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Old 01-21-2014, 07:53 PM
 
Location: Wisconsin
25,590 posts, read 56,343,282 times
Reputation: 23297

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LOL - oh, man, what a thread, so far.

Living on SS, pension, rental income, income from IRAs, minimal RMDs. IRAs are growing with current stock market - so that's a good thing - only have 50% of my cash in the market - but overall returns well over 30%. Probably adding another 20% this month. Watching it carefully.

Cash rebates - Do put everything on cash-back cards which generate hundreds of dollars a year. Currently Fidelity 2% Amex is the one I use, although I have a CapOne which pays 1.5% for places which don't take Amex. Also, anything bought online I try to use MrRebates or Ebates for more cash back.

Utilities - not too bad $130/mo year-round for heat/ac, plus $60 water. Might go up after this cold winter. But I love, love, love winter - haven't had one like this in a while - cold and snow - so I'm happy.

Housing - no plans to move - ever - been here since 1976. Close to everything, son/dil live next door (my tenants), we get along fine. Can't understand why, when people age, they move to the boonies - just when they're sure to need more medical and other services and are becoming less independent.

Cash poor - not yet, thank heaven, because I've always thought far ahead, always need a backup plan, and NEVER did anything my whole entire life without considering tax implications and capital erosion.

Capital erosion being the biggee these days. Can't kill the goose that lays the golden eggs - ever. Extremely important to live on income only - whatever that is. Never used capital for home improvements - paid cash, borrowed and paid back out of income, or it wasn't done. Saving comes first, keeping the savings invested comes first. (Probably a single person mindset) If I have to borrow, I use 0% interest credit cards. Barclay charges only a 1% transaction fee, Marriott 2%. Without cash you have no options.

Gardening for food - never. Tried that in my 20s. Too much work, even then.

Health - excellent. Plan to keep it that way. No stress, lot of sleep, very happy with my life the way it is helps. Diet helps.

Medical/dental - no expenses, other than routine right now. Maybe $1k/yr. tops. Part B and hd-F Medigap another $2,172/yr. Total, a little over $3k/yr., two-thirds of that insurance.

Food - I spend plenty for one person - $350/mo. easy for myself. Don't waste much, buy high quality organic everything including meat - which I eat a lot of in this cold weather. Will never scrimp on food quality. I believe you pay the price in lost health in the end for eating inferior food. I suppose if I had a garden, I'd get the quality but, as I said, gardening is too much work. I don't like manual labor of any kind.

Entertainment - moderate to relatively expensive restaurants w/high quality food every now and then, opera, symphony.

These days sleeping late, watching Australian Open (go to sleep at 5 a.m.), playing on computer, and generally very happy - finally - to be out of the rat race. Took a long, long while to adjust.

Essentially, for me, nothing has changed since I've retired (except no schedule), nor do I want it to.

72 y/o (in 2 mos), retired 4.5 yrs.

Last edited by Ariadne22; 01-21-2014 at 08:35 PM..
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Old 01-21-2014, 08:24 PM
 
Location: Miraflores
813 posts, read 1,130,513 times
Reputation: 1631
Quote:
Originally Posted by Escort Rider View Post
How about we give our location if we are giving our utility costs? That would make the comparisons more meaningful. Of course there are other variables, such as thermostat settings. In Los Angeles, heating to 62 degrees F and cooling to 82 degrees F, my combined gas and electricity bills run between $30 and $50 per month.
I live a few blocks away from the Pacific Ocean no heat or ac but we spend $50.00 for electricity and gas for
for cooking/laundry/showers/flat screens/netbooks/laptops/tablets/smartphones and about twice that for AA batteries for all my sons gaming devices!
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Old 01-21-2014, 08:32 PM
 
Location: Wisconsin
25,590 posts, read 56,343,282 times
Reputation: 23297
Quote:
Originally Posted by alpineprince View Post
I live a few blocks away from the Pacific Ocean no heat or ac but we spend $50.00 for electricity and gas for
for cooking/laundry/showers/flat screens/netbooks/laptops/tablets/smartphones and about twice that for AA batteries for all my sons gaming devices!
You also live in South America. Peru/Brazil/Argentiina??? Not everyone here knows that.
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Old 01-21-2014, 08:33 PM
 
Location: near bears but at least no snakes
26,649 posts, read 28,537,679 times
Reputation: 50476
Quote:
Originally Posted by newenglandgirl View Post
The old man loves to garden. The stooping, bending, carrying, lifting, etc has put his arthritis of 10 years ago into complete remission (along with his spartan diet). Every year he's like a kid ordering seeds. He refuses to use a rototiller, he turns each garden bed lovingly with a shovel and hoe. Takes FOREVER to get his beds planted. I watch from the window and shake my head. For what the garden costs in terms of expensive seeds and fertilizers and mulch, we are losing money. It's just the two of us and for the little we eat, what we buy for $15/week at the local farmers' market is enough. I can't bring it up though, because I'm convinced his health is at stake. All that exercise along with his hiking is what's going to keep him going long after I've gone.
That's his passion. It does keep him going. I deal with similar with my dh and his puttering. He is non-stop. He has the basement immaculately organized with his tools and gadgets and he is constantly looking for things to fix or invent. It's his passion.

Currently he is banging away at something that is supposed to make the vaporizer (essential in this dry winter weather) self-filling. Last summer he invented something to lift boats onto (whatever it is that hauls them--I am not into boats) and he and the boatyard owner want to get it patented.

He finished building a little shed (that we barely need) and he installed a new doorbell. There is more, much more. It does not really save us money but it is his passion. Thank goodness for the little thrift store in town where he can purchase many tools and things-that-I-don't-even-know-what-they-are for next to nothing. We are both gardeners but I start things from seed; HE is going to order rare begonia tubers from White Flower Farm!!!!!!!!!!!! I convinced him to order the variety pack for abt $50 instead of what he was going to order--after all, it is his passion. I'm a strong believer in following your passion. Most of us have to balance it out financially though. Oh--and for so many of us, our pets are a passion, they are very good for us.
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Old 01-21-2014, 11:40 PM
 
3,633 posts, read 6,153,207 times
Reputation: 11376
Quote:
Originally Posted by Newdaawn View Post
I would LOVE to know what kind of car that poster has that he claims is 37 years old and gets 50 mpg. lol
If you don't have all of Stealth Rabbit's car, property tax, and health insurance information memorized by now, you must be new. Heaven only knows how many times he's posted it for us.
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Old 01-22-2014, 08:52 AM
 
Location: Miraflores
813 posts, read 1,130,513 times
Reputation: 1631
Quote:
Originally Posted by Ariadne22 View Post
You also live in South America. Peru/Brazil/Argentiina??? Not everyone here knows that.
Peru!
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Old 01-22-2014, 08:57 AM
 
Location: Florida -
10,213 posts, read 14,782,259 times
Reputation: 21845
Quote:
Originally Posted by StealthRabbit View Post
Saved well, (single income ..'hourly' ... i.e. worker bee)
Worked multiple jobs,
Diversified and risky investments. (won a few, lost a few but result far exceeded 34 yrs of 'wage' income)

Retired pre-age 50
Live comfortably but frugally on minimal expenses.
Monthly:
$100/food
0 for fuel (in my 50 mpg car that is 37 yrs old)
$18 / car maint (<$250/yr)
$70 utilities
$1700 Healthcare
$1220 Property taxes ($14,400/yr ... up from $800/yr)
Travel $$$. I spend as much as I can spare. I'm gone 80% of the time and LOVE it (while I'm able). Currently 'working' a temp gig in Thailand. Great to get paid to travel (when you like to travel...)


Moderate climate. Year round gardening is possible (No need for AC in house or car)
Rural. 5 miles to small town (6,000-pop) 15 miles to international airport (which I use a lot.) 20 colleges within 30 minutes.
Hiking / fishing within 5 minutes

Future... It's all a guess... but I will likely be living overseas for access to healthcare for a very ill spouse.
I will keep a few places in USA to 'retreat to'. They are under $100k and all self supporting (rented) / in tax free states / and have a place for me / guests / future caregivers.

Wealth? in what sense?

Those on a 'pension' have a FAR different perspective, approach, and objective to many things in retirement. They may consider themselves less than wealthy... but not laying out $2000/month for HC insurance goes a long ways in stretching out a $1200/month SS check. Available pension / healthcare has far more impact than age or location. Health can go at any minute... insured or not, pension or not. One of my best friend's dad was preparing for his second 'public service retirement'. Had just finished HAND building a beautiful home on a lake... (~ 6 yr project every waking / free hour.)

He made it through the 'Going away lunch', but died while cleaning out his desk. He was 62.

His widow sold the house and moved on....
---Not sure if this thread applies to you Stealth. You have repeatedly demonstrated that you are 'wealthy' in ideas and a willingness to share sound advice and experience with others.
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Old 01-22-2014, 12:06 PM
 
Location: Baltimore, MD
5,302 posts, read 5,979,347 times
Reputation: 10851
Quote:
Originally Posted by newenglandgirl View Post
I'd like to have this new thread be a concentration of discussions that are spread among a number of Retirement threads including retiring on a shoestring.

For the average retiree, one who is not wealthy, what are the considerations you're looking at in terms of aging, where you live, how you live, cost considerations for now and the future, healthcare options, etc? Please include your age and state of health in your comments. (Please let us not try to define "wealth"—those who are wealthy and those who are not know their status ).
This is tough to answer because I still don't know what I want to do or where I want to live. After much angst, I finally modified my home mortgage. I'll soon be 62 years old and the much lower payments will afford me more choices than I had prior to the modification. However, I don't deal well with more than a few choices. I could move into my son and DIL's NH guest cottage, rent free, until I either end up in a SNF or for the rest of my life. If I choose to do this, I can either sell (probably at a loss) or rent out my home for a small amount of additional income. If I move to NH, I could either tolerate the winters because son and family are available for socializing OR stay with 2nd son and his GF for a month in FL OR rent a place in Savannah (my dream location) or ... Another option is senior housing. I checked a few local places out and found them to be affordable (duh) and not too bad. I may sign up for the waiting list when I turn 62 even if I am somewhat reluctant to move at this time. Of course, I may end up demented, so perhaps senior housing shouldn't even be on my radar screen.

Healthcare options? Two choices: Continue with pricey employer provided policy (excellent coverage) or bite the bullet and purchase insurance on the health exchanges. Medicare? When I am forced to take Medicare, I'll opt for the employer supplemental coverage (if still available at that time).

LTC: I continue to pay $167/month for limited coverage. I think my cognitive abilities are continuing to deteriorate, whether it is the ADHD ferociously kicking me in the butt or something worse remains to be seen. I continue to entertain the idea of applying for SNAP benefits to offset the cost of the LTC policy. I freely admit that part of me continues to entertain this option just to p*** people off.

Other financial considerations: I will probably buy 1 or more immediate annuities. I'm finding the older I get the less interested I am in investing or figuring out how best to preserve my "assets". I just want to live a simple life. In addition, given my frequent "senior moments" it's probably best for me to put my finances on autopilot. (Sorry, MathJak and Tuborg, I know that the term "autopilot" sends shivers down your spines, but I want/need simplicity.) Additional financial consideration: I've finally, after two years of ignoring my neuropsychologist's advice to apply for Social Security disability benefits, submitted an application about a month ago. Of course, I have not followed up on it. If I am awarded benefits, I'll receive about $1000 (?)/month until FRA. At that time, I will switch to 1/2 of ex's amount and let mine grow until age 70. If I am denied benefits, I will have two choices: Either collect the early reduced retirement benefit or continue to draw down my retirement savings. I'll probably choose the former because, as I mentioned, I need simplicity.

Did I mention I don't deal well with choices??
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Old 01-22-2014, 12:11 PM
 
Location: Happy wherever I am - Florida now
3,360 posts, read 12,242,804 times
Reputation: 3907
I was very pleased to read Mr Hillbilly's regard for Mrs. Hillbilly's future wellbeing. If I had only had a man like that in my life instead of the one who took all our money and forced me and the kids out of our home. Or, the one I'm in the process of leaving now would put me on the street after he's gone and who refused to pay for his wife's cancer treatment because she was dying anyway. All long term relationships btw.

I am moving Monday to the house my son bought for me instead of having to do it later when I'm unable to. I've found a lovely woman much like myself to share the place with me and can take all my nice things as she has nothing. My SS is only $550 a month and a small stipend from my mother's estate in the same amount that ends in a couple of years. I'm holding off claiming my X's SS till it builds up enough to replace what I get now. Talk about living on a shoe string, both of us will be, but between the three of us contributing (me, her, son who lives elsewhere) we should survive. I might have to rely on McD's for internet and Netflix by mail. Quite a difference from the way I was brought up and lived most of my life.

I've stumbled into a small income stream by giving piano lessons one afternoon a week. Not much at $10 a lesson but getting to meet some people here anyway. The new community, just down the road, is closer to free nightly music, has good security, a couple of fruit trees, and a community pool, and if it comes to not being able to drive in the future I can get to the minimum essentials by golf cart if I can find one. Thankfully, medicaid is picking up my several heart medications.
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Old 01-22-2014, 01:01 PM
 
Location: Edina, MN, USA
7,572 posts, read 8,996,502 times
Reputation: 17937
Quote:
Originally Posted by lenora;3313151

I'll probably choose the former because, as I mentioned, I [I
need [/i]simplicity.

Did I mention I don't deal well with choices??
Lenora - Are you a Libra - so sound so much like me - hate choices and require simplicity.

You absolutely should not take in the homeless girl - this would be a bad deal for you. Maybe if you live in your son's cottage and then visit friends in warmer spots for the winter? A few breaks can make it very bearable - it's when it's 1 continuous l-o-n-g stretch that we all start to go a bit bugs.

No more choices - move in with your NH son - I can help you with plans off time~~~stay tuned.

Last edited by Umbria; 01-22-2014 at 01:32 PM..
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