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Old 06-08-2014, 10:04 AM
 
Location: Great State of Texas
86,093 posts, read 72,587,340 times
Reputation: 27566

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Quote:
Originally Posted by TuborgP View Post
There are a number of forum participants like ER and Happy Etc.
A lot depends on what you are happy with post retirement.
I live pretty simply compared to other posters from what I read here.
And for that my pension/savings/extra money are more than enough.
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Old 06-08-2014, 10:07 AM
 
Location: Grove City, Ohio
10,139 posts, read 12,404,828 times
Reputation: 13987
Quote:
Originally Posted by sweetana3 View Post
We retired 5 years ago and our nest egg is bigger than ever. The stock market is doing crazy things.
Good, I am happy for you.

Mine has made great strides as well and while it isn't the millions some say it should be it is six figures. A low six figures but six figures (barely) nonetheless.

Retirement (actually drawing social security, not "retirement" in the retired sense) for me could come as early as May 30, 2015 or as late as 2018 when I turn 70. I would at least like to be 67 because I want that extra 8% increase which will pay for my internet, basic cable television and no frills cell phone for the rest of our lives. Seems to me the easiest place to cut is one or all of those three "non essentials" and I don't want to do without any of them.

We have our retirement budget laid out and I don't see why we need to dig into the savings unless there is a real catastrophe.

Retirement Budget Monthly
Medicare Subpart B $209.40
Medicare Plan F Supplement $342.00 (No surprises with this one)
Prescriptions $120.00 (should be less but I am figuring high side)
Property Taxes $90.00
Homeowners Insurance $40.00
Home Maintenance $200.00 (I HATE yard work so I hire it done) Generally runs around $100/month but there is extra for spring and fall clean up and planting flowers. Got a good looking yard and I never touch it. Also got an exterminator in there as well. Bugs and termite insurance.
Auto Insurance $75.00
Gasoline $194.44 (2,000 miles/month @ $3.50/gallon in a Honda)
Auto Maintenance $50.00
Utilities $250.00 On high side
Cell Phones $187.41 I can cut this back but do I need to?
Internet Cable TV $123.27
Food $649.50
Clothing $100.00
Entertainment/Spending Money $433.00
Emergencies $300.00
Church $216.50
Total
$3,580.52

On with social security(collect at 67 1/2 which is my goal) and pensions we should receive $4,759.00 monthly. Everything will be exempt from state income tax and from the work sheets it appears I will have to pay less than $100 monthly towards federal income tax so figure take home of $4,659.00.

Unless we want to really go do something, like fly to California to visit family, we should be able to save $1,078.48 out of every month income.

Unless a real emergency comes up I don't see where we need savings.

We won't of course, I like to travel and there are two things I want to do right away. First thing is I want to follow the real life trail of Bonnie and Clyde. Yeah, I am into some pretty weird stuff.

Second thing I want to do is take a first class train trip around the United States with two one week long stops in the San Francisco bay area and the second one around Boise Idaho to see family. I want to go "first class" and that means observation car, our own sleeping/bathing quarters with meals served on china in a dining room. I want the train to travel at night so I can fall asleep listing to the clickity clack of the rails. I don't care if it costs $10,000 this is something I have always wanted to do.

From Georgia across Louisiana and Texas to Los Angeles then north to San Francisco (probably Oakland or Sacramento) then north to Washington state and back home through the Dakotas I guess.

Honestly, I think we look pretty good compared to some so why am I so scared to death of stopping work? Work, I've done it every day for nearly 50 years and how do I just stop? It seems so unnatural just to stop. Seriously, the very thought of not working leaves me breathless.
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Old 06-08-2014, 10:14 AM
 
Location: The Carolinas
2,008 posts, read 2,022,650 times
Reputation: 6104
Just signed up with a wealth advisor and financial planner. They both said (and I know it sounds crazy) that one of the hardest things they find in doing their respective jobs is teaching people how to SPEND their retirement money.

And, just because you "retire" from a "regular" job, doesn't mean that you have to stop "working". Call your local election board: they always need people to work the precincts on election days. Our local middle and high-schools have recently put out requests for people to help them proctor their final exams. Volunteer down at your local animal shelter. Work a food pantry at your local organization or church. Become a master gardener and work as a volunteer at some of their partner sites.

You need to develop "things to do" BEFORE you retire, so you're not just sitting there saying to yourself "now what?". You want so many other outside interests while you're working, so that you're thinking: "wow, I wish I was retired, as I have so many other things I'd like to do."

DO NOT FLAME ME if you haven't been able to save enough yet to have a comfortable retirement. This is more directed to those people who were LUCKY enough to pull it off. Because, there was a lot of hard work and LUCK which made it possible.
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Old 06-08-2014, 10:32 AM
 
Location: Great State of Texas
86,093 posts, read 72,587,340 times
Reputation: 27566
Quote:
Originally Posted by nicet4 View Post
Second thing I want to do is take a first class train trip around the United States with two one week long stops in the San Francisco bay area and the second one around Boise Idaho to see family. I want to go "first class" and that means observation car, our own sleeping/bathing quarters with meals served on china in a dining room. I want the train to travel at night so I can fall asleep listing to the clickity clack of the rails. I don't care if it costs $10,000 this is something I have always wanted to do.

From Georgia across Louisiana and Texas to Los Angeles then north to San Francisco (probably Oakland or Sacramento) then north to Washington state and back home through the Dakotas I guess.

Honestly, I think we look pretty good compared to some so why am I so scared to death of stopping work? Work, I've done it every day for nearly 50 years and how do I just stop? It seems so unnatural just to stop. Seriously, the very thought of not working leaves me breathless.
I assume you mean Amtrak here ?
First class is a sleeping car.
The Observation car is open to everyone.
They stopped using "china" in the dining car quite some time ago as well as cooking from scratch.
(I just want to reset your expectations here).

I love train travel though. Grew up taking Amtrak trips everywhere because my father worked for them and we got to travel free.

We went down to the Jersey shore on day trips and got a sleeping compartment for the big vacation trip to Florida each year.

I wish they had rebuilt that stretch of track from Texas to Jacksonville FL though as that would have made for a nice vacation trip to the ocean beach.
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Old 06-08-2014, 10:36 AM
 
29,815 posts, read 34,907,142 times
Reputation: 11735
Quote:
Originally Posted by adams_aj View Post
Just signed up with a wealth advisor and financial planner. They both said (and I know it sounds crazy) that one of the hardest things they find in doing their respective jobs is teaching people how to SPEND their retirement money.

And, just because you "retire" from a "regular" job, doesn't mean that you have to stop "working". Call your local election board: they always need people to work the precincts on election days. Our local middle and high-schools have recently put out requests for people to help them proctor their final exams. Volunteer down at your local animal shelter. Work a food pantry at your local organization or church. Become a master gardener and work as a volunteer at some of their partner sites.

You need to develop "things to do" BEFORE you retire, so you're not just sitting there saying to yourself "now what?". You want so many other outside interests while you're working, so that you're thinking: "wow, I wish I was retired, as I have so many other things I'd like to do."

DO NOT FLAME ME if you haven't been able to save enough yet to have a comfortable retirement. This is more directed to those people who were LUCKY enough to pull it off. Because, there was a lot of hard work and LUCK which made it possible.
TY, you for having the courage to say and admit this in a public forum. There are many like you and it is part of the post retirement reality of things going well. Articles talk about the average but that doesn't mean everyone is at, below or above that point. Congrats it's a spot you find yourself in. Hopefully even more will join you as they meet/exceed their targeted goals. You hear me MathJak!
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Old 06-08-2014, 10:52 AM
 
Location: Los Angeles area
14,018 posts, read 17,763,041 times
Reputation: 32309
Quote:
Originally Posted by nicet4 View Post
We have our retirement budget laid out and I don't see why we need to dig into the savings unless there is a real catastrophe.

Retirement Budget Monthly
Medicare Subpart B $209.40
Medicare Plan F Supplement $342.00 (No surprises with this one)
Prescriptions $120.00 (should be less but I am figuring high side)
Property Taxes $90.00
Homeowners Insurance $40.00
Home Maintenance $200.00 (I HATE yard work so I hire it done) Generally runs around $100/month but there is extra for spring and fall clean up and planting flowers. Got a good looking yard and I never touch it. Also got an exterminator in there as well. Bugs and termite insurance.
Auto Insurance $75.00
Gasoline $194.44 (2,000 miles/month @ $3.50/gallon in a Honda)
Auto Maintenance $50.00
Utilities $250.00 On high side
Cell Phones $187.41 I can cut this back but do I need to?
Internet Cable TV $123.27
Food $649.50
Clothing $100.00
Entertainment/Spending Money $433.00
Emergencies $300.00
Church $216.50
Total $3,580.52

On with social security(collect at 67 1/2 which is my goal) and pensions we should receive $4,759.00 monthly. Everything will be exempt from state income tax and from the work sheets it appears I will have to pay less than $100 monthly towards federal income tax so figure take home of $4,659.00.

Unless we want to really go do something, like fly to California to visit family, we should be able to save $1,078.48 out of every month income.

Unless a real emergency comes up I don't see where we need savings.

Honestly, I think we look pretty good compared to some so why am I so scared to death of stopping work? Work, I've done it every day for nearly 50 years and how do I just stop? It seems so unnatural just to stop. Seriously, the very thought of not working leaves me breathless.
You have given careful thought to your budgeting - congratulations. I see one little area where I would add a bit more money - "home maintenance". You've got your routine maintenance covered, but shouldn't there be an additional monthly amount going into a reserve fund for unexpected items such as the failure of the heating/air conditioning unit, or a roof leak, or a major plumbing problem, or the surprise discovery of some wood rot? (My list is certainly not complete, but is simply by way of examples.)

In similar fashion, the $50 for auto maintenance may be inadequate. Sure, it will cover tires, batteries and oil changes, but the amount comes to $600 a year. ONE SINGLE major repair can run you a lot more than $600 these days.

I understand your sentiments of the final paragraph. Such a radical change in one's life is bound to be scary. But you have interesting travel plans, plus there are other things out there to do, as pointed out.
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Old 06-08-2014, 11:56 AM
 
Location: WA
5,398 posts, read 21,417,446 times
Reputation: 5903
It will vary because conditions and situations vary so much. I know some that spent down because of health issues, some due to stupid planning, and some just because stuff happens that they were not prepared for. The folks I know with good plans, pensions, great luck, or very modest lifestyles actually have maintained.

We were poorly positioned in 2008 and in the middle of a couple of real estate deals so we drew down a lot to get through. The past few years have helped so we are only down about 5% in ten years. The trend now is ok and once we start taking SS we will be more secure.

The article presents a lot of data but it will be interesting to see what happens over the coming years with an increase of less prepared retirees.
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Old 06-08-2014, 12:06 PM
 
29,815 posts, read 34,907,142 times
Reputation: 11735
Quote:
Originally Posted by cdelena View Post
It will vary because conditions and situations vary so much. I know some that spent down because of health issues, some due to stupid planning, and some just because stuff happens that they were not prepared for. The folks I know with good plans, pensions, great luck, or very modest lifestyles actually have maintained.

We were poorly positioned in 2008 and in the middle of a couple of real estate deals so we drew down a lot to get through. The past few years have helped so we are only down about 5% in ten years. The trend now is ok and once we start taking SS we will be more secure.

The article presents a lot of data but it will be interesting to see what happens over the coming years with an increase of less prepared retirees.
Your last paragraph is very important. Seniors are so very different and trying to paint a broad picture. Many are better than the picture suggests and for others it may be worse if they don't qualify for assistance or live where little is available.
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Old 06-08-2014, 01:15 PM
 
Location: Grove City, Ohio
10,139 posts, read 12,404,828 times
Reputation: 13987
Quote:
Originally Posted by Escort Rider View Post
You have given careful thought to your budgeting - congratulations. I see one little area where I would add a bit more money - "home maintenance". You've got your routine maintenance covered, but shouldn't there be an additional monthly amount going into a reserve fund for unexpected items such as the failure of the heating/air conditioning unit, or a roof leak, or a major plumbing problem, or the surprise discovery of some wood rot? (My list is certainly not complete, but is simply by way of examples.)

In similar fashion, the $50 for auto maintenance may be inadequate. Sure, it will cover tires, batteries and oil changes, but the amount comes to $600 a year. ONE SINGLE major repair can run you a lot more than $600 these days.

I understand your sentiments of the final paragraph. Such a radical change in one's life is bound to be scary. But you have interesting travel plans, plus there are other things out there to do, as pointed out.
Kind of figuring on my emergency fund of $300.00 to cover anything major like the air conditioning going out or roof replacement.

About five years ago I had a new 30 year warranty three tab roof put on so I really doubt I will have a major roof problem unless hail damage and that would be covered under homeowners insurance.

Two years ago I had a new hot water heater installed and all the plumbing, both water and sewer lines, were completely replaced from the street in. The old lines were 70 years old and like some peoples arteries they were showing a bit of clogging.

All electrical was replaced about ten years ago. Got rid of the old 60 amp fuse box and went with 200 amp service. All wiring down to the receptacles was replaced.

The one item not touched, well repaired but not replaced, is an older air conditioning unit that runs well but I am thinking about replacing it with a higher efficiency unit.

Is $3,600 per year enough to do all the repairs? Guess it depends what goes. A new roof (guessing here) will cost $10,000 but I really shouldn't have a problem with the roof. The only thing that could go out would be the air conditioning unit.

Car? Probably won't drive 2,000 miles a month so I don't know about repairs. It's fairly new, well about four years old now so not new, but I've had Honda's before and they have always done real well with just routine maintenance to at least 150,000 miles. If I wait to 150,000 miles that car will most likely last me the rest of my time.

But it is getting close, I've been planning for about ten years now getting ready by down sizing the home (about $600/month saved right there) but I do miss somewhat what we had. Nah, I would rather have the extra money in my pocket than the extra 2 bathrooms and 1,400 sq ft to live in. But now that it is getting close, could come in less than a year but I am hoping for 23 more months, the close prospect is starting to drive me crazy. No work? What do you mean by no work? Like most nothing was ever given to me and I always had to work to get a roof over my head and food to eat and soon I am expected to no longer work? I know I shouldn't but just the thought of not working brings me close to a panic attack.

So, how is the food on Amtrak now? Hey, I am really looking forward to this trip. When the time comes I want to be on the train within a week of my last day at work.
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Old 06-08-2014, 01:27 PM
 
5,642 posts, read 17,325,462 times
Reputation: 3979
nicet - your property taxes are only $1000+ a year? ($90/mo.) Yikes that is cheap. Our would be (now) $575 a mo. And we are sure they will go up in this "we need to generate more revenue" state we live in.
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