U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-20-2007, 06:08 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,992,638 times
Reputation: 465

Advertisements

My husband and I will retire next year, we will be relocating from Alaska to Nevada in the winter months. I guess my biggest question is,

Were you concerned before retirement if you were going to be able to survive on your retirement income, our income will be roughly 4500.00 monthly until Social Security age. I am a bit spooked as whether or not we will be able to survive as both of us working gross $10,000 a month but we have bills to go with that income and once we retire we won't have any bills such as vehicle loans, big mortgages.

We only have 264 days left and I'm working on getting cold fee.
Reply With Quote Quick reply to this message

 
Old 09-20-2007, 06:10 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,992,638 times
Reputation: 465
I must add that we will have a good size investment to draw on if have extra special expenses but still.
Reply With Quote Quick reply to this message
 
Old 09-20-2007, 08:45 PM
 
7,099 posts, read 24,489,321 times
Reputation: 7302
We started practicing two years before retirement. By the time we retired, we were used to going to the library instead of buying books, no magazine subscriptions, making out grocery lists and buying in quanity on sale, instead of just heading to the store and picking up stuff. Less eating out, more stews instead of steaks, well, you get the idea. Movies became not nearly as important....they'll be on TV one day. And Clothes last a lot longer if you don't have to dress for work everyday.

It took a while, but it was a lot easy doing it gradually instead of just one day having a whole lot less money.

I know that people laugh about using coupons, but it you use them for only the things that you are going to buy anyway, like cleaning supplies and toothpaste, you can easily save 2 bucks or more a week. That's not much, but over a year's time, it will make it easier to spend a night in a nicer hotel. Get bigger deductible on your car insurance and home insurance. Don't use credit cards unless you can pay them off every month.

We have two cars, the husband plays golf two days a week, works out at a gym several times a month and we do just about everything we want to. Social Security and IRA gives us about 2500 a month.

The house is all paid for and we do just fine! We even waste money from time to time. Birthday and Christmas gifts for the nine grandkids are always just a set amount of money. No fancy expensive wrapping paper etc.

The one thing that was hard was stopping giving donations to every group that wanted a donation. The local Humane Shelter and the Salvation Army is the only thing that still gets a donation. All the different diseases, veterans groups, childrens homes, etc. no longer get anything. That sort of thing can amount up on a yearly basis. $$$$$$

Good Luck! you can do it, really you can!
Reply With Quote Quick reply to this message
 
Old 09-20-2007, 09:17 PM
 
Location: Las Vegas
13,879 posts, read 25,306,858 times
Reputation: 26334
Best of luck! You worked very hard for this, let yourself enjoy it. There will be adjustments but just think; you have finally bought your freedom.
Reply With Quote Quick reply to this message
 
Old 09-21-2007, 12:15 PM
 
Location: Lovelock, NV - Anchorage, AK
1,195 posts, read 4,992,638 times
Reputation: 465
Oh it will be so nice to sleep in if we want, although I'm kind of adjusted to the early morning. The idea of no more stress from work, I know that I will most likely have other stresses but it won't be from the work place. My husband works for the State and that can be very stressfull at times.

I've been working on the down sizing for the last 18 months, when I go shopping for other than food I look at the twice thinking now do I want to move this, is this really something that I want. Most of the time I don't buy I'm kind of a compulsive shopper so I'm really working hard at getting past that.
Reply With Quote Quick reply to this message
 
Old 09-21-2007, 07:08 PM
 
Location: New Orleans, LA
1,728 posts, read 3,137,954 times
Reputation: 2950
Quote:
Originally Posted by Tressa View Post
Oh it will be so nice to sleep in if we want, although I'm kind of adjusted to the early morning. The idea of no more stress from work, I know that I will most likely have other stresses but it won't be from the work place. My husband works for the State and that can be very stressfull at times.

I've been working on the down sizing for the last 18 months, when I go shopping for other than food I look at the twice thinking now do I want to move this, is this really something that I want. Most of the time I don't buy I'm kind of a compulsive shopper so I'm really working hard at getting past that.
I agree - - being able to sleep in when I want, and do what I want, is worth a lot to me. Most of the things that I want to do in retirement, do not cost a cent.

I am getting rid of things also, to prepare for relocation after I retire (in two years). This morning I went through my closet ruthlessly, once again. I plan to reduce things to what will fit into a small rental truck. I probably won't take any furniture except for a couple of tables and chairs.
Reply With Quote Quick reply to this message
 
Old 09-22-2007, 01:21 PM
 
13,313 posts, read 25,546,272 times
Reputation: 20477
Although I am several years away (at least) I absolutely look forward to not having to be in the toxic mental environment in which I currently work. I'll worry about how to spend my time, etc., after I've done NOTHING or whatever I feel like doing for long enough to recover from years of stressful work and shift work. Some ideas are perking on my mental back burner, but the main thing I want is to not go to that job or that kind of job again. And yes, I've done many things and tried other ways of living and working, and couldn't make it work better.
I do notice that just daily living can cost, even if you aren't into "buying stuff." The other day, I spent $500 just before noon. The furnace had to be rewired, and one of my dogs attacked another of my dogs and he had to go in-hospital for the day
Then again, home and dogs are what costs me now, so I don't see in changing unless I decide to live in a cheap condo with no dogs, or if circumstances force me to.
Reply With Quote Quick reply to this message
 
Old 09-23-2007, 11:49 AM
 
Location: Tennessee
34,670 posts, read 33,671,635 times
Reputation: 51856
Quote:
Originally Posted by Tressa View Post
My husband and I will retire next year, we will be relocating from Alaska to Nevada in the winter months. I guess my biggest question is,

Were you concerned before retirement if you were going to be able to survive on your retirement income, our income will be roughly 4500.00 monthly until Social Security age. I am a bit spooked as whether or not we will be able to survive as both of us working gross $10,000 a month but we have bills to go with that income and once we retire we won't have any bills such as vehicle loans, big mortgages.

We only have 264 days left and I'm working on getting cold fee.
Forget about your gross. How much money are you really living on now? Compare your monthly net income pre and post retirement.

Do you and your spouse both drive to work. How much do you spend on gasoline per month just to commute?

Do you have your work clothes dry cleaned and how much does that cost you per month? You probably never really thought about it. You won't be living in those kind of clothes when you retire.

How about lunch? Do you and the spouse go out to eat for lunch (lunch and tips) or buy lunch in a cafeteria every day? Ever figure out how much you spend every month at work for lunch/coffee/snacks?

How about money on chip in parties and chip in gifts at work?

Those kinds of expenses stop not because of any sacrifice on your part but just due to the condition of being retired.

Sure, you'll still go out to eat every once and awhile and you may have a reason to put on a suit or a dress but these won't be daily expenses.

And will you be living near to the things you like to do/need to do so the gasoline expense will go down? Will you be driving to more things together once you are both retired?

And none of the above includes moving to a cheaper state.
Reply With Quote Quick reply to this message
 
Old 09-23-2007, 04:35 PM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,668,076 times
Reputation: 3808
LauraC has it right. I ended up with more disposal income at half of my former income.

Moved from a high cost-of-living area.

Gasoline expenses reduced by 75%.

No longer pay state income tax.

No need to buy business suits and related clothes.

Car insurance reduced because of less miles driven per year and no longer living in a risky urban area.

Housing much cheaper.

It all adds up.
Reply With Quote Quick reply to this message
 
Old 09-23-2007, 05:52 PM
 
13,773 posts, read 33,896,767 times
Reputation: 10560
I moved a year after I retired to a small town where I bought my house outright so I have no monthly payment. HOI and property taxes are much less although there is a state income tax but it isn't high.
I live on less than 1/2 of my income when I worked. I buy a tank of gas a month now instead of every week. I joined a food network which saves me money at the grocery store. I get $60.00 worth of food for $25.00. Since it just me ( if you don't count the dogs and cats) I just have to buy coffee, milk, paper products and fresh veggie. If anyone is interested finding out if there is one in your area let me know. There is no income limit.
I am sure you are going to be in for more of a culture shock moving from Alaska to Nevada than most of us who have moved.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top