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09-23-2018 06:47 AM
@Southern Bee wrote:
@AngelPuppy1: We have no credit card debt. We have paid off the cemetery lots, funeral prepay. have a will with the health directive and power of attorney. Have medical and rx insurance and dental. Have paid up life insurance, annuities , have 2 savings accounts- one for extra retirement money and one for various unexpected expenses. I took out a home improvement loan to add a garage, large family room and laundry area( had to go out side to enter the laundry room) and larger kitchen. Yep- extra payment in retirement for a reason: should I die first: DH will have enough room if he wants daughter and two grandchildren to live with him, plus I have an extra policy that will pay off this loan should something happen to me. DH preplanned for me- with significant insurance if I ever needed to move to assisted living, plus benefits from his military service . He has two friends that he goes out to eat with twice a week. I have two friends that I go out with weekly. We enjoy watching sports together. Except I do not like basket ball, so when he retired in 2011- I turned one of the bedrooms into his tv room and that Christmas gave him a new recliner and flat screen tv.Plus if the guys come over he has the den and if the girls come over we have the new family room😀. Southern Bee
Yes, we did a bunch of those not so pleasant planning things as well! Very nice t.v. room arrangements you made also!
09-23-2018 06:49 AM
It sounds like you're ready to make the jump into retirement, so congratulations to you! I retired 5 years ago - DH had retired already on disability after a minor stroke and other issues. I think you'll find that you won't require the same expenses you had while you were working, especially with clothes, unless you and your hubby have an active social life.
Check with your auto insurance to make sure that you are on reduced mileage - that can save you a few bucks. Unless you love going out to eat frequently, cut back on going to restaurants. If you're not buying groceries at places like Aldi's, Walmart, etc, consider doing that more often. Retirement is enjoyable, and you'll find things that no longer make much sense to you financially that you can do without or do less of.
Thank you! Yes, a big change! We already do shop at Aldi and we enjoy it! We made a lot of adjustments years ago when DH first retired. So, a lot of things are not going to be a shock! LOL. Best wishes!
09-23-2018 06:50 AM
09-23-2018 06:55 AM
Hello @AngelPuppy1 I retired in March of this year.
When my husband died in 2007 I started making additional principal payments on the house. We were only 6 years into the 30 year mortgage at that time and I was having recurring nightmares about losing the house. If only my dreams had been that up front and direct - I had to deduce what my dreams were telling me I was primary on the house when we bought it, he was secondary (retired already). I had a great paying job however once I started making additional payments on the mortgage the dreams went away. I also got rid of all credit card debt.
Around 2012 (the year I turned 50) I started flirting with the idea of retirement. I live a simple and quiet life so controlling my 'wants' comes easy to me. I knew there was no way I would be able to retire with the mortgage. So I refied for 15 years (versus 30) at a reduced interest rate and declared war on that mortgage
My house was paid off in June 2017. I had also set a dollar amount in my mind that I wanted to have in savings when I retired. So, I declared war on my savings and threw all of the money I used to pay for the house with extra principal into my savings. I actually ended up with more than I planned.
Regarding clothing - JCP is like family to me. That store has clothed me since 1981. It wasn't too hard to cut back on clothing purchases after I retired because I can't stand dressing for spring/summer. Autumn/winter clothing is my weakness. Lucky for me, I was already getting out of the habit of regular shopping (since April) so I haven't been spazzing too badly. Shoes have always been my weakness however when I see something that interests me, I look at all of the shoes I have and ask myself how much more I will wear the new pair compared to the others I have (and don't wear as often). That usually ends that.
I did buy a new car last October. I put alot down and took advantage of 4 years financing at 0%. Gets me a cheap car payment and helps the FICO which was impacted by not having a mortgage. They lie and say paying off your house won't drop the FICO - it does.
I would like to add at this point that it was not just one thing that hit my last nerve one day when I said THAT'S IT, I CAN TAKE IT ANYMORE.
For me, it was more of a knowing. Actually at the divisional/company team building event last year I wasn't going to go to the afternoon event on Belle Isle (cookout and DJ). The night before a feeling washed over me that it would be my last one - so I went. It was just a knowing that it was a change of season for me if that makes any sense.
I understand what you are saying. I thought about this for a very long time. First I would say - o.k.I'm doing it. Then, I didn't do it. I kept doing this for a long, long, long time. I think when it's really time, you just know it. This time, I got this feeling --- I couldn't explain it --- I just knew it was time. If I had stayed longer I would have had a lot more money but my health is getting worse, DH's is getting worse --- would I or DH even be around to even enjoy retirement together if I waited much longer? Something just said --- Now!!!!
Thank you for sharing your story. Many blessings!
09-23-2018 09:51 AM - edited 09-23-2018 10:52 AM
@AngelPuppy1 Again I ask..DO YOU HAVE A FINANCIAL PLANNER? That is the first step. Not discontinuing a $10 subscription.
I am just trying to have a friendly discourse on what small tips and things others did when planning for their rtetirement. I am not looking for people to get upset or argumentative because they do not agree with what I am posting, i.e., discontinuing magazine suscriptions, etc. Thank you, I appreciate your post.
@AngelPuppy1 you ask for advice. I asked a question that you never answered...... was not argumentative...
AND you still never answered my question..... That is all I have to say on this thread
09-23-2018 12:58 PM
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.
Your assessment makes me nervous.
Prices will continue to go up and there WILL be unexpected occurrences you never saw coming. Thinking "we should be able to make it" with one car and one phone, and hoping nothing bad will ever happen sounds (to me) like a recipe for disaster.
People who go into retirement thinking they will just coast along are usually shocked .... and back working again. Maybe you need to continue to work for another year or two so money isn't quite so tight. Not even having your own car or cell phone is taking it too far ..... JMO
I appreciate your concern. I am not going into this thinking I will just "coast along". Something catatstrophic could happen to anyone at any time --- no one knows what the future holds. I have not revealed all my assets, debts or lack thereof, nor the extent of my financial planning, as this is a public forum. I was just asking for posters if they chose to to share little tips about their retirement. I really wasn't looking for a sermon from anyone about how they felt I am misinformed or misguided about my plans. Thank you for your opinion and your post.
You got a lot of great advice to go along with the "sermons". I, like everyone else responding, took your information at face value, so there were obvious "gaps" in the usual preparations. Perhaps I'm wrong, but while this is a public forum, no one actually knows your true identity, so it's not possible to invade your privacy. Responses were made based on the little information you provided. Good luck to you.
09-23-2018 01:45 PM - edited 09-23-2018 01:47 PM
Angelpuppy, Thanks for your very interesting query. It sounds as if you are ready and able. The thread produced a really helpful series of suggestions and some great practical advice.
I am 69 and love my job. If I continue to be blessed with energy to work, I'll keep on for a while more. But obviously, if I am lucky enough to be here in a few more years, I will retire. We all should have a plan, maybe not a "when" but an "if."
What I got out of the main suggestions (I am already reducing debt, planning to downsize, etc.) is to pursue health checkups using my employee insurance before I go into retirement. I've been so busy at work I haven't been very proactive and my insurance now is really good.
My nest-egg took a beating in 2008-09 but is fairly good now, but the drop in my income would be 40%. I know myself, and think that might be more difficult than working a job I like a lot.
My dear best friend, who died about a year ago, lived on a fixed income and I did ask him once if he regretting retiring. He was evasive about that but when I asked him what it was like to live on a fixed income, he answered right away: "It is hell." And this is a guy who never complained. If I do retire and move closer to family as I plan to, I will pick an area where work is easily available if something comes up that requires more income. I've been working at least part-time since age 13, and I even think I might miss it. (Though nothing is worse than a job involving a bad boss or co-workers--I've been there, too).
09-23-2018 11:46 PM
@AngelPuppy1 , every little bit can help. And it’s definitely a good idea to cut out stuff you don’t really need. Over time it adds up and leaves you with more $ in your pocket. 😊
Of course there’s more than one way to invest and prepare for retirement. We went against conventional wisdom. We never diversified, stayed out of stocks with the exception of a very small amount and didn’t use a financial advisor. DH has been retired for over 10 years, I retired in ‘16. I’d lost years of income while I was a SAHM and wanted to get them back before retiring.
I took SS at 62 for two reasons. First, I wanted to receive as close to my final take home salary each month as possible and SS, combined with my pension, gave me a monthly income just short of my net ending salary. Second, I have watched my mom struggle with dementia for the last 7 years. I decided I’d rather spend that $ now on things I can use and enjoy than wait for the increased payout that will wind up going to my nursing home.
Good of luck with your retirement!
09-24-2018 07:46 AM - edited 09-24-2018 07:50 AM
Some folks never get an opportunity to plan our retirement - health issues or other unexpected issues force a retirement when it's not expected at all.I had to have foot and ankle surgery that was going to result in many months in a wheelchair and inability to return to work for a minimum of 6 months. My employer couldn't hold my job open that long, I was 58 and this was to be my third long medical leave in a couple years, with knees and hips still in the close future, so my employer decided I should apply for SSD and the hospital attorneys were assigned to help me get it.They turned my case over to BINDER & BINDER who are lawyers who do nothing but SSD cases and in a couple months it was done & I was retired.
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