How to Save $ in Retirement? - Page 9

brandiwine · ‎03-11-2010

@winamac1 wrote:
@brandiwine wrote:
We paid our house off about a year before we retired, but continue to pay the mortgage amount into savings. In our county once you reach 65 and have lived in your home for 10 years you get 50% off your property taxes up to the first $200,000 of assessed value. ( they don't advertise this). I retired at 50 and my DH at 55. He did some consulting work and we put that money away for special trips. Many health insurance companies have a "silver sneaker" program which lets you join a gym or other types of exercise facilities for free. We don't drive as much and don't need the super nice clothes we used to, so expenses are down. You do have to have a nice nest egg for emergencies. Enjoy!!
@brandiwine--do you have enough hobbies? I am always curious what people do if they retire at age 50! Congrats to you--perhaps you have children or grandchildren who keep you busy or a lot of hobbies. If so, that's awesome. I'm fearful I'd be too bored as I only have a few hobbies outside of work. I need to work on more, LOL!

Too many. LOL. I do aqua classes 3 days a week, Met some great new people and several of us go to lunch once a week after class. I took cake decorating classes, and I sew. I treated myself to a embroidery machine and am still learning! Help with grandkids some of the time. DH and I do some traveling (have an old dog so that slows us some), and we go to movies. He loves to golf and we have a family ranch that he works on so we're not under each others feet, but have time together. I'm available to help friends who need rides to Dr appt or help after surgery. I really don't know when I had time to work. There are lots of opportunities for volunteer work at schools, food banks, hospitals, etc. If you can step out of your comfort zone the rewards are amazing!

GinzTonic · ‎10-08-2014

@buyornot wrote:
@Pook wrote:
I found that once retired I was automatically saving money because I didn't have the expenses that came with going to work. Often tired after working we would get takeout or stop somewhere to eat. Savings on gas, saving on car insurance, savings on clothing (shoes especially don't wear out now) and food since we often ordered in many days, snacks that I kept in my desk or out for coworkers to enjoy and just purchases I made try to compensate for the stress I was constantly under. Also since I was out and about daily saved money on stops to the grocery store to pick up a few items always resulted in buying way more than I do now. I now find I actually am saving so much without cutting back
THIS is my life right now- I was happy to read this!

Me too!z every week I say no more take out!

Sooner · ‎03-10-2010

@hoosieroriginal wrote:
@chrystaltree wrote:
@hoosieroriginal wrote:
I live just on my SS and don't touch my retirement money - it is for emergencies only - here are my tips:

1. Quit shopping Q - get control of your spending habits - ask yourself - do I want it or do I need it?

2. If you don't already - get your checks free from your bank - just learned this from someone here on forum - if you are a senior you should be able to get your checks for free - I was paying $30 every other month.

3. I shop Aldi's for my groceries - saves me at least 1/2 of what I was paying at Marsh or Kroger.

4. Got rid of cable TV - watch everything I want on my computer - saved me $68 a month!

5. Got rid of my newspaper - I really don't want to know what's going on in the news anymore - it's depressing!

6. I do all my yard work myself - I'm fit enough to mow - most people around me pay to have their lawns done - you get exercise and save money.

7. Any money I have at the end of the month goes into savings for emergencies.

I buy myself a couple little items a month to make me happy, but don't go on shopping sprees at all. I have lunch a couple times a month with friends. My neighbor has had to go back to work already and she retired when I did three years ago. She was having to dip into her retirement account already (and she has SS and a pension - double what I make).

Honestly, if I had to scale my life back like that, I'd just keep working until I could have a better retirement.
@chrystaltree - I'm very happy where I am - things don't mean anything to me - obviously they do to others.

May I step in here? We are all very different. What makes some of us happy would be simply torture to others. Some like to relax and take life easy, some like to go go go and do. Some live looking forward to retirement, some dread it.

Spending habits are different, lifestyles, and health concerns are different for all of us. Let's say it is interesting to see how others view life, accept that as good for them, and be less judgmental about how we all look at life and view and plan for our later years.

I think there are some good ideas here for a lot of us.

GenXmuse · ‎05-15-2016

I think Hoosier has very good lifestyle and those steps do not sound overly austere to me.

I'm decades away from retiring but I already do all of those things.

Gardening is a joy, qvc is kind of the pits, I get news online and tv isn't important to me. I would shop at aldis if we had one closer.

But I guess since it's not important to me, it's not a sacrifice. For others it would feel like it. No need to,judge others and act like those things are beneath you.

RedTop · ‎09-01-2010

I can't say I ever enjoyed working; just did what I had to do, and when the day came that I didn't feel I had to do it anymore, I quit. The last 10 years I worked was simply for health insurance.

I knew exactly when it was time to stay home with my husband and enjoy our days together, and walked away from my job at age 57. Nearly 5 years later, I have never missed anything related to my job.

Our lives are simple, our needs are few. When I quit my job to stay home and take care of my husband, I didn't know how much time we would have together. I still don't, but these last years together have been great, and I have never once regretted walking away from my job. Life is too short to sweat the small stuff.

dex · ‎03-09-2010

@Mj12 wrote:
@chrystaltree wrote:
@hoosieroriginal wrote:
I live just on my SS and don't touch my retirement money - it is for emergencies only - here are my tips:

1. Quit shopping Q - get control of your spending habits - ask yourself - do I want it or do I need it?

2. If you don't already - get your checks free from your bank - just learned this from someone here on forum - if you are a senior you should be able to get your checks for free - I was paying $30 every other month.

3. I shop Aldi's for my groceries - saves me at least 1/2 of what I was paying at Marsh or Kroger.

4. Got rid of cable TV - watch everything I want on my computer - saved me $68 a month!

5. Got rid of my newspaper - I really don't want to know what's going on in the news anymore - it's depressing!

6. I do all my yard work myself - I'm fit enough to mow - most people around me pay to have their lawns done - you get exercise and save money.

7. Any money I have at the end of the month goes into savings for emergencies.

I buy myself a couple little items a month to make me happy, but don't go on shopping sprees at all. I have lunch a couple times a month with friends. My neighbor has had to go back to work already and she retired when I did three years ago. She was having to dip into her retirement account already (and she has SS and a pension - double what I make).

Honestly, if I had to scale my life back like that, I'd just keep working until I could have a better retirement.
I don't think anything she mentioned is scaled back that severely. She is physically able so she does her own yard work. Good for her. I do not because we don't have the time - wish we did. What's wrong with free checks for seniors if her bank offers it? Things like that are just smart IMO. She still buys herself some things, has lunch with friends, etc.

I was wondering how you all feel about my thoughts on this,We lived a frugal life and saved for our retirement.Now that the time has arrived we are financially set but I don't feel we should live frugally anymore.If we spend all of our money and end up broke then I think that we deserved to enjoy ourselves at this point.If we continue to be careful then the government takes more from us and we end up supplementing those who didn't plan.I think it is our turn now to enjoy.I had friends who made more than us but had nothing saved.They went on expensive vacations,shopped,ate out went to bars and had it all while they were young.They said they didn't care if they had nothing when they were old as the government could take care of them.

proudlyfromNJ · ‎05-01-2010

How does the government take care of people who haven't saved? Welfare? I don't know anything about these programs or anyone being taken care of by the government. You mean their mortgage, car payments, car insurance, utilities, etc all get paid?

Tinkrbl44 · ‎08-23-2010

@Mj12 wrote:
I'll just add - my parents worked and worked (and worked some more) to have a fabulous retirement. Both died rather young, unexpectedly, didn't get to enjoy their hard work or any retirement. Go enjoy it!

@Mj12

That's the one thing no one can factor in ..... you might have a good financial planner, but you don't have a CRYSTAL BALL.

We all know (or know of) someone who relentlessly scrimped and saved for retirement ..... and then died before they could even begin to enjoy the fruits of their labors!

One person comes to mind ....... Andy Rooney from 60 Minutes. He delayed retirement, but was dead within 2 months of doing so. I bet his family might have felt "robbed" of enjoying the golden years.

Irshgrl31201 · ‎03-18-2010

@hoosieroriginal wrote:
@chrystaltree wrote:
@hoosieroriginal wrote:
I live just on my SS and don't touch my retirement money - it is for emergencies only - here are my tips:

1. Quit shopping Q - get control of your spending habits - ask yourself - do I want it or do I need it?

2. If you don't already - get your checks free from your bank - just learned this from someone here on forum - if you are a senior you should be able to get your checks for free - I was paying $30 every other month.

3. I shop Aldi's for my groceries - saves me at least 1/2 of what I was paying at Marsh or Kroger.

4. Got rid of cable TV - watch everything I want on my computer - saved me $68 a month!

5. Got rid of my newspaper - I really don't want to know what's going on in the news anymore - it's depressing!

6. I do all my yard work myself - I'm fit enough to mow - most people around me pay to have their lawns done - you get exercise and save money.

7. Any money I have at the end of the month goes into savings for emergencies.

I buy myself a couple little items a month to make me happy, but don't go on shopping sprees at all. I have lunch a couple times a month with friends. My neighbor has had to go back to work already and she retired when I did three years ago. She was having to dip into her retirement account already (and she has SS and a pension - double what I make).

Honestly, if I had to scale my life back like that, I'd just keep working until I could have a better retirement.
@chrystaltree - I'm very happy where I am - things don't mean anything to me - obviously they do to others.

Yes I liked her post when I meant to like yours @hoosieroriginal. I actually don't think most of what you mentioned is too severe. Doing your own yardwork, shopping at Aldis (which I can shop anywhere i like and choose to got here at times because they have some great stuff), cutting out the newspaper (can get it online) and cutting out cable because so much is available online for free and very cheap don't sound like huge sacrifices.

I will admit, I like what I like and I do want to be able to shop when i like without looking at pricetags all of the time. I have a cable bill that is totally not necessary considering I just don't watch tv that much anymore. We do eat out often I would say at least 5-6 times a week but it really isn't necessary to make me happy. I have been broke before so if I had to do that again, I do know how to live and be happy. While I really enjoy my life and finances now, I had some of the happiest times of my life when I was working like a dog and watching what I spent.

There have been some good suggestions on here for the OP, including yours.

Those who make peaceful revolution impossible will make violent revolution inevitable.
JFK

Irshgrl31201 · ‎03-18-2010

@hoosieroriginal wrote:
@chrystaltree - Hey - just for your info - I'm debt free and own my own home - not bad huh for a poor old soul who doesn't have a million dollars in the bank. Now feel sorry for me!

That was the most important thing for my husband and I @hoosieroriginal. We had our home paid for by the time I was 45 and we worked hard to do that. It is nice to not have to worry about that.

Those who make peaceful revolution impossible will make violent revolution inevitable.
JFK