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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.
Yes. I would have written the same post. My calculations tell me I can spend two-to-three times as much as I am, but my cautious side says not to.
So, I have decided to go ahead and let my cautious side take control - but to also plan for extra spending that fits my 5 year goals. I know that once I get to Social Security, I will relax more, but for me, that is still 6 years out.
My goal is to start a hobby-business and that is slow going because it requires a few patents be filed and THAT is a very slow process. I have thought about taking a PT job in my field to fill time and get back some of the "free-spending" mindset I used to have. But my industry is weak in my home town area.
I can really relate, we definately live below our means but I still feel like maybe I should sometimes pick up a contract in my pror field just to earn a bit more. And except for when we travel, I like to dine at home and not over spend on groceries.
I've retired twice, once for a year and a half and once for 3 years. I now work 40 hours per week and love it.
The money was only part of it. All my life I have been able to blow whatever money I wanted on my car hobby, but I sort of had to watch it when I was retired. I could still spend some money on my toys, but not the way I wanted. Now I can and do.
The secondary, more important reason was, I was bored stiff. You can only play with your toys so much and sleep in so much before you start to stagnate. I was losing all my social skills and not exercising my brain or body.......now I do both.
So, my suggestion is, find even a part time job that gives you mad money to blow. A few hundred extra a week comes in handy, and, while you are at work, you are not spending any money. It is on my days off that I get bored and start dialing 1-800-parts.
Yes. I would have written the same post. My calculations tell me I can spend two-to-three times as much as I am, but my cautious side says not to.
So, I have decided to go ahead and let my cautious side take control - but to also plan for extra spending that fits my 5 year goals. I know that once I get to Social Security, I will relax more, but for me, that is still 6 years out.
My goal is to start a hobby-business and that is slow going because it requires a few patents be filed and THAT is a very slow process. I have thought about taking a PT job in my field to fill time and get back some of the "free-spending" mindset I used to have. But my industry is weak in my home town area.
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).
I don't retire as of yet for a little over one month, BUT, I've been thinking about this also.
I'd say stop keeping ALL your money in one "bucket", which makes you a bit more cautious of spending any of it.
Give yourself a monthly allowance, OR, put a certain amount of money into a "play money" account, that you RESOLVE to ONLY use for entertainment, or frivolous type stuff.
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.
I think the monthly allowance or "play" money account is a good idea.
Already took a couple vacations this year, one really expensive one and remodeled our "rightsize" house before we moved in so it's not like I haven't spent any money.
I just want to spend when I want to spend so may have to earn some more lol.
I probably could retire in about a year. I will be 41. But because there's no way I could spend the money without feeling freaked out, I'm going to keep working.
I think the monthly allowance or "play" money account is a good idea.
Already took a couple vacations this year, one really expensive one and remodeled our "rightsize" house before we moved in so it's not like I haven't spent any money.
I just want to spend when I want to spend so may have to earn some more lol.
It's all perception. You just have to find a way that your mind will be at peace with it. I think the allowance type system is a very good way to handle it. That money is set aside to be spent with NO compunctions on anything you want.
Setting up two accounts of this sort (one for each of you) might even be a little better for your marriage...
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