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.
This post reminds me of Eddie. Eddie was a camera man in Hollywood who retired, sold his big house in Santa Monica and bought a 50' boat to live on in his retirement. He was docked right next to me. Whenever I saw Eddie, the conversation would turn to the fact that he was afraid that he didn't have enough money to last in retirement (although I'm sure he did from the numbers he threw out). Anyway, one day there are some people on his boat and I politely asked them if they know Eddie (it's what boat neighbors do). A lady says, "Oh. you haven't heard". Turns out that Eddie was found dead on his boat the week before and they were his family. Eddie never enjoyed his retirement because he was always worried about money. So, the lesson I learned from Eddie is to not retire until I have enough money to never worry about it. Sounds like the OP should have met Eddie before they retired.
That's unrealistic for most people. There is no chance for many people to have enough money never to have to worry about money. Don't forget that women (who are most retirees) were underpaid for most, if not all, their lives. They weren't able to save but a fraction of what their male counterparts saved, and their Social Security will likewise be lower.
Then there's also the thing that you don't know what the future holds, what emergencies might arise. There's no way to know how much is enough, for certain.
Then there's the old adage that there never is enough money. The more you have, the more you want.
The thing to do, it seems to me, is exactly what some do: Don't spend on unnecessary things. Work out a budget that includes hobbies, but maybe on a scaled down level.
We collect so many useless things in our lifetimes. Doodads, gizmos, whirlywhirls. Useless items that we store somewhere and never look at or use. Myself, I bought such things, as well as clothes and more clothes that I got no or almost no use out of. Impulse buys.
Make it to 65, buy Medigap, and that goes a long way with taking care of big medical bills. Unless long term care comes into the picture.
Even mega wealthy celebrities sometimes have to start selling off their mansions and cars. There's never enough money, if you spend too much.
This post reminds me of Eddie. Eddie was a camera man in Hollywood who retired, sold his big house in Santa Monica and bought a 50' boat to live on in his retirement. He was docked right next to me. Whenever I saw Eddie, the conversation would turn to the fact that he was afraid that he didn't have enough money to last in retirement (although I'm sure he did from the numbers he threw out). Anyway, one day there are some people on his boat and I politely asked them if they know Eddie (it's what boat neighbors do). A lady says, "Oh. you haven't heard". Turns out that Eddie was found dead on his boat the week before and they were his family. Eddie never enjoyed his retirement because he was always worried about money. So, the lesson I learned from Eddie is to not retire until I have enough money to never worry about it. Sounds like the OP should have met Eddie before they retired.
Well, you could work until you are really old, then finally have enough money and then kick the bucket before enjoying your retirement, too LOL.
I like the freedom, even if it means I don't have much to spend. You just change what you do - eat at home, do free/cheap things. Learn to be content with what you have.
Maybe it's easier for me, because I've always had to watch my pennies. Sometimes I had a lot more pennies to watch, but I have never been someone who could just spend money however I'd like.
I've had a monthly allowance of the same amount for years. It's the amount I spend on golf, lunches sometimes, whatever. It's also the same amount I'll give myself in retirement (in March, 2017).
There is more than enough coming in to cover the bills and still save some money as well, so I don't have to be concerned about "over-spending". I won't be spending any more or any less than I do now, so nothing will really change.
Living below your means is generally a good idea if you and your spouse agree and you can remain comfortable.
I spent my career as a relatively well paid engineer, was taxed by SS at the max for the 35 years, retired at FRA, so our benefit is the max SS amount, about $2.6K per month for me and half that for my wife.
With a paid off house in a low COL area, we're doing just fine on that amount alone. We haven't spent any of our savings and will likely not tap the account until we reach the RMD age of 70.5
One benefit of this plan is that it gives peace of mind. We're both very happy. But we both have always been frugal. Having that savings available gives us the ability to react to an unanticipated expense.
If we never blow through it, when we croak, our kids will love us.
Well you are not alone. Beside those that have already posted I am in similar circumstances. I retired earlier this year and while my final retirement income is still years away I have started receiving enough to make ends meet. Wife is still working so that helps. I know this though that I will have a bit of trouble getting that spending mindset into DW. She is the saver and I am the spender. We actually make a great match because neither of us are extreme in our ways.
This post reminds me of Eddie. Eddie was a camera man in Hollywood who retired, sold his big house in Santa Monica and bought a 50' boat to live on in his retirement. He was docked right next to me. Whenever I saw Eddie, the conversation would turn to the fact that he was afraid that he didn't have enough money to last in retirement (although I'm sure he did from the numbers he threw out). Anyway, one day there are some people on his boat and I politely asked them if they know Eddie (it's what boat neighbors do). A lady says, "Oh. you haven't heard". Turns out that Eddie was found dead on his boat the week before and they were his family. Eddie never enjoyed his retirement because he was always worried about money. So, the lesson I learned from Eddie is to not retire until I have enough money to never worry about it. Sounds like the OP should have met Eddie before they retired.
Sounds to me the lesson was Eddie worried needlessly and it ended up costing him a happy end of life.
If you don't mind me asking, is your 6 years out from collecting Social Security at your FRA or age 70? If all goes as planned, I may be soon entering retirement-land with a planned wait of 8 years before collecting at age 70 (if I live that long).
What is it you want to buy?
Neither. Age 62. Which is considered Early Retirement and has a "penalty." But I do not think I am of the "long lived" sect, so I am not waiting for full retirement.
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.
