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Old 07-11-2014, 12:49 PM
 
Location: Bella Vista, Ark
72,051 posts, read 83,719,346 times
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Quote:
Originally Posted by newenglandgirl View Post
There are sooooo many styles of retirement. The media and financial advisors paint one picture, applying it to everyone. Just not the way it is in real life. We adjust to what we have as our resources, and adopt an appropriate attitude toward it. If not, well, there's options there I won't go into. The basics you outline above make sense. Within that framework there are a number of ways to live and enjoy life. It's a matter of perspective, a workable philosophy, and management.
I agree 100%. We do adjust and many things that we though for necessities 10 or so years ago, we have learned to live without and have not missed them much, if at all.
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Old 07-11-2014, 01:20 PM
 
Location: Los Angeles area
14,018 posts, read 17,756,785 times
Reputation: 32309
Quote:
Originally Posted by nmnita View Post
Your advise is fine but some of it is a little off: much of what you need is based on where you live, your lifestyle and how much things will change after retirement. You say you will still pay taxes? Of course you will pay sales taxes and property taxes but your income tax bracket should be lower after retirement. I know ours certainly is and we do have investments.

You are right your income will be cut in about 1/2, depending on retirement which many people no longer are receiving and no, your expenses will not go down by 1/2, but they will much less: Gasoline, clothes, meals out, wear and tear on your car, all will be less when you are not working 40 a week, plus you will, hopefully find yourself cooking more economically as you have more time and you will not be entertaining as much.

And yes, many people return to work or have part time jobs. I think holding a part time job can serve more than one purpose. My husband started a small pet setting business and I continued as a travel agent after retirement. Between us we were able to get busy, keep young and have money to do the things we liked, plus we were not tied down to certain hours. Our chosen hobby/jobs were very flexible. I am now fully retired, he still has his business but only deals with past clients or referrals. I will admit, our returning to the work force did have a lot to do with poor financial planning, but it has also kept us from sitting around watching re-runs of Perry Mason all day!!! We also do a lot of volunteer work.
Very reasonable post, Nmnita. I especially like your last paragraph, which acknowledges the importance of doing something other than watching TV all day.

However, as for your statement that "your income will be cut in about 1/2", that will be true for many people, but not for all. Not all of us earned the big bucks while we were working; some of us had rather modest lifetime incomes, and I don't mind admitting that I am one of those. My income is about the same in retirement.

Ditto for the statement that our expenses will be "much less". I drive just as much, and probably more, in retirement for two reasons: First I did not have a very long commute, and second, I now have more time to go places and do things. Clothes? My job did not require three-piece suits, so I did not experience any reduction in spending on clothes (which was minimal anyway). Meals out? In my case it has remained pretty much the same. (Although true, we have more control over the frequency of meals out in retirement, which can benefit those who desire to cut back on same).
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Old 07-11-2014, 05:43 PM
 
Location: Baltimore, MD
3,745 posts, read 4,222,880 times
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Quote:
Originally Posted by CCc girl View Post
Nah, the millenials are too lazy to learn a skill like buying and selling collectibles for the most part. Nobody is spending, it's a buyer's market, and most people are digging in for the next decade of austerity. This is only the beginning.
The millenials are too lazy or too smart?
Anyway, the millenials are ahead of the Boomers in terms of planning for retirement.
Millennials are saving for retirement at a much earlier age - May. 2, 2014

Not too shabby considering their cohort's unemployment rate.
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