Retirement is the fix in?

[Oerets]

Originally Posted by BlueStreak

The whole world wants you to work until you die, Barney. The government wants to spend your SS money, the bankers want to keep your 401k, Republicans hate it when ANYONE stops working (Except themselves, of course, because they "earned" it and you didn't.), Democrats want you to keep paying taxes.....................

F**k'em all, Barney. You make up your mind when you're ready and just do it.

Dave

I already get a retirement check! But not from the company I worked for. Seems they figured out going bankrupt made them money!!!! Workers not so much!

Now the government pays me monthly. (PBGC) Lost insurance but still get a check.




Barney

[barbara]

I'm getting close to retirement and have a lot of questions... Any retires here that can give advice?

My thoughts are that my spending habits will change in retirement. Won't have to buy clothes for work, won't be spending money on gas for my daily work commute.

And that sounds like I'm saving money for daily living expenses..... But does it really work out that way? Are those savings from not working spent in other ways during retirement? Will my day to day expenses be more or less than when working?

I realize the answers depend on many variables.... I'm just trying to figure it all out.

[Oerets]

Originally Posted by barbara

I'm getting close to retirement and have a lot of questions... Any retires here that can give advice?

My thoughts are that my spending habits will change in retirement. Won't have to buy clothes for work, won't be spending money on gas for my daily work commute.

And that sounds like I'm saving money for daily living expenses..... But does it really work out that way? Are those savings from not working spent in other ways during retirement? Will my day to day expenses be more or less than when working?

I realize the answers depend on many variables.... I'm just trying to figure it all out.

Might go up at first as you get use to being on holiday all the time. But if you set a budget realistically one. Keep track of your spending for a few months. See where the money goes now.

Everything from a stick of gum to utilities. Once you are home all the time things like eating out, gas for car should drop off. There are days when we might not cook at all.

Originally Posted by barbara

Right.... That's my other thought. Sure, the longer I work the bigger the monthly check in retirement, but at what point does that not matter any more?

A co worker put in thirty years, said his good byes and as he left work on his last day he keeled over on the steps leaving the building and died of a heart attack. Not the way I want to do things. I wanna have some time to enjoy retirement!

Never get the years back. Do you have hobbies or interests to keep you busy. Grandkids? Me I pretty much turned the papers in when I reached 55.

I lost my health insurance when my retirement went to the government program. My wife's will do for now but once she retires probably not. They can due whatever they want. Now they say it will go for 5 years for a spouse. So till I reach 65 might have to pay for it.




Barney

[Dondilion]

Be on the look out for those who want a loan from you since they may
perceive that you have received some lump sum money.

[Oerets]

Originally Posted by Dondilion

Be on the look out for those who want a loan from you since they may
perceive that you have received some lump sum money.

Or borrow!



Barney

[donquixote99]

Expenses can go up for the things to which you newly devote more time and attention: for travel, for hobbies, for landscaping, for fancy cooking, for 'community causes' in which you may be involved, for dropping quarters in slot machines if that's you're thing (which I doubt in your case), for attending fund-raisers, for whatever activities or interests involve you.

As ever, the trick is to keep outgo inside of income, on average.

[donquixote99]

Of course, a biggie is medical expenses. Depending on your personal situation, premiums, deductables, and co-pays can really mount up. If you're in a fortunate situation, it's mostly covered, but for many, these expenses shoot way up when employer coverage is lost, even if they are on medicare.

[barbara]

Originally Posted by donquixote99

Of course, a biggie is medical expenses. Depending on your personal situation, premiums, deductables, and co-pays can really mount up. If you're in a fortunate situation, it's mostly covered, but for many, these expenses shoot way up when employer coverage is lost, even if they are on medicare.

Medical expenses are my biggest concern. Husband is disabled and is under constant medical care.

My employee insurance has been great. While we pay a lot in premiums, our co pays are ridiculously low. (A two month stay at UCSF for husband spinal surgery cost $10.00 co pay).

On the other hand, due to health issues, we won't be traveling during retirement and have a simple lifestyle. I hope that balances things out.

Thanks for the insights.

[4-2-7]

Originally Posted by barbara

Medical expenses are my biggest concern. Husband is disabled and is under constant medical care.

My employee insurance has been great. While we pay a lot in premiums, our co pays are ridiculously low. (A two month stay at UCSF for husband spinal surgery cost $10.00 co pay).

On the other hand, due to health issues, we won't be traveling during retirement and have a simple lifestyle. I hope that balances things out.

Thanks for the insights.

Hi Barbara,

I don't know if you own your residence but other things to consider will it be the right place. Taking care of my mom taught me to look into the future on living environment. Will the living space accommodate us as we get older? We might be able to climb stairs, enter small doorways and halls, jump in and out of the tub now. Can the house be opened up a bit like expanding bath rooms, widen doorways open up kitchen access. Is the foundation raised that requires stairs to get in and out of the home.

If one would be planing on staying where they'r at and own the property some things can be remodeled while were still working. We can even do some of the work ourselves planning ahead. Goods and services are cheaper today than say in 10-15 years from now.

I was able to keep my mom in her own house and bed till the day she died. That was important to here and I, nobody wants to not be able to go home because of physical limitations.

[icenine]

Don't be the richest person in the graveyard.