Community Chat

[AngelPuppy1]

---

@Lisa Y wrote:

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!!

---

@Lisa Y

I am not savvy about selling things such as on E-bay, etc.  I will probably donate a bunch of stuff.  Doesn't help financially but will help with clutter, etc.!  Yes, I have thought about down the road getting a part-time something or other maybe no more than 2 days a week, but not for a while!  I would like to get rid of cable but we are still hashing that sort of thing out.  Good luck to you also!!

[AngelPuppy1]

---

@Mominohio wrote:

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). 

---

@Mominohio

Very smart and thorough planning you have listed!  We have done a lot of preliminary stuff, too.  It's hard to anticipate everything but you do what you can!!!  

[AngelPuppy1]

---

@qualitygal wrote:

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.  

---

@qualitygal

Thank you!  Yes, we have said the same thing -- golden years??  HA!  Any how, that's why I don't want to put this off any longer.  There always seems to be another reason to wait --- no, life doesn't wait --- so here I go!!!!  

[AngelPuppy1]

---

@Mom2Dogs wrote:

@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!

---

@Mom2Dogs

As I said, we will have to watch our Ps & Qs, but we have never been careless with money so we should be o.k.  We live simply and enjoy simple things.  Thank you and I appreciate your wishes!

[AngelPuppy1]

---

@lolakimono wrote:

@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"?

---

@lolakimono

I have thought about this long and hard.  I am so ready to retire and so ready to leave the place I am working at.  It is no longer the place it was and so many reasons to go!  Once I see how things are, I may look for something part-time and something far less stressful!  

[AngelPuppy1]

---

@Mom2Dogs wrote:

@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.

---

@Mom2Dogs

That was and is my biggest concern.  I am over 66.  We are working on that aspect right now.  

[AngelPuppy1]

---

@CelticCrafter wrote:

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.

---

@CelticCrafter

That is my approach, too!  It might sound to some like I am nickle and diming, but when I started figuring a lot of things out --- a lot of little things -- it really added up!  And I'm sure we don't have the income and life style that a lot of people have, but we never had that, so we won't miss it!  I will miss spending money on any old thing I want but I will get used to it.  This is much more important and those things are just that.  Things!!!!  

[AngelPuppy1]

---

@CAcableGirl2 wrote:

@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.  

---

@CAcableGirl2

Yes, very good points.  DH & I were talking about all of this.  I said, we are liable to get in each other's hair.  He has been retired for quite a few years so he has been used to having the run of the place!  I am sure we will have our fair share of squabbles while we are sorting things out.  I have (but not right away) in mind that I will look for something maybe 2 days a week.  

[AngelPuppy1]

---

@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. 

---

@FrostyBabe1

I appreciate your post.  We may not be as well off as you are, but we are fine.  I am not depending on the items I listed to get us through.  I list this merely as more ways that I am being economical and things which I do not need.  I was hoping that others would share their little tips as well.  I really wasn't asking for financial planning advice.  

[AngelPuppy1]

---

@Carmie wrote:

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.

---

@Carmie

I know that if I want any of these things later, I can always get them.  I will not be driving much so I won't be using the sirius radio.  As for the magazine, I've been meaning to weed these out for ages -- I get entirely too many.  And the makeup --- these samples are fun -- but how many of those do you need??  And I rarely used any of them any how.