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I am not a person who wants to live cheaply in the extreme. I'm not about growing my own food and doing without a car and not treating myself to performances, restaurants, a night out, etc. Certainly I do not want to move from an interesting and exciting big city to some small town in the middle of nowhere because the cost of living is less.
For me, living frugally means cutting back on my spending by, say, 25% or 30%. I am always looking for ways to cut down on my living expenses.
Hi and welcome to a new thread devoted to those retiring without much money!!
I hope to hear from folks in the same boat who are not getting a pension or high investment, just a modest income SS income and maybe some savings.
Seeking a forum of supportive comments, suggestions for survival, tips on saving money, humor, philosophy, cultural finds, cheap trips, great reads, etc.
On this thread I would really like to stay on topic (so easy to go off!)
My first question is, for those who may have lost a job close to retirement or those who decided to chuck the job and take early SS, how are you making it? Are you glad you made the decision and why?
~~NewEnglandGirl
I have not yet read the posts in this fascinatingly titled thread. May I make a comment, however? What people get for social security (if that is their only income) and where (what state and area) they live in enormously affects how they can survive. I know someone (well educated) who lives in a rent controlled apartment in New York City, Manhattan, no less, NY, and his income is $700 from social security! He rents out one bedroom of his 2 bedroom apartment and makes about $300 extra income reviewing new books. He survives somehow and that is amazing in NYC, trust me on that one.
I have a friend, 74, who lives on her $1,600 social security in a mortgage free little ranch house near Boston, MA. She is very frugal and lives OK on that income and has a little in savings and she manages.
It does vary a lot what people live on and what state and city they live in. The above friend would need an income about 30% lower if she lives in most parts of Tennessee, I would think.
I am not a person who wants to live cheaply in the extreme. I'm not about growing my own food and doing without a car and not treating myself to performances, restaurants, a night out, etc. Certainly I do not want to move from an interesting and exciting big city to some small town in the middle of nowhere because the cost of living is less.
For me, living frugally means cutting back on my spending by, say, 25% or 30%. I am always looking for ways to cut down on my living expenses.
Fully agree. Some people on here say their lives are over if they can no longer walk in old age. Me, on the other hand...my life is over if I am unable to get to live theater and concerts, or to movies or other events, even if I have to go in a wheelchair with an IV. I would give up many things before those. Living in a cheaper place in the suburbs was not cheaper in the long run, as transportation to in-city or metro events cost a lot on gas and then the more perilous drive home late at night. Last week I was able to walk to a movie theater that had a special filming of Aida from an outdoor amphitheater in Austria. I was really on cloud 9. In old age I will give up my car and have a driver or taxi take me to events. I kind of like that idea.
Fully agree. Some people on here say their lives are over if they can no longer walk in old age. Me, on the other hand...my life is over if I am unable to get to live theater and concerts, or to movies or other events, even if I have to go in a wheelchair with an IV. I would give up many things before those. Living in a cheaper place in the suburbs was not cheaper in the long run, as transportation to in-city or metro events cost a lot on gas and then the more perilous drive home late at night. Last week I was able to walk to a movie theater that had a special filming of Aida from an outdoor amphitheater in Austria. I was really on cloud 9. In old age I will give up my car and have a driver or taxi take me to events. I kind of like that idea.
That sounds great, walking to the theater.
I fully agree about not giving up the things you love by moving away. Although I'm in a boring small town, I do have the ocean within a 30 second walk and on the beach there's an elegant restaurant that's open year round. Well, the restaurant is expensive but they've started having cheap eats one night a week--and what a treat! I can walk home in 5 minutes too.
There's a performance center within walking distance but I'm saving up for when they have something that I REALLY want to go to.
I can drive to a great town with artsy shops and loads of restaurants and a really good library. It would be nice to have it all in my little town but at least I can get to it.
Also, the scenery around here is gorgeous and I can take my camera and have fun taking pictures for free. There's a lot of interesting history and architecture that I would miss if I had to move away. I just couldn't give it all up to get cheap rent in another state.
I am not a person who wants to live cheaply in the extreme. I'm not about growing my own food and doing without a car and not treating myself to performances, restaurants, a night out, etc. Certainly I do not want to move from an interesting and exciting big city to some small town in the middle of nowhere because the cost of living is less.
For me, living frugally means cutting back on my spending by, say, 25% or 30%. I am always looking for ways to cut down on my living expenses.
Totally agree with this. Quality of life - being able to do the things that you enjoy - are more important now than ever. There is usually a big trade off for living where the COL is very low.
I am not a person who wants to live cheaply in the extreme. I'm not about growing my own food and doing without a car and not treating myself to performances, restaurants, a night out, etc. Certainly I do not want to move from an interesting and exciting big city to some small town in the middle of nowhere because the cost of living is less.
For me, living frugally means cutting back on my spending by, say, 25% or 30%. I am always looking for ways to cut down on my living expenses.
It is nice to be in that situation, Clark. Your shoestring is a lot bigger and more flexible than mine. My whole life is changing this month. I was living pretty much like you. Getting ready to retire in 3 years, I've been focusing on paying off my car and credit card debt. Living on a shoestring, like yours. Now, this month I'm having to apply for medical leave and/or an early retirement at 52. My shoestring just frayed.
I have always been frugal but what is scaring me the most...inflation. My last house was going to be my last fixer-upper before retirement. Bought in 2003, put 20% down, owed 330k....neighborhood trashed itself with foreclosure upon foreclosure. Finally, I broke down, two years after everyone else in the area. my 870 credit, down the drain.....I was 3/4 upside down. Got to love Stockton, CA. I saw no hope, so I just walked away. It was sold by the bank for $104k in 2011.
I bought a 1400 sqft mobile home for 12k, which is great BUT the park lot rent has crawled from $525 to $595 in two years. I'm looking for a living option where there is rent control, so I don't worry about inflation. My mind is going through so many options, now. I sure wish I had my first house, still.
I'll keep reading this thread. I sold my two year old car, which I owed money on, and got a 10 year old car, so I didn't have a payment. I won't be commuting 60 min. a day anymore, so having that $450 payment in my pocket right now, will help a ton during this transition period.
Totally agree with this. Quality of life - being able to do the things that you enjoy - are more important now than ever. There is usually a big trade off for living where the COL is very low.
That's what I feel: People rave about moving to certain areas and I think: Yes, they have low taxes, but I have so much more and better services where I live. Also, my health care centers are world class, my cats and dogs have had the best of veterinary care with all kinds of specialists if needed, etc.
Not to mention living near world class classical music venues, film venues, museums, etc.
(I don't have time for the latter things, but many do. I am busy with my other interests.)
It is nice to be in that situation, Clark. Your shoestring is a lot bigger and more flexible than mine. My whole life is changing this month. I was living pretty much like you. Getting ready to retire in 3 years, I've been focusing on paying off my car and credit card debt. Living on a shoestring, like yours. Now, this month I'm having to apply for medical leave and/or an early retirement at 52. My shoestring just frayed.
I have always been frugal but what is scaring me the most...inflation. My last house was going to be my last fixer-upper before retirement. Bought in 2003, put 20% down, owed 330k....neighborhood trashed itself with foreclosure upon foreclosure. Finally, I broke down, two years after everyone else in the area. my 870 credit, down the drain.....I was 3/4 upside down. Got to love Stockton, CA. I saw no hope, so I just walked away. It was sold by the bank for $104k in 2011.
I bought a 1400 sqft mobile home for 12k, which is great BUT the park lot rent has crawled from $525 to $595 in two years. I'm looking for a living option where there is rent control, so I don't worry about inflation. My mind is going through so many options, now. I sure wish I had my first house, still.
I'll keep reading this thread. I sold my two year old car, which I owed money on, and got a 10 year old car, so I didn't have a payment. I won't be commuting 60 min. a day anymore, so having that $450 payment in my pocket right now, will help a ton during this transition period.
I enjoyed reading your comments, and I am sorry you had to go through what had happened to you. Your post reminds me of the same situation several of my friends and acquaintances experienced. You and I are not alone Ablatus.
My philosophy is that we have to do whatever it takes to survive.
I was laid off twice: in 2008 from a good paying job and again in 2011 from a medium paying job. I am now employed and earning not much more than 1/2 of what I was making in 2008! Do I go around complaining? Am I embittered? Not all all!!! I like my low paying job! It's fun and there is no stress. Instead, I starting to rent out rooms on the third floor of my 120 year old Victorian house (I live within blocks of three universities!). I try to make a little extra money by being a walking tour guide, having porch sales, giving people lifts in my car. Mostly it's the rent from my three tenants that pay my mortgage and most of the utilities.
The main thing is to keep a roof over our heads, food in the refrigerator, and the electric bill paid. I think that must be our first priorities.
One of the blessings of growing older is realizing that driving a sports car, going nightclubbing, wearing a Rolex watch or having a 64" TV screen is not that important.
Honestly, I'm enjoying my life as much as I ever did. The only thing I really miss are the exotic vacations I used to take to places like India, Thailand, Brazil, the Canary Islands, and Australia.
One of the blessings of growing older is realizing that driving a sports car, going nightclubbing, wearing a Rolex watch or having a 64" TV screen is not that important.
Says who?
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