds Needed: $2 million-$10 million |
| A lavish retirement |
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| You want (or already own) a large home in a very expensive area. |
| Utility bills on your home will total $1,000 or more a month. |
| You will own more than one home. |
| You plan to eat lunch and dinner mostly in restaurants and clubs. |
| You drive expensive cars, and buy new cars every few years. |
| You'll belong to several clubs and have season tickets to sports and cultural events. |
| You plan on taking many luxury vacations, staying in four-star hotels. |
| You spend $1,000 or more a month on clothes. |
| When you thumb through magazines, you can definitely see yourself buying the stuff in the ads |
| Cost: $50,000-$100,000 per month. Retirement Funds Needed: $10 million and up. |
