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Old 06-29-2019, 04:23 PM
Location: Wisconsin
16,999 posts, read 17,320,800 times
Reputation: 41258


Originally Posted by goingstrong View Post
You say you are accustomed to living on six figures, is that your current income? If so, make whatever adjustments you need to in order to start saving a minimum of $1500 a month. This would still leave you substantially more than you expect to have in retirement. Gradually increase the savings until you are living on what you expect to have in retirement. With 6-7 years before anticipated retirement you should easily be able to save 100-150K. Not much if you need to draw off it, but as an emergency stash, it's huge.

Also do not count on being bumped up to 1/2 of DH's SS if you begin drawing yours early. Your spousal benefits will be reduced because you began drawing at the earlier age
Good points.
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Old 06-29-2019, 04:24 PM
6,303 posts, read 5,042,575 times
Reputation: 12799
Make sure you and your husband are on the same page.
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Old 06-29-2019, 04:25 PM
Location: Central NY
4,650 posts, read 3,235,973 times
Reputation: 11907
I make under $25,000/year.
Life could be sweeter if I was getting more, but I'm not. I had to learn to accept that.
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Old 06-29-2019, 04:28 PM
Location: Texas of course
563 posts, read 265,646 times
Reputation: 2897
Originally Posted by bluestocking12 View Post

we will be receiving between 4500 - 5000/month. (That upper number assuming that my amount will go up to a percentage of his benefit.)

Could you do live on about $3300/month, after housing costs? What would you do to get ready?

My husband and I could live VERY well off 4500 - 5000/month which you say you'll have.
We could also live very well on $3300/month which is about what we live on each month and I always manage to have money left over each month. We seldom eat out and we're pretty content living a simple life. We just owe for car insurance, medicare, taxes, food and utilities.

It's just my own personal opinion but what you describe isn't poor. I've seen poor and it breaks my heart.

You said your husband is 63 and won't retire till 70, there is still 7 years to save some money. IF it were me I'd cut back now so I could save some money.
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Old 06-29-2019, 04:36 PM
Location: Central IL
15,201 posts, read 8,504,300 times
Reputation: 35558
Originally Posted by germaine2626 View Post
I don't know if this was common but my taxes went up $2,000 and my sister's went up $1,200 the year after both our husbands died, even though we had significant less money coming in.
Yes....there are amazing benefits to being married....
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Old 06-29-2019, 04:39 PM
Location: Pennsylvania
16,334 posts, read 10,324,206 times
Reputation: 28449
I would also suggest you don't read those retirement articles that say you need to have a gazillion dollars to retire. Although some have good points, they pretty much scare the b-joobies out of you.

take some advice fro the posters here: make a pre-retirement budget.

start looking for other places to live.

stop panicking.
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Old 06-29-2019, 04:42 PM
Location: Arizona
5,937 posts, read 5,293,703 times
Reputation: 17896
Since you husband is a handyman there are many areas in the country where you could buy a fixer upper for about $50,000.

As long as you keep moving to a lower COL off the table I really don't have any sympathy for you.
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Old 06-29-2019, 04:43 PM
Location: The Berk in Denver, CO USA
14,008 posts, read 20,317,250 times
Reputation: 22719
You are a Yankee at heart.
You clearly don't mind the Winters.
Consider up-state New York.
90% of upstate is depressed. Think Hudson River valley and the Eire Canal.
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Old 06-29-2019, 04:44 PM
Location: Ypsilanti, MI
2,430 posts, read 3,657,283 times
Reputation: 4752
This entire post is confusing to me.
  • The OP and her husband are members of both the last age bracket for which pensions were common, and the first age bracket which had access to 401(k) and 403(b) plans. Some employers without a Pension Plan have mandatory participation in a 401(k). Yet there is no mention of any source of retirement income other than SS Benefits.
  • The SS Benefit values seem inflated to me. I too made 6 figures for 20 years of my career, maxing out for 10-15 of those years plus some earlier lower paid years, and my SS benefits are not projected to be at the levels stated in this post.
  • The OP and her husband previously owned and sold two homes. Depending when these homes were sold there may have been punitive income taxes associated with NOT reinvesting the home sale profits into another home. All replies are centered on no current home ownership but I only saw a comment by the OP in her original post that rent would be $1200/month if they moved further out from the city in Retirement. Are they indeed renting now and I missed that fact?
  • The husband is a well paid IT professional. Did the husband work for one of the Boston Area IT companies which paid substantial stock options to employees?
  • Has the OP discussed all this with her husband? Does he know of an investment/retirement savings account of which she is unaware?
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Old 06-29-2019, 04:45 PM
11,963 posts, read 5,102,113 times
Reputation: 18693
I've never made $5000 a month working full time my entire life and will be living on much less in retirement. I live accordingly and hardly think of myself as poor. I have a decent house, decent car buy clothes when I need to and have never lacked for food.
If I'm poor, no one ever told me.
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