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Old 01-16-2016, 12:58 PM
 
6,439 posts, read 3,069,385 times
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Quote:
Originally Posted by TuborgP View Post
Climbing the wall of retirement worry is half the battle for those who really try to plan! It can be as much mental as it is financial. I fall into that category

I am the same way. But, I am that way about many things. And its not even a plan to me unless I have several back up plans!


But, I know quite a few people who don't plan much financially either day to day or for retirement that seem to get along fine. So, I tend to believe that whichever approach you take, if you use the same approach that was successful while you were working you'll be ok using the same approach in retirement. In which case it becomes a matter of trusting yourself. I think the non or low planners who are successful are operating intuitively.


But either way, another important thing however you process the information, is to be clear about what you want your life to look like.


For years, I thought I wanted to live on the coast preferably ocean front if I could swing it. When I sat down to actually think about it, for many reasons, I realized that was the last thing I wanted.


Then I thought I would like to have a second home or condo at the beach. Once again when I thought about it, there was no way I really wanted that.


Then I thought I might like a second home in a different climate and snowbird. Ultimately I realized I am simply not cut out to own/manage two homes and I don't want to pick up my life and move it once a year to view fall leaves or avoid FL heat.


If I change my mind, I can always go to the mountains or beach and rent.
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Old 01-16-2016, 01:13 PM
 
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Quote:
Originally Posted by borninsac View Post
Lots of great shares here and I knew there would be. I don't consider additions to savings or debt reduction to be fat in the budget because both add to net worth.
It sounds like you are not yet retired. That makes a difference. Retired people are done saving, because we no longer have an income.
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Old 01-16-2016, 01:33 PM
 
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Fixed monthly expenses e.g. rent and health insurance consume 75-80 percent of my net income; food consumes most of the remainder, so there is very little fat in my budget.
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Old 01-16-2016, 01:49 PM
 
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Quote:
Originally Posted by organic_donna View Post
It sounds like you are not yet retired. That makes a difference. Retired people are done saving, because we no longer have an income.
As has been pointed out to me and I have to agree , retiring with pensions and SS are just like the working years without going to work. Money in on schedule to be managed as planned or not planne. Money not spent is saved/invested,
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Old 01-16-2016, 02:39 PM
 
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About a third of our budget is traveling and eating out, etc--fat indeed. WE are hoping of course that we never have to cut it out.
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Old 01-16-2016, 02:49 PM
 
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One time I had Quicken and tracked my spending. That lasted for about two days. At this point, I'd rather not be reminded about how much money I spend needlessly. If I had to guess, I'd say most of it.

I don't have any debts, so my only expenses are income taxes, property taxes, utilities, home and car insurance, gas, clothing, medical insurance, and food. I guess the food portion could be compromised, if need be. And of course, miscellaneous expenses come up from time to time. Car repairs, home repairs, etc.
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Old 01-16-2016, 03:13 PM
 
Location: Loudon, TN
5,775 posts, read 4,830,089 times
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Quote:
Originally Posted by TuborgP View Post
As has been pointed out to me and I have to agree , retiring with pensions and SS are just like the working years without going to work. Money in on schedule to be managed as planned or not planne. Money not spent is saved/invested,
Agreed. We save whatever is leftover from our pensions and rental income each month. Some of the savings goes to big home expenses, i.e. we bought a new tankless water heater and a new HVAC system last year. The rest is saved for future travel, etc.
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Old 01-16-2016, 04:31 PM
 
Location: Grove City, Ohio
10,133 posts, read 12,381,010 times
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Quote:
Originally Posted by TuborgP View Post
Climbing the wall of retirement worry is half the battle for those who really try to plan! It can be as much mental as it is financial. I fall into that category
For me climbing the wall of worry constitutes 75% of my battle.

At 67 I am still working and not taking social security waiting for my wife to hit 66 which will happen in a couple short months just before the change in rules concerning filing and suspend. We just made it, we just crawled under that wire not by a matter of a month or two but weeks!

When my wife collects her benefit I will be at the point where our combined benefit will be $148 per month less than I earn working full time. By retiring I will be giving up $34.23 per week in terms of "take home pay" so to speak so the way I see it I'd be better off retiring.

If I work just another year without taking my benefits they will increase to where my monthly "take home pay" will increase by $196/month and I would feel a lot better retiring and getting a "raise" at the same time.

I think I can still work physically so I should because the day will come when I know I no longer will be able to do the job. Scary stuff for me and I wonder if I will ever get over the fear.

I won't get deeply into it but I was broke once when I was 23 years old. No money, no job, no friends within 300 miles and when I say no money I couldn't scrape in a thin dime and I am not exaggerating. I was cold, hungry, wet and I got this fear because I have always worked and to do otherwise brings cold, hunger and wetness.
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Old 01-16-2016, 08:44 PM
 
Location: Los Angeles area
14,018 posts, read 17,732,288 times
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Quote:
Originally Posted by nicet4 View Post
For me climbing the wall of worry constitutes 75% of my battle.

.....................................
I think I can still work physically so I should because the day will come when I know I no longer will be able to do the job. Scary stuff for me and I wonder if I will ever get over the fear.

I won't get deeply into it but I was broke once when I was 23 years old. No money, no job, no friends within 300 miles and when I say no money I couldn't scrape in a thin dime and I am not exaggerating. I was cold, hungry, wet and I got this fear because I have always worked and to do otherwise brings cold, hunger and wetness.
Interesting post. I say follow your comfort zone! It doesn't have to be the same as the comfort zone of other people. Obviously there is nothing strongly pulling you to stop working, so no need to stop prematurely, even if other people would consider it to be high time. You would consider it premature. A deep level of comfort is a precious thing! Good for you.
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Old 01-16-2016, 09:03 PM
 
Location: Los Angeles area
14,018 posts, read 17,732,288 times
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Quote:
Originally Posted by organic_donna View Post
It sounds like you are not yet retired. That makes a difference. Retired people are done saving, because we no longer have an income.
I understand what you are saying, and I imagine you speak for many retirees. But there are different ways to look at things. In a sense, we do still have an income. That's the money that we're living from.

If that "income" consists entirely or mostly of money we are pulling from our own nest egg (IRA, Roth, bank CD, etc.), then "saving" doesn't make sense, as you say. If we are pulling too much we adjust and pull less out.

However, for many retirees a significant portion of what they live on comes from Social Security and/or a defined benefit pension, in which case continued "saving" is still possible. There could be various motivations for this. For example, suppose we anticipate wanting to replace an older car two or three years from now; we may be saving up in order to pay cash and not finance the new car.

We hear so often that pensions are a thing of the past, but for people who are already retired, they are often a thing of the present. Increasingly, going forward, yes, they will be a thing of the past. But it is us older Boomers who are old enough to be already retired, and our age cohort still has the pensions. (No, I don't mean all of us, of course).
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