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1. Go to medicare and type in various zip codes in areas you may want to live to get a quote
We save $100 a month by moving.
2. As everyone says, cut down on expenses- Be more self sustaining by making your own dog food, create a vegetable garden, try hydroponics to grow your own food
3. Volunteer at a food bank. Usually they don't ever have enough volunteers. Then take the extra food home which is expired and feed it to your pets. Use the other to make huge batches of stuff and take it to a church potluck or start a meetup where there is a potluck a few times a month.
4. Delay SS of course
5. Rent out part of your property to an RVer. Offer internet & water, maybe power.
6. Go solar for whatever you can.
7. Dry your clothes outside, at least on hot days. Makes laundry go faster.
8. Build a fireplace. Get your own wood for free somehow
9. Whatever your hobbies, find a way to not spend $ to do them. Volunteer instead
10. Whole house fan instead of a/c
Teacher Terry said it well. Serious, I can not imagine anyone with that many expensive purses and pairs of shoes (unless they were a multi-millionaire). I also have about five pairs of shoes that I wear on a regular basis, plus about four more pair (that are all five to ten years old) that I wear for weddings or funerals or various special occasions. I have two purses, one for summer and one for winter.
I have one pair of sandals, one pair of tennis shoes I wear often (I keep an extra old pair), a $10 pair of water shoes from Walmart, one pair of black loafers, trail runners, hiking boots, and a few pairs of brown loafers for work. All told, I probably own fewer than ten pairs of shoes, and could cut out two or three pairs of brown loafers. All the shoes fit comfortably on a two shelf shoe rack in my closet.
It's just mind-blowing to me. The floor is probably two feet below the clothes/shoes/purse/home good debris pile. That's where their retirement money went.
Quote:
Originally Posted by xxEHxx
I'm amazed you are from the same gene pool. I just hope your help never exceeds from giving them advice. Trying to financially help them is likely a lost cause. It is up to you to turn your family tree around and that likely can't happen if you allow your Parents to bring you down financially. This isn't about being selfish, it's about helping the generations after you the ones that haven't yet created their own problems.
I'm not a saint with money. I love to travel, but I've also doubled my income in the last several years, and tripled it since 2013. Dad's side of the family has been vulnerable to sudden death heartattacks. What I'm worried about is he dies suddenly, then I have to take care of mom and she limps along for twenty years.
1. Go to medicare and type in various zip codes in areas you may want to live to get a quote
We save $100 a month by moving.
2. As everyone says, cut down on expenses- Be more self sustaining by making your own dog food, create a vegetable garden, try hydroponics to grow your own food
3. Volunteer at a food bank. Usually they don't ever have enough volunteers. Then take the extra food home which is expired and feed it to your pets. Use the other to make huge batches of stuff and take it to a church potluck or start a meetup where there is a potluck a few times a month.
4. Delay SS of course
5. Rent out part of your property to an RVer. Offer internet & water, maybe power.
6. Go solar for whatever you can.
7. Dry your clothes outside, at least on hot days. Makes laundry go faster.
8. Build a fireplace. Get your own wood for free somehow
9. Whatever your hobbies, find a way to not spend $ to do them. Volunteer instead
10. Whole house fan instead of a/c
Really? Can these suggestions be less practical?
1) You save "$100/month by moving?" How much were the initial costsof said move? A "family/friends" move from Indiana to Tennessee cost me about $1,000 with free help on both ends, and few costs beyond the box truck and its gas. I can find other bills to cut for $100/month and avoid the hassles of a major move.
2) "Making my own dog food?" If I really need to cut the bills, the DOG goes! Cute suggestions - impractical or not economical for most.
3) I'd rather the food bank food go to a person than any animal.
4) Not always possible. Lots of people get laid off as they age or have to retire for medical reasons, then take SS as emergency stopgap income. Delay if possible and if it makes sense for your predicted lifespan. You're forecasting an ideal, not what's practical.
5) Not always possible. Many neighborhoods, cities, or HOAs prohibit something like this on well thought through grounds. This invites tons of trouble.
6) Big startup costs. Impractical for many retirees due to initial costs and impractical in many climates.
7) How many clotheslines do you see in new housing developments? That should show how valuable that suggestion is
8) Uh, okay? Firewood is labor intensive, not exactly the forte of most seniors, especially women. Get some gas logs and call it a day.
9) Again, not possible in many cases.
10) Yeah, like this is going to helpful in the Deep South.
If your mom was alone and low income senior housing would be possible. The waiting list can be long. Couples can get it to but with the 2 of them they may not qualify.
1) You save "$100/month by moving?" How much were the initial costsof said move? A "family/friends" move from Indiana to Tennessee cost me about $1,000 with free help on both ends, and few costs beyond the box truck and its gas. I can find other bills to cut for $100/month and avoid the hassles of a major move.
2) "Making my own dog food?" If I really need to cut the bills, the DOG goes! Cute suggestions - impractical or not economical for most.
3) I'd rather the food bank food go to a person than any animal.
4) Not always possible. Lots of people get laid off as they age or have to retire for medical reasons, then take SS as emergency stopgap income. Delay if possible and if it makes sense for your predicted lifespan. You're forecasting an ideal, not what's practical.
5) Not always possible. Many neighborhoods, cities, or HOAs prohibit something like this on well thought through grounds. This invites tons of trouble.
6) Big startup costs. Impractical for many retirees due to initial costs and impractical in many climates.
7) How many clotheslines do you see in new housing developments? That should show how valuable that suggestion is
8) Uh, okay? Firewood is labor intensive, not exactly the forte of most seniors, especially women. Get some gas logs and call it a day.
9) Again, not possible in many cases.
10) Yeah, like this is going to helpful in the Deep South.
What works and is practical for one, may not be for another. Prior to our move to TN, many of these suggestions would have been very practical on our property in NorCal, and in fact some were in practice. However our move to lower COL TN was our biggest money saver, eclipsing what all of these would have saved by a factor of 10.
OT but....As far as shoes and purses, I am GUILTY AS CHARGED. I have over 40 pairs of shoes, and probably 16-20 purses. However, I've never paid over $59 for a purse, so I don't think that's awful. Some are tiny clutches for dress up, some are small crossbody strap type, some are bigger everyday types in different colors, some are large tote types, some are more like a fanny pack in a couple colors, etc. Many are as much as 10 years old and I've weeded them out several times, but I keep buying more. Shoes... I have several sandals in various colors (and levels of worn-out-ness), sports shoes for different sports and they aren't really interchangeable (court shoes, golf shoes, running shoes, slip-on tennies, soft and hard hiking boots), cowboy boots in multiple colors, snow boots, faux UGGs in 2 colors, dressy heels, dressy boots, loafers, etc. All have their own purpose and place in my life. Some are 8 years old and get worn 2 or 3 times a year. Others get worn several times a week, and are replaced probably once a year. On some days I might wear 3 pairs in one day (sandals around the house, sport shoes for golf or pickleball, then dressy shoes to go out to dinner, for example). DH, on the other hand, wears sport shoes or sandals 95% of the time. He has 2 pairs of sandals, two pairs of white court shoes (old and new), black running shoes, one pair of loafers, and golf shoes, so 7 pairs total.
Delaying SS for as long as possible after FRA is always the smarter approach as far as income for life, as long as you do not plan for and expect to drop dead by age 80, and spend accordingly. There are few possibly no, valid income scenarios where you can claim at 62 and “invest” what you are getting and come out ahead as far as lifetime income. That is not to say that there are no good reasons to file at 62, there are. Most people that file at 62 either HAVE to (no other source of income possible) or just WANT to (I want whats due me now, life’s too short so I want it while I can spend it, etc, etc), or it really makes no difference to them when they collect, as the amount is just not important enough to differentiate delaying for,(500/mo vs 800/mo). The last 2 are poor financial reasons that are based on emotional reactions and/or shortsightedness, and are typical of people that have always had trouble with successful execution of delayed gratification and “pay yourself first while LBYM” mindsets.
It is not a sign of less education or stupidity, but simple emotion over fact. I have a very smart engineer friend that retired, with a 30 year pension, that had to go back to work because he never took the time to get a handle on expenses and what his income would be. He assumed, since so many people don't have a nice pension, and that he was not extravagant, he would have no trouble with his pension plus SS at 62. But one mans not extravagant is anothers foolish spending. They spent small fortunes ($30kish) on vacations, and support a grown child that failed to launch.
Another educated friend, 58, casually seeking investment/retirement advice before I retired, told me she was definitely retiring at 62, because she was “done”, and that plus her SS better be enough. This (single) person has never been that hard a worker, but has a nice secure position & no health issues. Staying at her job (non physical and clean) another 2-3 years would be effortless, and pays well, >$80k. She also only recently (50s?) started saving in the 401k with company match, as she had “never got around to it, too many other things going on, you know how it is”. (I think she was put off when I said, “No, I don’t know how it is. There is no sane reason to pass up an instant 50% ROI on 8% of your income”). I suggested that she has to examine her life expenses, plus contingency and have a handle on that before she could make a decision about when to retire, & she got rather offended. She was retiring at 62, period. She had gotten an inheritance from her mother and her house was paid off with it.
When I suggested that delaying SS while living off her pension and some savings, she actually said she didn’t even know how much SS she would be getting, and “it really doesn’t matter, you get what you get, and there must be a reason most everyone she knows takes it at 62, so the difference can’t be much.” The effort to examine what should be one of the most important decisions she makes was too much, yet I remember a few years back when she was buying a new vehicle, we would run the other way when we saw her, because she spent weeks asking everyone about and agonizing and debating on what car with what options and color. The reality is that it probably will make no difference to her, she will probably have plenty to live on at 62, but she doesn’t have any real numbers to even compare.
This is not atypical from my experience in my own immediate circles. Few people at all spend any time getting a clear picture and projection of what their expenses are/will/can/should be and then examining their income sources and modeling it, despite there being hundreds of free online calculators that can give you a good handle on where you are. A “gut feel” was good enough. If I had a dime for every time I heard “I’m sure we’ll be fine/have enough/no problems” etc, I could have retired even earlier. Another favorite is “I have a long ways to go, so I’m not going to worry about it now”.
A good friend sadly used to say “seems like cancer runs in my family, so I’m living for today”. A year or so before he retired he was diagnosed with a rare blood cancer and is in remission but the stats are not good. Virtually no one with his form lives more than 6 years. He didn’t even talk about it until we were all retiring in a few weeks, and we thought he was kidding. He’s handling it better than I would.
Last edited by Perryinva; 09-06-2019 at 08:04 AM..
One plan we have, I will still be working at 66. DH will be collecting his Social Security. I will take 1/2 of his and we will bank it. We do this for 2 years we will have some money to fall back on. At 66 I can make as much as I want and not have to worry about collecting SS. It is only a little more then 2 years away so light at the end of the tunnel. DH will work part-time. I also plan to work part-time when retired. I took a 2nd job teaching English to kids in China and that will help accelerate paying down debt.
We did have a decent amount saved but 10 yrs ago when economy tanked DH lost his job that paid decent and has since made a lot less. We did have to dip into our savings.
This happened to us too. The recession almost ruined us. Hubby got downsized from 3 jobs after his business had to close in 2005. Thankfully, we made it through to retirement with a small nest egg left. We are grateful for what we have, but just need to be careful. You will be ok.
Another educated friend, 58, casually seeking investment/retirement advice before I retired, told me she was definitely retiring at 62, because she was “done”, and that plus her SS better be enough. I suggested that she has to examine her life expenses, plus contingency and have a handle on that before she could make a decision about when to retire, she got rather offended. She was retiring at 62, period. When I suggested that delaying SS while living off her pension and some savings, she actually said she didn’t even know how much SS she would be getting, and “it really doesn’t matter, you get what you get, and there must be a reason most everyone she knows takes it at 62, so the difference can’t be much.”
Quote:
Originally Posted by Serious Conversation
Dad just turned 62 in August. Mom will be turning 62 next month, will be retiring, and taking SS immediately. Her monthly SS is only going to be ~$1,100/month. She has never made more than $40,000 until this past year - mostly in the $30k-$35k range. They have a mortgage in the $700/month range and a payment on a new CR-V. He's going to try to work until 67, but works a physical job in a manufacturing facility. Who knows how long he can keep that up.
<snip>They never really dialed down the spending to the lower income. She has over forty purses (yes, I counted them) and has hoarded a bedroom to the point the window and closet isn't even accessible. Many of those purses are name brands like Michael Kors and Louis Vuitton, many have tags on them with MSRP at $300-$400 per purse. She has to have well over a hundred pairs of shoes - the closet is completely full, a "shoe rack" on the back of the door nearly as tall as the door is also full, there is a clothes rack on wheels nearly the length of the bedroom wall that's also full, and clothes and shoes are piled up all over the floor. The bedroom is a hoarded mess of consumer purchases. Who needs dozens of purses, a hundred pairs of shoes, and a dozen comforters? She's easily spent thousands of dollars on clothing and household crap, but necessary work to the home doesn't get done as it "costs too much money."
Stories such as this sadden me. I see a lot of plaintive comments on FB on retirement- and senior-oriented "suggested posts" from people who are trying to make it on SS alone and are having a hard time of it (surprise). I know that some of them have been through "there-but-for-the-grace-of-God-go-I" things- special needs kid, extended unemployment, huge medical expenses, not gifted with a lot of marketable skills, programs to get a drug-addicted kid clean... and then there are the ones who just made poor decisions, such as the people above.
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