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Old 10-01-2009, 02:28 PM
 
Location: Sacramento
13,784 posts, read 23,834,051 times
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Quote:
Originally Posted by akck View Post
I don't either, but it's nice to get confirmation that expenses have gone down for others. Made me feel better that our projected expenses being lower was not an anomaly. For instance, with our youngest away to college, we've had some of our lowest electricity bills ever, like 40% below our previous lows. I won't adjust that expense down though, because I like to keep some play in the projection.
Income can go down for secondary reasons too, such as lower overall tax liabilities. When you figure the tax free (full or partial, depending upon your income) Social Security income, plus not paying Medicare or Social Security taxes on your retired income, and the income need continues to decline.

We retired on just under 80% of my gross income the final year I worked. Almost 3 years into retirement, and the living is as easy as when I worked.
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Old 10-01-2009, 03:04 PM
 
48,516 posts, read 84,066,874 times
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Why would go down with less laibilties. But as you get older eventually your medcial expense will go up if you have any serious illness.Medicare is like the old major mecial where you pay 20% of the allowed charge. On a simple heart surgery that can be as much as 24,000 plus continued higher medical cost. Be prepared is the best thing by contiuing to have supplemental insurance;s o its not so high .
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Old 10-01-2009, 03:18 PM
 
13,350 posts, read 25,617,103 times
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I expect my expenses to go way down.
I'm paying off significant (low interest) debt now from foolishness and a house building that got out of hand. I might sell the house later and quite a profit and move into a mobile, I don't know.
In the future, I will not be saving for retirement or paying off those debts. (Foolish, did I say?)
I've been able to do what traveling I want to while working, partly because I get five weeks off (because I work third shift, weekends, holidays) and partly because I have the money now. I don't overly want to travel now, and would be surprised if that changes.
I hope to be able to continue to give significant money to charity when retired. It matters to me.
I already do not have clothes or lunches out at a job (third shift will do that for ya!) so that won't change, in fact, I am more tempted to eat lunch out as a personal treat when I am not working, so will have to watch that.
I hope to continue to adopt multiple old dogs. So far, their expense hasn't been related to age, but to things happening (a dangerous fight, someone eating a peach pit). Maybe I'll have fewer dogs, especially if I continue to want an almost-annual trip out West to ride horses and have to board the critters.
I guess, because I never married or had kids, that a lot of the things people hope for in retirement have just been normal living to me- going back to school, trying and quitting different fields and jobs, moving places, some travel. All of it has cost me, but I don't really feel like doing a lot of it anymore.
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Old 10-01-2009, 05:45 PM
 
Location: Mid-Atlantic east coast
5,372 posts, read 9,882,381 times
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I don't overstress about retirement...who knows what the morrow may bring??

At times I envision myself in my elder years, wearing adult Depends, and building sand castles on a tropical beach rather than in a nursing home...my one fear is getting plugged into the health care 'system' and being shunted from hospital to rehab to nursing home and having 'procedures' done to me...

If not a tropical beach, just put me on an iceberg somewhere and give me shove..please don't forget a nice bottle of cold vodka to make the voyage a little more exciting...
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Old 10-01-2009, 05:59 PM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,852,364 times
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Quote:
Originally Posted by LittleDolphin View Post
I don't overstress about retirement...who knows what the morrow may bring??

At times I envision myself in my elder years, wearing adult Depends, and building sand castles on a tropical beach rather than in a nursing home...my one fear is getting plugged into the health care 'system' and being shunted from hospital to rehab to nursing home and having 'procedures' done to me...

If not a tropical beach, just put me on an iceberg somewhere and give me shove..please don't forget a nice bottle of cold vodka to make the voyage a little more exciting...
Absolutely, I know too many who have dedicated their lives to retirements they never got to enjoy. I hadn't a clue about retirement at 40 but at 53 I retired. You don't know what's 5 or 10 years much less 20-25. Pay off your house, fix it up and enjoy it. Educate your kids and pay off your debts.
Hyperinflation could hit and the dollars you saved could be worth 20 cents.
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Old 10-01-2009, 06:15 PM
 
29,838 posts, read 34,929,245 times
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Quote:
Originally Posted by NewToCA View Post
Income can go down for secondary reasons too, such as lower overall tax liabilities. When you figure the tax free (full or partial, depending upon your income) Social Security income, plus not paying Medicare or Social Security taxes on your retired income, and the income need continues to decline.

We retired on just under 80% of my gross income the final year I worked. Almost 3 years into retirement, and the living is as easy as when I worked.
Also what ever percentage you putting in your TSA and if you were maxed out all the better.
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Old 10-01-2009, 11:01 PM
 
13,350 posts, read 25,617,103 times
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For the poster who fears making sand castles in Depends, get those advance directives signed, that health care proxy selected and informed, and tell anyone you can (like your lawyer) what your wishes will be. Some religious group might get on your (comatose) case and there will be no one to vouch for your wishes if you didn't write 'em down.
Most medical people I know fear more treatment, not less. I'm posting from the third shift at a dementia unit in a psych hospital and, for me, there are many things worse than a natural death. DO IT TODAY if you haven't already. I have a HCP who is ruthless, medically knowledgable, doesn't go out of town much and has an answering machine. My lawyer has all info, advance directives in my will, etc. (She's also my executor). SHe has the HCP info. My health care plan has a copy, as does the hospital my plan uses the most.
I guess you could say that, being "alone in the world," I want to cover my bases as much as possible. I also have a clear plan regarding any dogs I might have. I didn't have a will until I had property, but always had an HCP, having worked in the medical field. I did a hospice rotation in 1980 before it was even heard of in most of America.
Guess I veered off track there.
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Old 10-01-2009, 11:47 PM
GLS
 
1,985 posts, read 4,852,146 times
Reputation: 2408
Quote:
Originally Posted by LittleDolphin View Post
I don't overstress about retirement...who knows what the morrow may bring??

At times I envision myself in my elder years, wearing adult Depends, and building sand castles on a tropical beach rather than in a nursing home...my one fear is getting plugged into the health care 'system' and being shunted from hospital to rehab to nursing home and having 'procedures' done to me...

If not a tropical beach, just put me on an iceberg somewhere and give me shove..please don't forget a nice bottle of cold vodka to make the voyage a little more exciting...
I don't think living on an iceberg wearing nothing but Depends is going to be very comfortable.
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Old 10-02-2009, 12:51 AM
 
48,516 posts, read 84,066,874 times
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Don't think because your in good health and it works out fine when you first retire thast its not going to get more expensive. be prepared because the likelyhood is that you still need to save because heath will bring expoenses higher again. Continue to plan ahead. Remember that you will not always be able to do what you do now; like cut grass;shovel snow ;maybe even drive etc because it will change as to expense from first years as you age.
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Old 10-02-2009, 01:40 AM
 
71,971 posts, read 72,020,102 times
Reputation: 49554
usually expenses shift. as we get older its no longer about the trips, the going places, the hobbies. now things shift to healthcare spending, spending on the grand children, spending on all the things you used to be able to do do like texdav said.

things you didnt have to do maybe in the earlier years cycle around like the new roof, the new heating system, maybe a new car etc.
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