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By ages 65 to 75, boomer households spend just over $65,000 a year.
How they spend also changes.
Housing costs typically drop, for example, and medical costs often increase.
For most, spending on things like transportation and entertainment remain relatively stable, according toFidelity.
Most of my travel is self-reliant, so learning and skills do enter into it, he said.
Being in new prefs, relaxing and engaging in physical activities all contribute to the beneficial effects.
While not truly racing cars, well… it is racing cars, Sommers said.
And a weekend is almost as pricey as truly racing cars, he added.
Contributing to the expense is the towing rig he uses to transport his cars.
Money I dont have to spend, but do, Sommers said.
These events check each of Sommerss boxes except one, which is making money.
His play portfolio has some unique holdings, such as shares in the Empire State Building.
Yeah, its a thing and its going up, he said.
Rental properties diversify your portfolio while producing income and, over the long term, appreciating in value.
Lifestyle Upgrades
The last worthwhile expense on Sommerss list is about enjoyment, pure and simple.
When he flies, he flies first class.
Time for a new TV?
Find the biggest one, with the best sound.
And forget shrink-wrapped steaks from the supermarket Sommers buys his meat from the butcher.
But youll likely need more if you want an active lifestyle about 15% more, in fact.
One way to keep your goals on track is to create a retirement spending plan.
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