Community Chat

[Mominohio]

I'm in a bit of a different place than you but will share what I am focusing on in my mid-late 50's and maybe you can check off what you have considered/done of these and what might yet apply to your situation.

Want the house to be paid off, and will be in 6 years. 

Focusing on major repair/maintenance before retirement. Making sure all major systems (roof, septic, electrical etc.) are all tip top shape and new/repaired before the date.

Looking at the properties (two of them totaling five acres) and getting costly things done now (we recently removed 40 trees, and need more done). Don't want the expense of these kinds of things after retirement. Needing a new tractor and at $15,000 or more, want that out of the way before retirement.

Starting to purge unneeded and unwanted things. Kind of a preliminary scale back of stuff. Making some money on it. At the same time, choosing to stop buying certain categories of things that I have enough of to last a lifetime (or two), like seasonal/holiday decor, dishes etc. 

Going through and organizing cabinets, closets etc. and purchasing a lot of storage/organizational aids to get things in orderly shape. A lot of people wait till after retirement to do this, but shelving, storage systems etc can be expensive, and want the cost of that stuff out of the way now. 

Beefing up savings and retirement accounts each year a little more. 

Considering our vehicles (getting old with lots of miles) and planning when and what to buy, close to retirement in order to get us through the first 10 years or so of that time. Considering what kind of traveling we will be doing and choosing a vehicle compatible to that.

Considering, while we still have really good health insurance, and not on medicare, what kinds of surgeries or procedures and dental work will be paid for at a higher rate now, and planning when to have those things done (I've been told knee replacements are in my future, for instance). 

[qualitygal]

Just remember taxes, home taxes, water and sewer, all will go up some each year.  Sounds like you've done your homework.  We'll all have to make adjustments from time to time.  But enjoy your retirement while you can.  There is no such thing as the "golden years"  very old expression, so I think you're almost there.  

[Mom2Dogs]

@AngelPuppy1...If your health is not great, and you can afford it, retire, you are correct, life is short.

I will add that we have always had a financial planner....part of our financial planning is a yearly budget that we share with them and have planned our retirement around that budget.  They have assured us--and we can see on paper that if we want to, we can retire....unless there is a situation that we cannot plan for.....that has helped us when we talk about closing our business.

Good luck!

[lolakimono]

@AngelPuppy1

Any chance of transitioning to part time first, to see how you might feel about just cutting back and having reduced income before going "cold turkey"?

[Mom2Dogs]

Like @Mominohio mentioned, planning for retirement takes pre planning...we are debt free, home is up to date with home projects...but our water softener did have an issue this week, and we will be replacing within the month.....but provisions like updates is factored into our retirement plan, and if we do not need to use those dollars from our retirement money now, there is more for left for everyday living once we are retired...so getting updates/repairs done before you retire is best.

One thing we will need in the next few years is a roof, big expense.  Again @AngelPuppy1 it's a big decision but sounds like you are ready.

[Mom2Dogs]

@AngelPuppy1....not sure of your age...have you thought about health insurance?  It is very expensive if you are on a traditional plan.... DH is on Medicare, I am not.   I have a non traditional health care plan that we can afford and will be on that plan for another couple of years.

[CelticCrafter]

As it started to get closer for us, I started cutting a lot of frivolities out.

A cup of coffee every day from the convenience store was about $15 a week, tri-weekly trips to the nail salon averaged about $15 a week, having my hair colored another $10 a week when that was averaged out.

The nail salon had stopped being fun, so that was easy and I was tired of having to plan things around that and no roots showing.

I don't miss any of it.

We found cheaper house and car insurance and increased the deductibles.

I pay all the bills through the banks bill paying service, so no postage or need to buy checks.

We bought a smaller car that gets better gas mileage and consolidate trips and errands.

It doesn't seem like a lot on a daily basis, but it does add up at the end of the year.

[CAcableGirl2]

@lolakimono has a great idea.  Could you transition to part time even if only for a few hours per day.  Not so much for the money, but for the social aspect or to feel engaged in something.  You could always volunteer for a organization that you are interested in.  My parents have been retired for many, many years and my mother tells me to MAKE SURE YOU HAVE A HOBBY when you retire or something that you enjoy doing.  She has never admitted it, but I'm sure being at home with your partner 24 hours a day, day after day, year after year, can be a challenge at times.  

As for cutting expenses, make sure all major work is done on health issues and home issues if you can.  Plus, if there is anything that you are looking to purchase that will be financed - say a motorhome, smaller car, etc... I would purchase while you still have an monthly employment income.  I have been told it will be much easier to finance (if that is what you are looking for), with a working income vs. retirement funds coming in each month. 

I am looking forward to retirement in 4-5 years if possible, and I would love to have the time to take pottery or ceramics classes, and SLEEP IN.  

[SeaMaiden]

@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?  You really need that second opinion.

as far as being together all day everyday....it is a change.  But we each have out own interests....most days we just pass each other in the house...go on weekly shopping trips....etc. we get along good. 40 years married. An argument here and there as happens to everyone. But no guns drawn!😄

[Eileen in Virginia]

I retired 8 years ago and DH retired 4 years ago. We paid off our mortgage a couple of years before I retired and that was a huge savings. I never looked back or regretted retiring. I retired in early July and I think retiring in the Summer helped me a lot in terms of the transition. I started going to our community pool everyday, weather permitting, and met a group of retired women who have become very good friends. 

During my first year, I actually bought another car. Even though we have great public transportation here in Northern Virginia, the bus only runs once an hour outside of rush hour, so you may want to defer selling one of your cars until you see how things go after you retire. I think I would have gotten cabin fever pretty quickly without a car at my disposal (DH drove to work and refused to consider taking the bus).

Beyond the various taxes and utility bills, most of our expenses are discretionary so we could cut back if need be. We don’t subscribe to many magazines, but enjoy reading them (especially Cooks Illustrated) at our local library. If I see a recipe that looks good, I take a picture of it with my cellphone. DH was able to get a great deal with the Washington Post where we pay $1 a week for the hard copy Sunday paper and have unlimited access to the online version. This has saved us several hundred $$$ a year. 

I make a weekly dinner menu and base my shopping list on the menu. I do most of our grocery shopping at BJ’s and have saved many times the annual membership fee. I also do any additional grocery shopping at Harris Teeter on senior citizens discount day (5% off your purchase) especially if I’m buying seafood. We charge all of our food on a hotel rewards credit card and we’re able to use points for free nights a couple of times a year. Now that we’re both retired, we take our beach vacations during the off season at half the price. If we decide to travel somewhere far away, we can take mid-week flights or trains at lower fares. 

I’d like to say I’ve cut back on clothes shopping, but that would be a lie. However, now that I don’t have to maintain a professional wardrobe, most of the things I buy are less expensive casual/recreational pieces. Also, I don’t go through makeup nearly as fast as I did when I was working. 

Good luck! I hope you and your husband enjoy your retirement as much as we are!