We have already cut back, with our income being between 1/2 to 2/3 of what it was when DH, now retired, worked. We moved to a cheaper city, sold our NYC condo & 2nd home in the Poconos and bought a house outright. House expenses are about 1/4 of what they were before - property taxes are high in a no-income tax state, even with a homestead and over-65 exemption. Our retirement house is just shy of 1600 sq ft, a veritable luxury after living in a 980 sq ft condo for many years (that included the terrace).
If needed I would cut cable (I'm ready now but DH isn't), get cheaper cell phone plan(s), sell 1 car, stop eating out (another desire of DH on Friday & Saturday night - but in deference to me Friday night is a pretty frugal dinner), use less A/C - doable in TX but uncomfortable, stop buying things on Amazon, not go to as many cheap classical music concerts and plays - for $200 here you can get a one year subscription for 2 people for 10 plays, that's $10 a ticket. I would not give up organic vegetables or my vitamins/supplements/twice a month acupuncture appointments - I want to age well.
Some hobbies are more expensive than others but it takes so long for DH to make something in the woodshop it's not really too expensive and my abstract painting goes in fits and starts.
Would definitely use less gas once I stop working; I have a wild commute now.
Might not be able to give kiddo so much $ to launch himself - this remains a big worry. And an expense.
In all honesty I would ditch it all in a minute for a little place on the Pacific coast of Mexico. At least for a while. DH, not so much.
OTOH just heard about another former colleague who died at 66 (I'm almost 63). Makes one think about mortality and spending one's money while one can still enjoy it.
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