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Retirement

Last post Tue, Mar 18 2014 1:15 PM by MamaJ. 22 replies.
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  • Tue, Feb 25 2014 2:51 PM

    Retirement

     To those who are retired, just wondering if your expenses stayed the same, went down, the best thing you did, the thing you wish you had done differently?  Looking for advice.  

     

  • Tue, Feb 25 2014 4:50 PM In reply to

    Re: Retirement

    My advice is just the kind you have probably heard over and over. I have been retired 15 yrs. However, I worked part time for 10 yrs. after that. *My biggest advice>>>>Get that house paid for! Of course, in 15 years time we have had 2 recessions. Prices of things, for the most part, have all gone up (even with 0 inflation..ha ha). *Save more money than you think you will need Tho there are many needs that come down in number, there are also needs that go up (help with maintenance, health issues etc.. I keep stressing to our 2 children the importance of a retirement fund. Tho they both have 401K's and IRA's, IMO they need to do more. *Be sure you put your retirement ahead of your kids wants/education. If raised right, they can take care of themselves and won't need to take care of you! End of my lecture!
  • Tue, Feb 25 2014 8:17 PM In reply to

    Re: Retirement

    Same as Kassy; do everything you can before you retire. You probably won't need work clothes anymore and will have time to cook from scratch and sew and garden. These things may or may not cut down on money spent. Be sure to get health and dental issues addressed while you are insured and have ample income. AM
  • Wed, Feb 26 2014 2:58 PM In reply to

    Re: Retirement

     AM

    I sometimes have health insurance and never have dental now, and I am thinking my expenses will be lower as I am not paying for 7 people, just one. I am hoping to have housing paid off.  I am hoping to have the same kind of car and entertainment expenses, but with a lot less driving. 

  • Wed, Feb 26 2014 3:47 PM In reply to

    Re: Retirement

     not retired yet but downsizing too.   not that you don't want help your kids but making clear no room to move back home etc.   know too many parents supporting their kids. 

  • Thu, Feb 27 2014 10:10 AM In reply to

    Re: Retirement

     I have heard if you start drawing social security at 62 or 70, it evens out in the end.  If you are retired, how did you decide? 

  • Fri, Feb 28 2014 10:33 AM In reply to

    Re: Retirement

    I will you give you the info my aunt gave me (she worked for s.s.) but just remember that this was about 15 yrs. ago: You get the most $$$ from s.s. in the end if you retire at 62. What you paid in pays about 7 years. The rest is 'gravy'. Now all this will depend on your lifestyle, other income etc.. Just don't count on living on your s.s.! That is a nightmare waiting to happen!
  • Fri, Feb 28 2014 10:35 AM In reply to

    Re: Retirement

    Of course, this all depends on how long you live and how many of us knows that number??? :) Also want to say that when you get to later retirement, your heat bill, utility bill goes up just because you are home more (depending on your lifestyle of course). Our carpet wears out faster, we open the frig door more often, etc. You get the idea.
  • Fri, Feb 28 2014 10:51 PM In reply to

    Re: Retirement

     Tracy, I was just researching the SS question for myself this week.  I retired nearly two years ago at 56, and have been using 357b money (similar to 401k for govt employees) to supplement my retirement until SS kicks in.  In my case, it would take me almost 12 years to make up the loss if I waited til my full retirement age (66.3) to start benefits instead of taking reduced payments at 62.  Of course no one knows what the future holds, and I certainly want to be"above average", but the average life expectancy for a Caucasian woman born in 1956 is 73.5 years.  Using that as the basis for calculation, my particulars look like this:

     

    If I take reduced benefits at 62, by age 73.5 I would have collected  $136,068

    If I take full benefits at normal retirement age of 66.3, at 73.5 I would have collected $83,328

    Waiting until age 70 to receive a larger monthly benefit would only net me $71,299 by age 73.5

    Barring an accident or catastrophic illness, I would expect to live considerably longer than 73.5.  The women in my family, particularly on my mother's side (grandmother and her sisters) all lived to be in their late 80's, so the pay off for taking an earlier benefit may not materialize for me.  Still "a bird in the hand" and all that; I plan to start collecting at 62 if it is still an available option at that time.

      

    Carol
    western NC
  • Sat, Mar 1 2014 5:50 PM In reply to

    • suzin
    • Top 200 Contributor
    • Joined on Tue, Jul 24 2007
    • Posts 244

    Re: Retirement

    I retired at 62, which was 1990, 24 years ago...I did not count on SS. I had a IRA as well as other interest income..I find now it is not even easy with that..When you start SS it is at a fixed rate on the income you had at retirement...so it does not increase except for what they call "cost of living"..your income keeps falling behind because people now make more money and SS is based on what money they make at their retirement, which is more SS...(my SS has not kept up)..we now have higher prices for almost everything we need to buy (I said NEED to buy)...compaired to prices I had at my retirement at 1990 (I guess that is inflation)...also, when it comes to interest income, it has dropped considerably since my retirement too...My advice....Save as much money for your retirement as you can and put it in the safest place you can find...Bet you'll be glad you did...

    Nebraska
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