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I retired 1 1/2 years ago @ 59. We set ourselves up with very low bills, rental income and savings.
Have been enjoying my time off and don't hardly ever know what day of the week it is anymore.
The problem is, we are having a hard time spending any money on "things we don't really need". We are not used to this way of living and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.
Anybody else ever go through this?
Yup and yup, you will progress as you see your balance sheet increase. We retired at 59 and felt the same way. Give it time. We are now 68 and with my SS kicking in at 70 and our balance sheet being larger I still am reluctant to spend at times but not most of the time. It is a new uncertainty and with so many years ahead of you and so much unknown it is reasonable to be cautious.
I retired 1 1/2 years ago @ 59. We set ourselves up with very low bills, rental income and savings.
Have been enjoying my time off and don't hardly ever know what day of the week it is anymore.
The problem is, we are having a hard time spending any money on "things we don't really need". We are not used to this way of living and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.
Anybody else ever go through this?
I retired 23 years ago and as you have found out, you have to learn to spend money, especially if you have been a saver all your life.
I retired 1 1/2 years ago @ 59. We set ourselves up with very low bills, rental income and savings.
Have been enjoying my time off and don't hardly ever know what day of the week it is anymore.
The problem is, we are having a hard time spending any money on "things we don't really need". We are not used to this way of living and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.
Anybody else ever go through this?
The good news is you'll die with money in the bank.
If you don't spend your money, others will find a way to spend it for you.
It is a matter of preference.
Caveat : There will come time that even if you want to spend and enjoy your money you cannot -- e.g., no more teeth to eat those food; no more strong legs to use for travelling; no more hair for wind to blow on your boat or convertible; no more eyesight to appreciate beauty of nature, etc.
So if the preference is a personal use of money, there is that time frame.
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.
Or, as many folks I know have done, build your lifestyle around your salary. I have been retired going on 10 years, and just started SS this year. We are a little better financially, but I still have a conservative mindset when it comes to the money, although if there is something we need/want, we simply budget for it. Eddie should have taken a breath, and realized that living in retirement, in my opinion anyway, isn't about quantity of things, but quality of life.
I retired 1 1/2 years ago @ 59. We set ourselves up with very low bills, rental income and savings.
Have been enjoying my time off and don't hardly ever know what day of the week it is anymore.
The problem is, we are having a hard time spending any money on "things we don't really need". We are not used to this way of living and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.
Anybody else ever go through this?
You really don't need these things if you are having a hard time deciding to purchase them. What are they?
Maybe in the back of your mind you are thinking of the day when you have to really start getting rid of stuff.
Work out a budget that includes hobbies, but maybe on a scaled down level.
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.
I agree with what "bpollen" says above. I am a big believer in a budget. Know what your required expenses are (such as rent, utilities, insurance, property tax, etc) and which are life style adjustable (restaurants, golf, boating, hobbies, etc.). Log all expenses for a year to make sure you cover everything significant. Spending using a credit card can help log groceries, gasoline, utilities, etc.
Remember to budget for future expenses such as long term care, health care copays/deductibles for a future serious illness/injury, Medigap insurance, auto replacement, home repairs, etc. Also, plan in that budget the scenario if a partner dies and the other now has less income.
Some thoughts for the budget:
Basic Expenses
Medicare Part B
Medicare Part D
Prescription copays/coinsurance
Property Taxes
Homeowners Insurance
Auto Insurance
Gasoline
Utilities (Electric, gas, water)
Cell Phone
Internet, Cable, Land Line Phone
Groceries
Other Expenses
Auto Maintenance
Auto Replacement fund
Home Maintenance
Clothing, stores, etc
Entertainment/Spending Money
Travel/Vacations
Charity donations
Emergencies (Major car repairs, home storm damage, dental, etc)
I have to say that this topic is what I expect to have the most trepitation about. It will be the the most significant reason that mey cause me to delay retirement from mynplanned 62 to 65. 3 more years would literally add a half million or more in combinations of reduced funds needed for retirement/funds required to delay SS to 70/increased growth of 401k with match and almost $10k year increase in pension. Yet Firecalc says I will be 100% at 62 with a lot of room to spare. It seems like as soon as you reach a level of comfort, a different level manifests. Great problem to have but its real none the less.
If you don't spend your money, others will find a way to spend it for you.
It is a matter of preference.
Caveat : There will come time that even if you want to spend and enjoy your money you cannot -- e.g., no more teeth to eat those food; no more strong legs to use for travelling; no more hair for wind to blow on your boat or convertible; no more eyesight to appreciate beauty of nature, etc.
So if the preference is a personal use of money, there is that time frame.
This is very true, I read a book about a person who got a grant to explore the Pacific islands and had so much fun doing so. The grant money was provided by a very frugal Australian family of siblings who never married, who left the proceeds of their real estate to the next surviving member, and so forth to the last surviving member who passed and the entire estate went to an administrator who doled out money to adventures like the island explorer. So these siblings never spent their money but others found a way to spend it for them and have lots of fun doing so.
Our life style hasn't changed this last year with me not working. We did do some considerable damage to our checking account back up money these last two months, but it was so worth it.
John was being a rectum and I encouraged him to go to the air show in Osh Kosh for a week. The hotel bill was outrageous, but my week alone? Priceless. It was far more important to me then the money and we still have more then enough back up money.
I long for the day when the rentals are out of our life and there is only two property tax bills twice a year. Our home here and a second home in Maine. We will be collecting another pay out that will equal the positive cash flow we get from the rentals as soon as we decide to take it. I'm very good with money and I know that we have more then enough to carry us into our old age, but old habits die hard. Yes there are times I worry about the money, but that's just the what if's of anxiety talking. It's not our reality.
We are not going to deny ourselves anything we want at this stage in our life. We worked very hard for what we have and I'm not leaving a dime more behind for someone else to spend then I have to.
It is a delicate balance between knowing what to spend down every year vs what to hold on to for long term health care, but in the mean time. Girls just want to have fun, and so I shall.
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