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One of the biggest things I see is rampant inflation on meals out.
I just came back from lunch with someone at a casual sit-down restaurant called Drake's. A simple BBQ burger, maybe 5-6 oz. patty, with a side was $13.99. Fish and chips, chicken tenders and fries, etc., are all pushing $15.
Before telecommuting, I used to go Jersey Mike's a lot for lunch. Keep in mind this was 2019, so not ancient history. Back then, a sandwich, chip, and drink was around $10. Today, it's $13.xx.
Gas is ~$3.25/gallon here. Everything at the grocery store is way up. Chicken wings are up basically 100%.
If you are on a lower or fixed income, this inflation is awful.
When something starts costing more than I value it, I start doing something else.
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I've always wondered why retirees are said to be "on a fixed income." Isn't everyone??? I know I was when I was working; my hourly wage or yearly salary was fixed until my next raise, whenever that might or might not occur. If anything, retirees have MORE flexibility regarding their income since they have the free time to go back to work either full- or part-time if they so choose.
I think because people of working age can find a different employment, or get more training, in order to increase their income. Retirees cannot, unless they decide to go to work again, full time or part time (but then they are no longer retirees).
I think because people of working age can find a different employment, or get more training, in order to increase their income. Retirees cannot, unless they decide to go to work again, full time or part time (but then they are no longer retirees).
There are many ways to economize in retirement. You have the time to shop for groceries at sales, choose lower cost items, cook at home instead of eating out, don't spend money on dry cleaning, commuting, lunches, work clothes, downsize to a smaller more energy efficient house, eliminate a second car, eliminate vacations, etc. Theirs a fairly large range in costs of comfortable retirement living depending on your preferences and lifestyle. The only thing you need to do is spend less than you make.
Well, working folk can ALSO choose not to eat out (bring your lunch), move to a more modest home (still within range of your workplace), do without a second car (carpool or use public transportation), not take vacations, etc. Nearly everyone could spend less than they currently spend, IMO.
So, a couple of weeks ago, I was in NYC, and was walking towards an ice cream stand in Bryant Park, facing a dude walking from the opposite direction with little bitty twin daughters who were each licking a very junior-sized ice cream. It was a small waffle cone, with a single smallish scoop of gelato-style ice cream with embedded bits of something like a chopped up strawberry. A small appetizing item, I thought I'd get one myself if the price is right. I figured the fair price for it would be $2, but what with Manhattan and inflation, I figured it would be $4, overpriced but still okay. Then I got to the ice cream stand, and the cost of this small cone with a single small scopp of gelato was $9.99 plus tax. I did not get it. I mean, I have 10 bucks, and like ice cream as much as anyone, but I am not paying that. I'm just not, and that's it, even if I never eat anything prepared by someone other than myself again.
Gelato is not ice cream. True gelato is less common and would be sold at a premium.
Well, working folk can ALSO choose not to eat out (bring your lunch), move to a more modest home (still within range of your workplace), do without a second car (carpool or use public transportation), not take vacations, etc. Nearly everyone could spend less than they currently spend, IMO.
But it's not as easy, less time to cook, moving can be problematic when it takes you farther from work, use of public transportation gives you even LESS time....
Economy usually requires more time and effort, and for the most part retirees have more time than those who work.
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When something starts costing more than I value it, I start doing something else.
I used to think $10 for a typical "work lunch" - deli, fast casual, fast food - was about the top of what I'd pay. That's easily moved to $13-$14.
A casual sit-down like Cheddar's, Applebees, etc., is moving to $15 for a person with tip/drink if they don't have a lunch special.
Quote:
Originally Posted by otterhere
Well, working folk can ALSO choose not to eat out (bring your lunch), move to a more modest home (still within range of your workplace), do without a second car (carpool or use public transportation), not take vacations, etc. Nearly everyone could spend less than they currently spend, IMO.
My last office before COVID had a tiny break room - like a 6x6 room with a small, four-person table. You basically warmed something up in the kitchenette and ate your desk. I'd sometimes do it occasionally, but it sucks.
Well, working folk can ALSO choose not to eat out (bring your lunch), move to a more modest home (still within range of your workplace), do without a second car (carpool or use public transportation), not take vacations, etc. Nearly everyone could spend less than they currently spend, IMO.
From what I have seen from my own kids, most people tend to spend what they make. If they make more, they spend more. If they make less they still spend what they used to and charge it.
The prospect of having to live on what you make and have for the rest of your life causes many retirees to pay closer attention to what is coming in and what is being spent. They don't want to have to accept a low level job to make ends meet, with young Skippy as their new boss. It's like starting at the beginning again but without the energy or drive you once had. Going back to work after you are retired because you want to is one thing. Going back because you don't have enough money is another.
There are many ways to economize in retirement. You have the time to shop for groceries at sales, choose lower cost items, cook at home instead of eating out, don't spend money on dry cleaning, commuting, lunches, work clothes, downsize to a smaller more energy efficient house, eliminate a second car, eliminate vacations, etc. Theirs a fairly large range in costs of comfortable retirement living depending on your preferences and lifestyle. The only thing you need to do is spend less than you make.
For groceries, what has helped me economize is doing the minimum of shopping at the actual grocery stores.
I was in Publix awhile back, and a pack of Oscar Meyer bacon, not organic or anything special, was $10 a package. You can get three packages of the same bacon at Sam's Club for like $16.
I eat a lot of Greek yogurt. I can get Oikos at Sam's for about $.70 each/18 pack. It's no cheaper than a dollar anywhere else. I don't even have to eat all of it to get my money's worth.
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