I have searched for this answer on several sites and not had any luck. You all are awesome with good, honest and timely answers so I know this is the place to find out my answer.
Most people ask about saving for retirement questions about how much money they need to retire and live comfortably because when they retire so does their income they are accustomed to living on. Since most people will not make 100% of their normal monthly income, they need to know " How much money do I need in savings for retirement "?
My situation is different, I am retired from the military so all my medical costs, dental, vision, prescriptions is all covered for life. I also receive monthly benefits (Income) that I have been living comfortably on for several years now. Since all medical/health costs are covered, no surprises, and my monthly income is good enough for me to live comfortably on the rest of my life and bar something unusual, will continue until my death.
So in effect it is the same as being comfortably working until my death. So since these benefits and income should not stop, how much should I keep in savings which would really only be needed for an unexpected repair or expense or a large purchase or something.
I ask because instead of hording these pennies, I can use that money to buy things I want or do things I want instead of just having a large sum in savings when I am essentially retired now and have this ongoing income.
Thank you in advance for your help.