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Old 01-24-2015, 01:20 PM
Location: SoCal desert
8,093 posts, read 13,251,822 times
Reputation: 14870


Originally Posted by NOLA2SGF View Post
I have plenty for everything I want or need.

As others have pointed out, taxes are lower in retirement, plus there is no need to pay into SS or Medicare, no need to save for retirement any more, and no kids at home or in college any more in my case either. I already have a paid off house (which I was busily paying off before retirement), full of paid off furniture, and a paid off car. Life is pretty good as a retiree.
I couldn't have said it better!
Originally Posted by Escort Rider View Post
Just a quibble, but actually we still pay into Medicare after we enroll in it at age 65. There is a monthly Part B premium in the amount of slightly over $100 (or it is more for people with high incomes) which is deducted from the Social Security benefits if one is receiving those (if not, one gets billed).
Some of us retirees aren't 65 yet
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Old 01-24-2015, 03:48 PM
48,516 posts, read 84,044,795 times
Reputation: 18051
I'd say any one who can should look further in getting best Medigap they can afford. As you age health is a larger and large risk to assets. Just one of the shifts I talked about.
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Old 01-24-2015, 04:03 PM
71,922 posts, read 71,971,035 times
Reputation: 49486
we are first learning about that right now as Marilyn starts in august.
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Old 01-24-2015, 07:59 PM
6,557 posts, read 3,110,130 times
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Originally Posted by hikethesky View Post
When I took an early retirement a couple of years ago, with a pension and some additional 401K income, my net income was also roughly the same as my net salary (I maxed out on socking away savings when I worked full time). I have all I need as well---the greatest cost for me is travel, but even then, what I enjoy (camping, backpacking, exploring) doesn't cost much. It's just the cost of gas and food. Still, there are hidden costs to even the least expensive activities, and I really have to pay attention to where my money goes.

I was determined to downsize and reduce expenses to make it work. So far it has and I've been able to save each month as well. It's important to me to have a cash reserve that I can use for traveling or other expected or unexpected expenditures. I think what others have said about preventative healthcare is so important. I've been very physically active (running, swimming, hiking) all my life, and I feel much like I did in my 30s.

If you take on a second career that doesn't make much money (a passion), then funding that career can be costly after retiring. I'm faced with that and am considering working part time to boost my income.
I agree on the cash reserve. Old habits die hard. I will confess I don't really budget, but I do look at whether or not I am on track to have the amount I believe I should have left over at the end of the year. If not, I adjust.

I don't think retiring is a reason to discontinue saving. I don't want to be scrounging or losing sleep when there are unexpected expenses or if I decide to do something that is expensive. Also, if the time comes, I want to use my pension/investments and additional savings to pay for the type of end of life care I want and to have options.

If saving results in money left over for heirs that's fine too.
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Old 11-07-2017, 02:43 PM
Location: next up where ever I go
588 posts, read 345,859 times
Reputation: 2087
Right now I live in a two bedroom apartment with all the bells and whistles.

I intend over the next two years to start giving stuff away or sending things to Good Will.

I turned 62 last month, applied for SS to start at the beginning of the year: $900
I have investments that throw off $18000 a year which is higher than I like so I will be taking only $10000 going forward
I have a part time job as a substitute teacher than I can work from two days a week to all week if I want. $5000 per yr

That gives me about $25000 a year gross but taxes will be so little.

My biggest cost is housing. 50% of the $2000 net I have to spend.

I never made much and my highest was $30000 a year with a net of $2000 a month.

So I am at my same highest salary. My housing costs have doubled though. So I will continue to downsize until I either opt for a small one bedroom or go into subsidized housing which there is a very good one not far from where I live now. It is a 55 plus community and I have the lack of income to get in at a reduced rate.

We shall see.

I am paying $140 for health insurance now which will not be the same with Medicare.

I am considering moving back to Kentucky but then I would lose a pretty cushy part time job and lose my boyfriend.

Enough said about the latter.

Everything changes on a dime. So I will continue to be very flexible.

I am just glad to be alive and in good health with some money saved!

I think it is time for cocktail hour!

Have a good evening!
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Old 11-07-2017, 03:53 PM
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,693 posts, read 40,062,283 times
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Originally Posted by Gandalara View Post

Some of us retirees aren't 65 yet
you can't say that on C-D 'Retirement' forum

If we paid for HC, we would have WAY higher expenses than when working (quit the paid gig at age 49).

Last night a retiree neighbor disclosed they were paying $880/ month for medicare + Supplement (nothing fancy) They had paid 1/2 that HC cost while working, but income was FAR higher!
  • My Property Taxes and Medical combined would be about $3400 higher / month than when working (same home, just older, same medical carrier, just much LESS coverage. )
  • Travel is quite a lot higher during this season of life. Later the extra travel dollars will likely flow to medical needs.
  • Auto Fuel would be double, I drive a LOT more (but mine is free)
  • Heat / utilities would be double (home more + not so interested in FREEZING in the winter...) (but my home fuel is also free)
  • Food is more (eat out more often)
  • Car insurance is higher (age rated policies + driving a LOT more)
  • Car Maint is higher (older cars, less able to fix / more mileage / wear / parts are getting TOUGH to find! need to make my own!)
  • Clothes spending is about the same... but would be less for most. (I still wear stuff I made in Jr High)
  • Medical needs / spending is much higher (I'm wearing out... similar to cars)
  • Shopping is MUCH higher (more interests / more time to buy, LOTS more stuff to fix)
  • No more PAID vacations ... but a LOT more VACATIONS! (everyday)

Big PLUS in retirement... no more 'accumulation stage'... liquidation time!

Last edited by StealthRabbit; 11-07-2017 at 04:08 PM..
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Old 11-07-2017, 04:58 PM
5,432 posts, read 3,464,353 times
Reputation: 13714
Clothing for work was completely different from clothes now worn daily in retirement....for me and for many others.

I have extensive clothing which was for work which has not been worn in the 7 years of my retirement.

So work wardrobe involved more money than anything worn in retirement.

Last edited by matisse12; 11-07-2017 at 05:29 PM..
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Old 11-08-2017, 06:54 PM
Location: Location: Happy Place
3,703 posts, read 1,882,362 times
Reputation: 11360
I think my main expense, fashionable clothing will be reduced. Always a Chicos fan, I see the website and catalogs now and think "where would I wear this or that"....

Commuting costs will be nil...
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Old 11-10-2017, 06:54 AM
Location: Perth
89 posts, read 53,752 times
Reputation: 276
Old thread brought back from the dead!

Retired for 7 years and my experience has followed a fairly common trajectory. Spending did not drop much in first few years as we fixed up all the "honey do" items that had been avoided whilst still working combined with bucket list travel. Now slowing down as we have ticked of many items plus some of our get up and go has got up and went. Whatever reason, savings are now growing again.

Spend more time potting around home, which costs little, spend little on clothes as tee and shorts or tee and jeans works fine 95% of the time. Health costs are going up a bit, but not too much just yet.

Very happy on about 65% of work income.
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Old 11-10-2017, 09:05 AM
Location: Mount Airy, Maryland
10,488 posts, read 5,952,316 times
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Originally Posted by MadManofBethesda View Post
There are a couple of other major items you're forgetting. For one, you won't be paying Social Security and Medicare taxes any longer, so that's 7.65% of your gross salary right there (if you're not over the cap) that you don't need to live on in retirement. Plus, you would have been paying income taxes on that 7.65% of salary so that's another 1.5% or so you don't need.

But the biggest "expenditure" that you won't have any longer is putting money away for retirement! If you've been putting 15% - 20% of your income into retirement savings of one sort or another, then with the SS & Medicare you've been paying, you've already actually been living on 70% -75% of your income.
This is spot on. I never understood why articles compared your gross earnings with what you will earn in retirement. They are apples and oranges for the reasons you spelled out above. Me? I'm looking at the take home, not the gross.
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