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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 ).
Not retired but for those families that can manage it I would think living with 3-4 generations under one roof would offer the best advantage for all. Imagine the benefit to families with young children, not necessarily childcare but for multigenerational influence. Additonally, offers a greater way for household to each economic stability and support one another in more ways than just economical.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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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....
Last edited by StealthRabbit; 01-19-2014 at 11:20 PM..
I'm 62, retired at age 55, and have been going back-and-forth between overseas and the United States. My monthly income isn't much, but I guess is better than most people's. I have $4500 a month after taxes, health insurance, etc. I'm not so worried about what's going to happen to me when I really get old. I'm more oriented towards the next 10 years, as I'm still in good health and would like to have as much fun as possible while I still can.
Real estate is owned free and clear. Ditto for cars. I could increase my monthly income buy spending down my principal, but I don't really know when I'm going to die, so that's hard to figure.
I am struggling to grasp the meaning of the thread title here, because it is so incredibly broad and vague as to make me wonder what it even means. It seems to subsume almost everything I've read in this Retirement Forum over the past three and a half years. It seems to be an invitation to all of us (minus the few who are actually "wealthy") to tell our circumstances - sort of another chat thread without that specific title.
This thread is an open invitation for many to boast about their retirement savings/income. Oh, and also to add in how many homes they own.
Not being one of the above, and being on limited funds - I live frugally, pay rent accordingly, don't splurge on unnecessary items. . . and am very content. My goal to retire was to quit working, and I am living that goal and have no regrets.
Retired at 60 on temporary disability and got a job driving which I can do.
Decided to retire permanently to the milder climate of NC because I can no longer shovel snow or even want to.
I had a nice little next egg that took a big hit 10 years ago but I did salvage a lot of it and put it in much safer conservative funds.
Sold our 600K house in NJ and bought one for 1/2 price in NC
Traded in 12K NJ property taxes for 2.4K NC taxes.
Our combined SS covers all monthly expenses but I do have to draw from savings for extras like car payments or vacations.
Now at 70 we live comfortabley but certainly not extravagant we eat out once a week in moderately priced restaurants and on the big holidays we eat out in the better restaurants.
We take a couple of long weekend trips every year by car.
I think we have enough saved for the future but have told the kids to not count on any windfall inheritance. We saved it for us not for them.They got the college educations we didn't get.
IMO why should anybody have to deal with harsh winters and high taxes when they are living on limited incomes and declining health.
Yes it gets hot in NC but I don't have to shovel hot.
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....
It makes no sense to me (and probably most of the forum's readers) that 1) you keep a home that costs you $1220/month in real estate taxes even though you spend little time there and 2) b**** about health insurance costs while simultaneously criticizing the ACA, which would afford you and your spouse smaller premiums. Yes, I know you built your home with your own two hands and understandably, would not want to part with it. But Geez Louise, your choices seem totally irrational.
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a temp gig in Thailand. Great to get paid to travel (when you like to travel...
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