What are the usual expenses that you need to pay after you retire - assuming retirement at 60?

Hi there I specialise in retirement planning for my clients and I hope that my answer will make some sense. In general as a formula for retirement sum needed, I go based off 2 variations of the same concept

1. Monthly household expenses 12 how many years you will retire for presuming we go off the average mortality rate of 85 (this is if you want to keep your current lifestyle)

• example of monthly household expenses include: Public transport, food, utility bills (approx $100 a mth), groceries. However do take into consideration that you will incur more medical bills as you grow older so it will be necessary to include that in your consideration

2. Downgraded monthly household expenses 12 how many years you will retire

• Example of downgrade lifestyle could mean you sell away your car before you retire or you downgrade your house to save costs.

I help couples plan for their retirement using this strategy and if you feel what I am saying makes sense, would love to have a chat with you further on developing a customised retirement fund planning strategy for you.

I can think of a few:
1) dependents living expenses - Spouse and children
2) education fees for children
3) housing mortgage
4) medical expenses
5) domestic helper
6) wedding ang Bao/ funeral gifts
7) insurance premiums
8) food
9) travel locally, travel overseas
10) play fund (anything that brings joy to you)