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Old 07-01-2014, 10:38 AM
 
4,481 posts, read 4,743,979 times
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Quote:
Originally Posted by katie45 View Post
I practiced the 'lower' income budgeting five years prior to retiring. Had a general idea of what my s/s check would be and lived accordingly. Not only did that prevent the 'lower income shock' when I did retire, it afforded the opportunity to save more each month. Plus, by the time I retired I was completely debt free.

One other thing that worked for me: around the time that the stock market was being very 'bearish' and I started noticing drops in my 401k balance, I transferred a large amount into a high yield CD and a high interest return savings account.

Not being materialistic, not a clothes-addict, and very content if I don't take extravagant vacations every year, it was easy for me to cut back on spending and even to this day I have never felt I was sacrificing anything by being very frugal.

It's all relative since we're all unique....what works, is what works for each of us.

High yield CD??? Please tell me where you found it?
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Old 07-01-2014, 12:12 PM
 
Location: UpstateNY
8,612 posts, read 8,304,137 times
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^^^ Yes, I want to know about that as well.

One thing we did right was pay off our vehicles before DH retired. 900 a month, gone!
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Old 07-01-2014, 12:32 PM
 
Location: Des Moines Metro
5,055 posts, read 6,020,437 times
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I'd also like to know where any "high yield" CDs exist!

More power to anyone who doesn't have to significantly downsize for retirement but given the declining economy, I think the OP's post makes a lot of sense.

The only thing I would add is think about "retiring in place" if a new home is in the cards. For example, avoid buying a home where the main bathroom is upstairs. What if you have a heart attack or can no longer climb stairs? Having everything, including laundry, on one level is a more sensible "retire in place" house and takes into account potential physical problems.

Ditto with any yards that can't be converted to low maintenance. Even a yard in a subdivision can be reconfigured with more rocks and features that wouldn't require weekly mowing (if one lives in such an area).

Great post, OP!
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Old 07-01-2014, 12:40 PM
 
Location: UpstateNY
8,612 posts, read 8,304,137 times
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True dat, Meemur. We're bailing because of all the steps, huge yard and snow plowing.

Now I know why DH's brother chose an active 55+ community, you own the house but lease the land which includes yard maintenance.

We're not ready for something like that, but we are downsizing to five acres and a house on one level.
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Old 07-01-2014, 12:54 PM
 
10,344 posts, read 9,382,296 times
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Quote:
Originally Posted by brava4 View Post
High yield CD??? Please tell me where you found it?
Nowadays I can't find one either, this was back around 2007. All the ones I've seen on the internet don't give back much at all anymore.
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Old 07-01-2014, 02:29 PM
 
Location: SW MO
23,605 posts, read 31,487,261 times
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Default Easing the hardships in retirement

Other than what one can expect from aging, ya mean there are hardships to being retired? Who knew? We rather enjoy it!
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Old 07-01-2014, 03:09 PM
 
1,770 posts, read 2,443,375 times
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Oddly enough, the retirement scenarios painted by investment "counselors" of the 1980's and 90's were totally unlike what I have experienced through my own efforts and a bit of luck. My retirement income is almost double of what I earned the day I retired from a university after 25 years of employment. Thus, my tax burden is higher and I enjoy a better standard of living now. So you never know.
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Old 07-01-2014, 04:32 PM
 
Location: UpstateNY
8,612 posts, read 8,304,137 times
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Yay, Curm, you tell 'em!

LDG any investment secrets are welcome.........

Like life, retirement is just another chapter. Every day is a gift.
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Old 07-01-2014, 06:18 PM
 
Location: Near a river
16,042 posts, read 18,978,143 times
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Quote:
Originally Posted by brava4 View Post
High yield CD??? Please tell me where you found it?
Credit Unions generally have better rates than banks. But "high" is no longer.
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Old 07-01-2014, 07:51 PM
 
Location: Chesapeake Bay
6,048 posts, read 3,872,797 times
Reputation: 3502
I didn't plan for retirement, never thought much about it. But our retirement income is actually pretty good so I'm not going to worry about it.
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