Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello. First post. I'm 60 and single. Is anyone in the same boat and confused as to what they will do in retirement?
I am a self employed professional. 9 years ago I had $500K in my IRA, the kids were grown, and I had a 2 income family and it looked as if I were on the way to a very comfortable retirement.
Then my wife of 30 years decided that her boss was a better match for her and their goes 1/2 of my IRA. The last 3 years has taken another 1/2.
I'll draw about $1645 from SS if I retire at 62 and about $2182 if I wait until 66.
I'm figuring on living on $2000 per month but I don't know if that is realistic or not. Biggest cost right now is medical insurance at almost $500 per month.
Thinking about retiring at 62 to my toy hauler and seeing the country. My children and grandchildren live in the Southeast and out West so I could see them more frequently than I am able to now.
Any thoughts from others in a similar situation. BTW, Dad died at 63 so mortality is on my mind.
I would like to answer your question, even though I am not close to 60 and am not yet retired.
First, I am dreadfully sorry that you have been put through the wringer by your ex-wife. I can't imagine not just the emotional devastation, but the financial ruination she caused you. There was no way to plan for this unforeseen event, that's for sure.
You mentioned your dad passed away at 63. That's something to reflect upon and realize that you only have NOW. So my advice is to live life to its fullest. You've worked hard all your life and have been hit with a sledge hammer by your ex. You're still young enough to meet another woman and have fun. I think the travelling idea is an excellent one and you'll meet elligible women, if this is what intrigues you.
You've been dealt a hard blow but you can and will recover. Make the most of your retirement, have fun and enjoy the remainder of your life.
Not to make light of your situation but your 60, single, and I am guessing a Harley in the garage.
What better way to see the country then to become "Bronson".
That is something I have always wanted to do but motorcycles are no longer an accepted mode of transportation in our household.
If things should ever change, I have a Harley dealer only a few miles from my house.
BTW I am a believer of taking early retirement but I was forced into disability at 60 so I had no choice.
Good luck to you.
Your 2k a month number can be very realistic depending on your lifestyle. I get $1800/mo and do just fine supporting my wife and myself, it's all about priorities, Spend it smart and you will be ok, spend it stupid and you wont.
No problem as long as inflation doesnt swallow us whole, that is my real concern lately.
Sorry about your bad turn with your wife, hopefully the time will come when you may realize she did you a big favor by leaving. All the best.
oops, forgot to say I have a buddy in a situation similar to yours. Wife left, all he gets is SS, about $1200/mo. He lives out of his smaller RV and travels all over the country........he is 81 yrs old, happy as a clam, been doing it for over 10 yrs. Now he has a girlfriend living in it with him. She is much younger, age 62 ! Gets his medical care from the VA, a big help.
Although I am not single, I have several friends who are and now retired. One bought an RV, with room for his Harley, takes his dog and goes wherever he chooses. Sometimes works in an RV park so he can stay free for the season. Pays bills online or automatically, direct deposits, the little bit of mail he does get he uses an RV mail forwarding service. Another friend has a park model RV which is semi permanent and stays in one place.
Sorry to hear about your ex-wife taking you to the cleaners. I was lucky enough to find my best friend and love at 55 years old. Just figure out where you want to be.
Sorry but why does everyone say the wife took him to the cleaners etc.? We don't know anything about the state of their marriage or her feelings etc. She worked as well and they divorced, ok that sort of thing happens all the time. The Retirement savings they had amassed as a couple was divided down the middle, after all she has to retire to right?
to the OP I am sorry you are in this situation, our situation is also anything but bright. Only you can tell what you want out of your retirement and what you can manage to do.
$2000 a month may be doable if you live very frugal. Your obstacle will be park fees and medical. You will need to do a quite a bit of boon docking, cheaper state parks etc.(1/2 price for seniors in many state parks), and some work where you can get it in lieu of rent at the parks. You will be limited to amount of travel because of gas prices. But if you pick a place and stay put at least a month or so, you will do ok.
RV mechanical repairs can be a real budget buster. Would be helpful if you could do some of the work and maintenance yourself. You won't have electric or water charges, but you will have propane, and auto and trailer insurance and probably road assistance insurance. You will probably want internet. You can get a Virgin Mobile with unlimited internet for $40 a month. You won't be watching any Netlfix movies on it, but regular surfing works ok. You can either make due with local over the air TV, or subscribe to Satellite TV, and carry a dish with you. Paying for medical insurance will make things much harder and the costs will only go up. Would be much easier for you if you had medicare.
Being a man, you will not have a problem finding some available lady friends, and with some luck you will probably hook up with one. There is a club, but I can't remember the name of it for the life of me, but it is made up of all singles and is very large. I spoke with a woman who was involved with it and lived out of her RV. She had wonderful things to say about it (and by the way she hooked up with another member) and was selling her RV to buy a bigger better one with her new friend.
So, I would suggest if you are hell bent on retiring at 62, you should also consider finding a partner. (single men are commodities at any age !)
Last edited by modhatter; 04-01-2011 at 06:18 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
