Seriously considering retirement --- could we talk... - Page 3

FrostyBabe1 · ‎05-09-2016

@SeaMaiden wrote:
@AngelPuppy1 My husband and I are both 63. My husband retired from his job of 35 years June 2017. I retired in 2013 do to health related issues.

We we went to a financial planner when my husband decided to accept from his a voluntary layoff with the company company with a bunch of bonuses$$$ and perks thrown in . It basically comes down to voluntary retirement.

we have medical and dental for life... we have our 401K AND a pension plan....with payouts.

We also had saved about liquid $100,000 cash have a good amount ofstock in the company....and we payed off our home in 2016. No credit card debt. No debt at all.

Even with all of this, we just live comfortably.....nothing fancy...pay all the bills BUT WE HAVE NO WORRIES about running out of money over the next 25 years. That is the way I want retirement to be.

Our financial planner gave us the green light to go ahead. If you think just cutting out a $10 subscription will help you..... or stopping Sirius radio will help you then you need to rethink retiring.... that is not a good plan.

Did you talk to someone to layout the road ahead?

I have to say that I agree with this 1000%. Retirement is something that needs to be planned for years in advance in order to enjoy it and be financially sound. If you don't want that $10 subscription or Sirrius radio, then fine, drop it. If you're so strapped for funds that you NEED to do it, then you're not financially ready to retire because it's really not going to make a difference.

~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. ~

Carmie · ‎10-25-2010

I retired at age 55 and my DH retired at age 60. It was scary, I thought we might be short money.

Not driving to work every day saved gas money and not buying all of those clothes, coffee, and lunch also saved a big chunk of money. Being out and about everyday cost money...you tend to spend more.

I wouldn't cancel anything yet. You might find that you have money for the extras you enjoy.

coconut1818 · ‎11-21-2010

The very first thing I did was stop coloring my hair. Hair is in much better condition and get compliments often. Called the dish company and got a package they don't even advertise, only missed some of my favorite shows for about two weeks. Got appliance repair insurance so if my central heat & air, plumbing, hot water heater, appliances break they either repair or replace. Get most birthday and wedding cards at Dollar Tree. I have cut back on eating out. I'm single so one income. I retired at 63 and from a financial standpoint I probably should have worked longer, but I was having a lot of neck pain so decided money isn't everything. I LOVE being retired. I have less stress and sleep much better. No more rushing around. Enjoy your retirement!

PamfromCT · ‎05-22-2014

@FrostyBabe1 wrote:
@SeaMaiden wrote:
@AngelPuppy1 My husband and I are both 63. My husband retired from his job of 35 years June 2017. I retired in 2013 do to health related issues.

We we went to a financial planner when my husband decided to accept from his a voluntary layoff with the company company with a bunch of bonuses$$$ and perks thrown in . It basically comes down to voluntary retirement.

we have medical and dental for life... we have our 401K AND a pension plan....with payouts.

We also had saved about liquid $100,000 cash have a good amount ofstock in the company....and we payed off our home in 2016. No credit card debt. No debt at all.

Even with all of this, we just live comfortably.....nothing fancy...pay all the bills BUT WE HAVE NO WORRIES about running out of money over the next 25 years. That is the way I want retirement to be.

Our financial planner gave us the green light to go ahead. If you think just cutting out a $10 subscription will help you..... or stopping Sirius radio will help you then you need to rethink retiring.... that is not a good plan.

Did you talk to someone to layout the road ahead?

I have to say that I agree with this 1000%. Retirement is something that needs to be planned for years in advance in order to enjoy it and be financially sound. If you don't want that $10 subscription or Sirrius radio, then fine, drop it. If you're so strapped for funds that you NEED to do it, then you're not financially ready to retire because it's really not going to make a difference.

I completely agree with this assessment. You can plan on eliminating large payments after your retirement, but cutting out tiny costs like postage stamps, a few magazine subscriptions, is a tiny drop in a well. I don't know what your insurance will cost you, but it is never cheap. And cutting back on other insurance policies is likely not a good idea. As people age, more medical issues are likely. Have you factored inflation? And I know how negative this sounds, but expect the unexpected. Tariffs are expected to add to costs of items many of us rely on.

I retired at 62, but my DH worked until 70. Despite his pensions, maxing out on his social security (and me taking half of his) added to our income. We saved and invested. HIs 401k plan and our investments (which he still manages) significantly boosted our assets. We do have automatic sell-offs of any stock that drops to a certain point.

No, we don't have a fancy lifestyle. We raised and educated our two children and helped them a bit to get a good start on life. We have managed to do some traveling, but we are happiest at home living a quiet lifestyle. I do hope we can take care of ourselves in the future.

I am sorry if this seems negative, but we do know some people who retired too early. IT is one thing to scrape to get by when you are young, but it sure can be a nightmare in one's old age. I wish everyone a happy and secure retirement!

lovesrecess · ‎03-14-2010

I retired four years ago and have found the following very helpful. I have always been frugal so cutting expenses was not a huge adjustment for me.

1. Don't toss your work clothes; wear them for going out to dinner, church,etc.
2. Spend far less on clothes that will be worn for time at home.

3. Cut the cord on landlines and use a cell phone. If married, you each need your own phone. This is critical due to the chance of losing one or emergencies.
Move down to a basic cable package.
4. Keep technology updated! It is worth the expense.
Eat out at nicer restaurants in the early afternoon or lunch rather than dinner; far less money and in some cases the menu is the same, just smaller portions. We do this twice a month. Or you can eat out for breakfast if you prefer.
5. Cut newspaper delivery to two days or eliminate altogether and get your news online.

6. Visit the library! Free books to read...almost anything you could want...and it is free.
7. Make sure your health insurance/Medicare situation is at a price point you can maintain. Ask dr about switching to generics if possible, only if this would save you a lot of money.

8. Do not live like a pauper...figure out what you want to keep as part of your lifestyle, like hair cuts, and give up less important things like the nail salon.

9. Make sure your personal paperwork, especially your will, is up-to-date. In most states you do not need to hire an attorney to do a will for you.

10. Every day is Saturday after you retire....so enjoy!

RetRN · ‎10-01-2013

There is nothing better than retirement, no schedules and so much less stress. I retired at 62 after working in nursing for 40 years. I made a budget and adhere to it and it is great. When I retired my home was paid for and I had no debt. Prior to retirement I replaced my furnace, windows, and kitchen appliances. Home maintenace is important. I find I spend much less now than when working. I wish you all the best.

Deree · ‎06-30-2018

I retired early and it was the best decision I ever made. I could have made a ton more money by staying on but I'm not sorry. You are definitely going about your finances in the right way. It's true that all the small things add up to savings. Funny that clothes were probably my biggest savings. I'm happy to be very casual now.

You might want to renegotiate your plan with your cable provider or cut the cord altogether and go to streaming if you haven't thought about that. Cable providers are haggle-able and I found a good savings there. Maybe look into some investments that will serve you better. I just opened a one year CD at over 3% which is better than letting all my money sit in a low interest savings account.

As far as how you will adjust to retirement I heard that the first 6 months of retirement are easy to just relax through with no plan but after that you really need to establish some sort of routine with activities. I'm very adept at relaxing so that rule never really applied to me but for someone who is used to working and enjoys working you need to prepare to fill your time with something.

As far as your relationship with your husband don't try to interfere with what he already likes to do with his day. Busy yourself at first to reassure him that you won't be on his back. See what his feedback is. Don't nit-pick over petty things you might notice. Breathe and let it be. But you are so right that time is precious and you should enjoy it now with your loved one.

Wear a mask. Social distance. Be part of the solution - not part of the problem.

haddon9 · ‎03-09-2010

@FrostyBabe1 wrote:
@SeaMaiden wrote:
@AngelPuppy1 My husband and I are both 63. My husband retired from his job of 35 years June 2017. I retired in 2013 do to health related issues.

We we went to a financial planner when my husband decided to accept from his a voluntary layoff with the company company with a bunch of bonuses$$$ and perks thrown in . It basically comes down to voluntary retirement.

we have medical and dental for life... we have our 401K AND a pension plan....with payouts.

We also had saved about liquid $100,000 cash have a good amount ofstock in the company....and we payed off our home in 2016. No credit card debt. No debt at all.

Even with all of this, we just live comfortably.....nothing fancy...pay all the bills BUT WE HAVE NO WORRIES about running out of money over the next 25 years. That is the way I want retirement to be.

Our financial planner gave us the green light to go ahead. If you think just cutting out a $10 subscription will help you..... or stopping Sirius radio will help you then you need to rethink retiring.... that is not a good plan.

Did you talk to someone to layout the road ahead?

I have to say that I agree with this 1000%. Retirement is something that needs to be planned for years in advance in order to enjoy it and be financially sound. If you don't want that $10 subscription or Sirrius radio, then fine, drop it. If you're so strapped for funds that you NEED to do it, then you're not financially ready to retire because it's really not going to make a difference.

I agree with this too. Sure cutting many little things can "help" a bit but in my opinion sometimes it's the little things in life that makes a difference to making life more enjoyable.

My mother was a child of The Depression. She has enough to live very comfortably but chooses to live very frugally. If living a frugal life works for you then you should be okay.

However for me that doesn't work. I'm fortunate to not have to live a frugal life and since DH has retired (was forced into early retirement 4 years ago due to health issues) we continue to live as before. What made it work for us was to save as much as possible from our 20s and have an excellent financial planner & advisor.

drizzellla · ‎03-14-2010

I retired a year ago. It was the best decision.

It is SO nice to wake up in the morning when I want to. When I worked I had to get up at 5:00AM. Now I get up about 7:00. It is nice to be able to do things you want to do. If your friends call and want to go to lunch - you go. My days are MINE!

I no longer am on high blood pressure medicine. I no longer sit next to a woman who spends much of the day complaining about anything and everything. It is a absolute delight to have control over my life and with whom and how I spend my time.

I should have done it sooner. My husband retired a year before me. So he does the dishes, grocery shopping, meal planning and cooking. I have no problem with that.

Please enjoy your life.

MarieIG · ‎03-10-2010

Have you determined your income should your DH predecease? Does he have a pension that will be reduced/ eliminated? Only one social security payment will remain. Determine what your SS payments will be at each age if you claim at 66 until age 70. (If DH's is larger than what yours would be if you postponed until age 70, there may be no point in postponing.) If your SS would be much larger than DH's if you postpone claiming, this may be something you want to consider.

Do the math.