Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 05-25-2012, 05:15 PM   #21
Full time employment: Posting here.
 
Join Date: May 2007
Posts: 710
Quote:
Originally Posted by Katsmeow View Post
I sometimes feel like people don't really understand that some people -- who are not "poor" -- just live a modest lifestyle which is not expensive. My mom lives a very modest lifestyle. Her house was paid off 50 years ago. She doesn't have cable TV or internet. Her utility bills are very low. Her property taxes are very low. She drives only short distances. Even when she was "young" in her 60s she didn't travel much and when she did wouldn't spend a lot of money. Now many of us want to spend more in retirement but I know plenty of people in her generation who actually have IRAs and don't spend any of the money because their base expenses are so low. My mom doesn't think she has an awful life by the way, it is just that she doesn't have a desire to buy a lot of "stuff".
+1 - You don't need a whole lot to be happy. Some people don't want to spend their retirement travelling and eating in expensive restaurants.
__________________

__________________
Letj is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-25-2012, 05:38 PM   #22
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,934
Quote:
Originally Posted by Independent View Post
According to the BLS, the mean spending for single people in the 65-74 age group is almost $28k per year. That includes about $1,300 for mortgage payments.

So a 65 year-old with $15k from SS and a $20k non-COLA'd pension, who owns an house and is out of debt, should be able to save some of that pension to offset future inflation and still live like the average person in that age group.

ftp://ftp.bls.gov/pub/special.reques...byage/aone.TXT
+1

A nice retirement can be pretty cheap when one is completely out of debt. A glance through the threads on annual spending that we have here each year, confirm that. Sure, some people manage to spend staggering amounts, but many do just fine on less than $40K/year.

Quote:
Originally Posted by Letj View Post
+1 - You don't need a whole lot to be happy. Some people don't want to spend their retirement travelling and eating in expensive restaurants.
Hear, hear! There is SO much more to do in retirement than one might think at first, and much of it is free.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 05-25-2012, 05:54 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,384
Quote:
Originally Posted by W2R

+1

A nice retirement can be pretty cheap when one is completely out of debt. A glance through the threads on annual spending that we have here each year, confirm that. Sure, some people manage to spend staggering amounts, but many do just fine on less than $40K/year.

Hear, hear! There is SO much more to do in retirement than one might think at first, and much of it is free.
I usually think in terms of my annual income, not how much I spend. But in those terms, I spend about $40k a year, and I live like a king in my mind, doing anything I want. I am even still paying a mortgage and child support. When those bills disappear, I don't know what I will do with the money except just add it to my monthly savings, as I do everything I want to do already. I guess that is the benefit of being poor when I was young, I never developed expensive tastes!
__________________
Mulligan is offline   Reply With Quote
Old 05-25-2012, 06:01 PM   #24
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,934
Quote:
Originally Posted by Mulligan View Post
I usually think in terms of my annual income, not how much I spend. But in those terms, I spend about $40k a year, and I live like a king in my mind, doing anything I want. I am even still paying a mortgage and child support. When those bills disappear, I don't know what I will do with the money except just add it to my monthly savings, as I do everything I want to do already. I guess that is the benefit of being poor when I was young, I never developed expensive tastes!
Same here! It is really challenging for me to spend that much in retirement. I feel like I am spending like a drunken sailor but it doesn't take much to do that in the South or Midwest.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 05-25-2012, 07:18 PM   #25
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by Letj View Post
You don't need a whole lot to be happy. Some people don't want to spend their retirement travelling and eating in expensive restaurants.
And some people do. Let me introduce you to my DW ...
__________________
rescueme is offline   Reply With Quote
Old 05-26-2012, 11:34 AM   #26
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Quote:
Originally Posted by Mulligan View Post
When those bills disappear, I don't know what I will do with the money except just add it to my monthly savings, as I do everything I want to do already. I guess that is the benefit of being poor when I was young, I never developed expensive tastes!
It's too late to discover your deeply hidden wants and desires.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 05-26-2012, 12:03 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,384
Quote:
Originally Posted by Spanky
It's too late to discover your deeply hidden wants and desires.
Well it used to be too poor to do anything.....Now its too old and set in my ways that I enjoy to change. I would rather go back to work than try to discover new wants and desires. Sounds exhausting
__________________
Mulligan is offline   Reply With Quote
Old 05-26-2012, 12:08 PM   #28
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,934
Quote:
Originally Posted by Mulligan View Post
Well it used to be too poor to do anything.....Now its too old and set in my ways that I enjoy to change. I would rather go back to work than try to discover new wants and desires. Sounds exhausting
Besides, if one is completely content, why try to rock the boat? People like you and I have reached the nirvana-like state of bliss that others can only dream of (even if we don't live the lifestyles of the rich and famous).
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 05-26-2012, 02:07 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,871
I have never had expensive tastes, either. I have annual expenses of about $22k (one person, including taxes and HI) but have built a cushion into my budget so that if I want to go out to eat more often than once a month or go to Atlantic City with my ladyfriend (she does work FT) just to get that bit of curiosity out of our systems permanently, it won't bust my budget.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is offline   Reply With Quote
Old 05-26-2012, 03:34 PM   #30
Full time employment: Posting here.
flyfishnevada's Avatar
 
Join Date: Jan 2010
Location: Smith
Posts: 743
I've said it before, but my friend's mom retired on SS and $150,000. She's very frugal and lives in India for about half the year, Denmark (where she was born and has family) for about three months and back in states for another three. She does what she loves, studies spiritualism with some guru in India. She's pretty happy most of the time.

But that article seems to be encouraging people to count on being able to retire on SS and small pension and a smidgen of money in the bank. My friend's mom didn't have a choice, well she did but you know what I mean. She ran a healthful store, raised her boys and never made much money. I wouldn't plan it that way. Besides, the plan outlined in the article means your going to retire at 67 minimum to get full SS. Who wants to wait till their 67 and then live a spartan life? That's not a plan, that a last resort.
__________________
Retired July 4th, 2010 at age 43
Trout Bum, Writer, Full-Time Dad and Husband


flyfishnevada is offline   Reply With Quote
Old 05-27-2012, 09:14 AM   #31
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
Same here. I am quite frugal, can live on 3k a month. However I have no SS (I don't have my 40 quarters yet) and very little pension. Plus, missionary clinics abroad cost me thousands of dollars a year. Much more when I buy vehicles to transform into mobile clinics. Therefore I have no choice but to save more as it will allow me to help more patients and save more babies in the future in third world countries. Sorry for typos, traveling and typing on iPhone
Quote:
Originally Posted by scrabbler1
I have never had expensive tastes, either. I have annual expenses of about $22k (one person, including taxes and HI) but have built a cushion into my budget so that if I want to go out to eat more often than once a month or go to Atlantic City with my ladyfriend (she does work FT) just to get that bit of curiosity out of our systems permanently, it won't bust my budget.
__________________

__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 02:18 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.