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Honored Contributor
Posts: 9,309
Registered: ‎03-13-2010

Seriously considering retirement --- could we talk?

I have pretty much reached my point!  DH and I have been discussing this for some time and I really feel I am about ready.  We have gotten our finances and budget pretty much where it will be.  We will need to be very frugal but without any really horrible occurrences, we should be able to make it.  

 

I would like to ask everyone what things did you do or are you doing when you reached this point regarding cutting expenses?

 

A few small things which I have already done are:  

 

I discontinued my Ipsy subsciption -- it was only $10 per month--- recently went up to $12.

 

Stopped buying clothes (this one is really hard) several months ago.  I have worked since I was 18 and am now over 66 so this has been a life-long thing for me. 

 

My Sirius radio subscription is due to run out in a couple months --- I will not renew.

 

I am discontinuing all my magazines with the exception of about 3.

 

I wanted to discontinue newspaper except for Sunday delivery for DH will not go for that!

 

These are basically small things I know, but I figure everly litle bit helps!  

 

What are some ways which you have cut expenses and economized in anticpation of or since retirement?

 

I already think I am pretty careful with money.  Much more so than DH.  We have talked and decided when this happens we are downsizing to one car, so this should help a lot with expenses.  Also, do the same with cell phones, even though we both have tracphones, which we seldom use any way.

 

Also --- another aspect --- how did the transition go with all of a sudden being at home all the time? DH has been retired for seveal years and he is used to having the house to himself and running the show --- so I think there are bound to be clashes!

 

I am a little apprehensive about this.  I am looking forward to not having to be on a time schedule every day --- but then, it will be such a big change after all these years of work, work, work!!

 

Thanks, everyone.  

 

 

"A day without sunshine is like, you know, night." - Steve Martin
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Posts: 2,573
Registered: ‎05-09-2016

Re: Seriously considering retirement --- could we talk?

I was very, very fortunate to be able to retire in my mid 40's.  My goal had been to retire at 50, but I reached a series of milestones that I had set in place, so I retired earlier.  I'm still in my 50's and it was the best decision I ever made.

 

That being said, some things I spend more on - travel is on my own dime, I private pay my own health insurance, I pay someone to clean my home, etc. Some things I spend less on - dry cleaning, lunches out, professional clothing. There's really nothing that I cut out, and to be honest, penny pinching was never a part of my retirement plan. I've always handled my finances wisely. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Posts: 6,752
Registered: ‎03-10-2013

Re: Seriously considering retirement --- could we talk?

DH and I both retired on the same day in ‘16 at the age of 62.

 

We discussed retirement with our financial advisors and with their guidance retired early.

 

Minimal debt

No mortgage

Put maximum $ allowed in 401k

Increased savings account

 

We were adamant about retiring so the financial instructions were easy to follow.

 

You will be so surprised how many “wants” you can live without.

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Posts: 9,309
Registered: ‎03-13-2010

Re: Seriously considering retirement --- could we talk?


@FrostyBabe1 wrote:

I was very, very fortunate to be able to retire in my mid 40's.  My goal had been to retire at 50, but I reached a series of milestones that I had set in place, so I retired earlier.  I'm still in my 50's and it was the best decision I ever made.

 

That being said, some things I spend more on - travel is on my own dime, I private pay my own health insurance, I pay someone to clean my home, etc. Some things I spend less on - dry cleaning, lunches out, professional clothing. There's really nothing that I cut out, and to be honest, penny pinching was never a part of my retirement plan. I've always handled my finances wisely. 


@FrostyBabe1

 

I am happy for you!  Sounds like you have a wonderful retirement!!!  Blessings!!!  

"A day without sunshine is like, you know, night." - Steve Martin
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Posts: 7,852
Registered: ‎03-09-2010

Re: Seriously considering retirement --- could we talk?

@AngelPuppy1....DH and I have been talking retirement for a couple of years.  We are self employed.....always been frugal because we never knew when we would have a lean month so never spent money we did hot have....we worked at our business together.

 

We have saved what we could and IF we retired we would be OK in the financial department....our biggest fear is being together to much.  I have my friends, DH not so much. We really have no hobbies and do not enjoy traveling.  DH is 14 years older than me, if that matters......

 

Our health is good and and the business is still making money, just not at the pace it once did, but we are not losing money staying open.  We would like to find a buyer...at a reasonable selling price.

 

Like you mentioned the biggest thing is being together A LOT!  I enjoy my alone time....good luck with your decision and if you figure out the 'together to much thing' be sure and let us all know!

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Posts: 9,309
Registered: ‎03-13-2010

Re: Seriously considering retirement --- could we talk?


@OKPrincess wrote:

DH and I both retired on the same day in ‘16 at the age of 62.

 

We discussed retirement with our financial advisors and with their guidance retired early.

 

Minimal debt

No mortgage

Put maximum $ allowed in 401k

Increased savings account

 

We were adamant about retiring so the financial instructions were easy to follow.

 

You will be so surprised how many “wants” you can live without.


@OKPrincess

 

Happy for you and your happy retirement!  Yes, I am sure I will see many more things that I thought I wanted or needs that are no longer important!!!! 

"A day without sunshine is like, you know, night." - Steve Martin
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Posts: 9,309
Registered: ‎03-13-2010

Re: Seriously considering retirement --- could we talk?

[ Edited ]

@momtodogs wrote:

@AngelPuppy1....DH and I have been talking retirement for a couple of years.  We are self employed.....always been frugal because we never knew when we would have a lean month so never spent money we did hot have....we worked at our business together.

 

We have saved what we could and IF we retired we would be OK in the financial department....our biggest fear is being together to much.  I have my friends, DH not so much. We really have no hobbies and do not enjoy traveling.  DH is 14 years older than me, if that matters......

 

Our health is good and and the business is still making money, just not at the pace it once did, but we are not losing money staying open.  We would like to find a buyer...at a reasonable selling price.

 

Like you mentioned the biggest thing is being together A LOT!  I enjoy my alone time....good luck with your decision and if you figure out the 'together to much thing' be sure and let us all know!


@momtodogs

 

DH & I are not in the best of health and that is a big, big factor in my deciding on this. I want to enjoy some time together while we can.  Life is short and very unsure.  I know bascially it would be more wise for me to hold off a few more years, but there are things more important than $$$.  I am happy for you and your husband and hope that things continue to go well for you.  Yes, if I unearth any secrets I will share! 

"A day without sunshine is like, you know, night." - Steve Martin
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Posts: 2,656
Registered: ‎03-13-2010

Re: Seriously considering retirement --- could we talk?

I retired eight years ago and DH finally retired (sort of) a year ago.  I worked for forty two years in accounting so I was ready to retire.  I walked out the door eight years ago and never looked back.  Haven't missed it one bit.  We are both active in church activities and other organizations in the community.  Freedom is a wonderful thing.  We travel occasionally but really enjoy being at home and puttering around the house and yard. 

 

We don't watch much TV so we took the least expensive cable package, ditched the home phone line, and dropped the daily newspaper.  Once you are fully retired, you will be better able to determine what expenses you can eliminate or not.  Enjoy your retirement!

 

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Posts: 579
Registered: ‎09-07-2014

Re: Seriously considering retirement --- could we talk?

Hi AngelPuppy. Congrats on your retirement. It sounds like you are ready,  willing, and able for this next chapter in your life. Although I am not retired, I had a few ideas on this topic. Have you considered selling any items you and DH no longer want nor use from household goods to jewelry? How about cutting cable and streaming movies? Would you be interested in getting a part time job or do you absolutely not want any work? Just some ideas. I would like to retire in about 7 years when my son finishes HS and then college, so your topic is interesting to me. Good luck and enjoy!!

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Re: Seriously considering retirement --- could we talk?


@KentuckyWoman wrote:

I retired eight years ago and DH finally retired (sort of) a year ago.  I worked for forty two years in accounting so I was ready to retire.  I walked out the door eight years ago and never looked back.  Haven't missed it one bit.  We are both active in church activities and other organizations in the community.  Freedom is a wonderful thing.  We travel occasionally but really enjoy being at home and puttering around the house and yard. 

 

We don't watch much TV so we took the least expensive cable package, ditched the home phone line, and dropped the daily newspaper.  Once you are fully retired, you will be better able to determine what expenses you can eliminate or not.  Enjoy your retirement!

 


@KentuckyWoman

 

Glad to hear that your retirement is a very positive experience for you!  I am hoping for the same!  DH and I are very simple people and we were not extravant any how.  Luckly, for the most part we do enjoy a lot of the same things.  

"A day without sunshine is like, you know, night." - Steve Martin