19,170 – Do you have any idea what that number represents?
No? Well, consider this: if you are lucky enough to be alive at age 65, according to the National Center for Health Statistics, you can expect to live another 17 years, 9 months if you are a man and another 20 years, 4 months if you are a woman. Of course, no one knows exactly how long any one person will live, but it does give us something to look forward to!
Now, getting back to our number. If you are just average (and we all believe we are better than average, don’t we?), 19,170 is the approximate number of meals you will eat (for men, 21,960 for women), assuming three meals each day, if you live to that “normal” life span. That’s a lot of meals, isn’t it?
According to a list compiled by investment firm Morgan Stanley, the average cost of a restaurant meal across the U.S. ranged from $12.17 per person at Red Robin to $88.00 per person at seafood and steak restaurant Eddie V's. Chain restaurants like Red Lobster and Outback Steakhouse fell in the middle of the list, costing about $20.00 per person.
Multiply that $20.00 per meal average cost with our number—19,170—and you arrive $383,400 as what it may cost you just to eat once you retire at age 65! Granted, you’re not going to eat every meal in a restaurant once you retire, but you still have to buy groceries. A 2012 Gallop Poll showed that Americans report spending $151.00 on food per week on average, which would equate to about $137,841 over the same 17 year, 9 month period.
With all this in mind, how much are you saving for retirement? Will you have enough money to eat every day? What about other expenses, like housing, taxes, and medical care? And travel or recreation? Most people have no idea how much money they will need at retirement, even to just do simple, everyday things, like eating. Talk with a professional insurance agent today to help you get a better grasp on your retirement needs so you can have the retirement you deserve.