Many people ask if they can retire based only on their account balances, but the more important number is monthly spending. In this episode, we explain why expenses drive retirement success more than any magic savings target and how to get a realistic picture of what life actually costs.
You will learn two practical ways to calculate real spending using a top-down review of bank statements or a simple flow-based approach.
We also break expenses into fixed, flexible, and non-monthly categories so you can see which costs are predictable and which can change over time. Understanding this one number can replace uncertainty with confidence and help answer the question, can I retire yet.
What you’ll learn in this episode:• Why spending matters more than account balances when deciding to retire• How to calculate real expenses using a top-down review of bank statements• How flow-based budgeting works without feeling restrictive• The difference between fixed, flexible, and non-monthly costs• Why most people underestimate what they truly spend
Key topics: retirement expenses, monthly spending, retirement budget, cash flow in retirement, fixed vs flexible expenses, retirement readiness, estimating retirement costs, flow based budgeting
Welcome to the Retirement Income & Strategy Podcast with Tom Mullarkey, CFP® and founder of Hive Retirement Planning. This show helps people age 60 and older make smarter decisions about retirement income, taxes, investments, and financial confidence—without hype or jargon.