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Social security and wife's income
Old 04-29-2015, 02:28 PM   #21
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Social security and wife's income

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Originally Posted by Elbata View Post
Just curious: Are you living on social security alone or is there a pension too?
Just social security and my wife pays for groceries out of her income as a massage therapist.
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Old 04-29-2015, 02:51 PM   #22
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Originally Posted by Bamaman View Post
Those with substantial retirement accounts most all started saving at a young age. They placed 10-15% of their income into 401K's, and many employers matched them with a portion of their earnings. They also saved and placed the funds into IRA accounts that are not taxed until the funds are withdrawn (in retirement.) And all of such savers also lived below their means in order to save for the future. To meet their goals, most retirees have earned their money in the stock market--individual stocks or through managed mutual funds.
Or better yet, through low-cost passive index funds investing in broad markets. Low cost is the closest thing to a sure-fire strategy when it comes to investing in equities.
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Just retired at 63 on social security
Old 04-29-2015, 02:55 PM   #23
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Just retired at 63 on social security

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Originally Posted by check123 View Post
Just social security and my wife pays for groceries out of her income as a massage therapist.

Hi check,

You may find it very useful to tell everyone how much your SS is and list your monthly expenses. That may help people know your situation better.

Congrats on retiring.

Sent from my iPad using Early Retirement Forum
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Old 04-29-2015, 03:39 PM   #24
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I took the liberty of cutting/pasting the following posted by check123 in another thread. It sheds more light on his situation. (Hope that was okay to do.)


Quote:
Originally Posted by check123 View Post
Thanks for many good comments and advice. I only have SS but my wife works as a massage therapist. My theory of "wealth" for a long time is that "there are two ways to be rich, one is by having a lot of income, and the other is by having no debt". I grew up poor, monetarily, but rich in love and values. I didn't learn about saving and investing, etc. until halfway through my adult life. There were jobs I had with good 401k programs which I invested in but either withdrew to meet a need or because they were going down as much as they were up. I've also made a couple of good real estate deals along with several sour ones. Anyway, I decided several years ago that I was much better at being frugal than making money so I bought a place cheap, built a house with help from my friends, and paid off the property last year and quit my job this year. My wife pays for the food and her school bill and I pay for the few other monthly bills. We also help out our son who is in college. I earn a bit by selling CDs, playing a gig, or giving a music lesson but usually spend it on more gear. My SS is only $820, but with no debt it's OK. I agree with keeping 5k for emergencies. With low income I signed up for health care for free, but we haven't used it much because we haven't had to, and wonder if we do whether the feds are going to want it back. I've been working on our property, 2.3 acres, preping for fire season, and starting a garden, etc. We have wood for heat and don't need AC. I have had a Vanguard account and will check out the Wellesley investment. I'm hesitant about putting money in an IRA again because now I know it could be lost there, too. I bought a little boat a few weeks ago which I plan to use a lot this summer. I hope I've covered all your questions and comments. I still welcome your advice. Oh, I created an invention with the help on the engineering dept of my alma mater but haven't had enough money to patent and market it. If any one has an interest in helping me with that, let me know. Have a wonderful, blessed day!
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Old 04-29-2015, 09:04 PM   #25
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Originally Posted by check123 View Post
I'm new to this site. I hope to learn how to make wise small investments because I only have about 10k. I'm a retired trucker and musician, DIYer, homesteader, bee keeper, singer, etc. I studied commodities many years ago and would like to know the best way to get into that. I also love to fish, swim, and boat.
You studied commodities years ago(became a trucker) and then you cashed out your 401k because it was up and down. You have 10k to your name?

If you can still pass the CDL DOT physical I would get back into your truck.

You are broke. Sorry but I am having trouble buying your situation.
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Old 04-29-2015, 09:55 PM   #26
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He Check,

If you are out in the boonies any distance, I would suggest looking into Amazon Prime. There is a single guy out here with about the same income you have and he lets Prime and UPS do all the runs to town for groceries and other supplies. By the way, Purplesky, he is doing fine on his limited income.
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Old 04-30-2015, 01:49 AM   #27
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Originally Posted by Hermit View Post
He Check,

If you are out in the boonies any distance, I would suggest looking into Amazon Prime. There is a single guy out here with about the same income you have and he lets Prime and UPS do all the runs to town for groceries and other supplies. By the way, Purplesky, he is doing fine on his limited income.
My situation is irrelevant. Based on the info presented he is cash poor.

Sounds like he used all his income to pay off his house and land and debt.

He quit his trucker job and is going to live off his land. Thats cool. But his SS income is not going to cover taxes,insurance,utilities,etc. long term.

So why not work a few more years(truckers are in demand) and pile all that cash into a nest egg. Live just off wife's income for a few years.

Millions of baby boomers will have to work into their late 60s.

Who knows maybe he will be getting a big inheritance or something. But he didn't say that.
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