Just got my 1st SS payment but still in a LBYM pattern

[MJ]

Even though I have a pretty nice nest egg, I continued to live below my means. Now after 70 years, I finally got my 1st SS payment. It feels so strange to have this extra big monthly chunk of money coming in. Bad habits (LBYM) are hard to break.

 

[mickeyd]

It's a tough burden to bear MJ, but I feel that you will learn, in time, how to spend your stash.


Congrats!

 

[kgtest]

Congrats on making it to the top of the pyramid... the SSA pyramid. I've got 13 more years before I stop contributing to it myself and another 28-32 before I too win the game.

 

[Dtail]

LBYM was a good lifestyle to get you there. Now it is time to reap at least a little of your rewards.

 

[joeea]

Even though I have a pretty nice nest egg, I continued to live below my means. Now after 70 years, I finally got my 1st SS payment. It feels so strange to have this extra big monthly chunk of money coming in. Bad habits (LBYM) are hard to break.

Keep working on those bad habits!
(and congratulations)

 

[USA]

It’s nice to have the Eagle fly over and drop a golden egg each month. And it’s wonderful when it’s not even needed[emoji16]!

 

[Major Tom]

Congratulations MJ! I seem to remember that our very own W2R started reaping the extra benefit of SS not so long ago. Like you, she didn't need it, but was pleased as punch to have the extra money coming in.

Bad habits (LBYM) are hard to break.

It might help to think not so much in terms of breaking them, as gently stretching them a little, until you've established a new norm. It's a tough job, but someone's gotta do it

 

[JoeWras]

Blow That Dough!

 

[Bryan Barnfellow]

I did this last year (at 62 not 70) and, like you, am amazed that somehow there is this cash showing up monthly, like clockwork, in my account. Enjoy, enjoy is my advice!

-BB

 

[braumeister]

Bad habits (LBYM) are hard to break.

You might wish to join the support group:
http://www.early-retirement.org/forums/f29/blow-that-dough-2018-a-90646.html

 

[HFWR]

Blow That Dough!

+1

Waygu steaks!

And your local food bank/animal shelter/little league/scout troop could probably use any extra you can spare...

 

[MJ]

Thanks for the positive encouragement. I feel like I just came out of a TD meeting (Tightwad Anonymous).
Full disclosure. Last October, my wife and I did take a 48 day trip to Italy, France and Spain so I am not a TOTAL tightwad. I must admit, I tried to keep my daily hotel bill to average of $75. That took a lot of work.

 

[LARS]

Not there yet. FRA is still five years out. But honestly I still cannot wrap my head around the fact that at some point a check will miraculously be deposited each month.

What a wonderful concept, which I hope continues for the foreseeable future!

Congrats, it is a milestone not everyone gets to: both 70 and having waited to get SS.

 

[Souschef]

LBYM was a good lifestyle to get you there. Now it is time to reap at least a little of your rewards.

+100
I have the same problem-I have to talk to myself once in a while. I use DW's favorite quote, "Do we need it for groceries?"

 

[gauss]

Fixed Pensions should cover the vast majority of our ER needs (ie early 50s now).

As inflation erodes the buying value of the pensions, SS at age 70 will be a nice infusion.

-gauss

 

[street]

Congratulations on the SS check. That is pretty cool just like free money. LOL

I Know your pain of trying to break the habit of LBYM. That is a very hard habit to break.

 

[Souschef]

Fixed Pensions should cover the vast majority of our ER needs (ie early 50s now).
-gauss

Absolutely! Between 2 SS and 2 pensions, we net about 70K, which covers most of our expenses. Since we have cut way back on travel, it cuts our WR way down

 

[daylatedollarshort]

SS and pension checks coming in still feel a bit surreal. We don't have to work yet still get paid - what is not to like about that! Add in investment income and we feel very fortunate.

We continue to live below our means as well because we enjoy it. We still go out a lot and eat healthy. We look for bargains when we shop and buy event tickets - scoring the bargains is half the fun.

 

[bobandsherry]

Congratulations on the SS check. That is pretty cool just like free money. LOL

Free? Nah, more like finally being rewarded for all the years of hard work since most people (and many employers) typically has paid into the fund for a long, long time and then had those payments held for many years before finally tapping into a payment stream.... def not free.

But kudos to OP for finally reaping their rewards.... hope for them to continue to draw for many, many years...

 

[Hermit]

Congrats! I will get there in less than two years and am looking forward to it. Maybe at that point I will quit worrying about the cost of a new pickup I have been wanting for way too long.

 

[MJ]

Free? Nah, more like finally being rewarded for all the years of hard work since most people (and many employers) typically has paid into the fund for a long, long time and then had those payments held for many years before finally tapping into a payment stream.... def not free.

+1
I also wanted to second bobandsherry's comment.
It is NOT an entitlement but was earned, contrary to what some elected officials rant.

 

[DatumPoint5]

OP from MJ: Now after 70 years, I finally got my 1st SS payment. It feels so strange to have this extra big monthly chunk of money coming in.

Don't feel strange. The amount of taxes I pay each and every year could house, clothe and feed 10 or 15 families for the year?!?!? When I look at the amount of payroll taxes I pay each year, I like to think about the people in this forum to which my money is currently being distributed. I always smile because I am fairly sure I will also get my chance when the time comes for me to pull from the next generation. And on, and on........ Social Security, to me, was one of the brightest ideas America ever had!!!!

 

[H2ODude]

At 60 the first regular income started, the pension that I only became aware of as a possibility when I was about 50 (by being able to buy a big chunk of time for a big but quite worth it sum). Got used to living on it plus the <3% WR. Then got MC at 65, that saved us almost 10k a year. Then last year we did the file and suspend thing with SS, another 14k a year. Only thing left is for me to turn 70 in three years. That'll add another 16k or so.

It's all rather surreal. DF always warned that pensions were unlikely, and SS was always suspect. Hence always saved ~20% or so. Lost first long term job at 45, so much for the generous pension it offered. So kept on saving, went through several jobs and landed the one that when I read the fine print several years in was the source of the pension. Also, two nice inheritances fell our way. In spite of that we kept LBYM; I was fortunate that until the last few years I really had enjoyed the w&^k. We could live w/o the travel on the pension and SS; or the income from the investments. I never thought all these would materialize as they have. For someone who always worried about the money, it's quite a strange trip indeed. I know, blow the dough, but it's hard to find things/activities that are worth it to us.

 

[Perryinva]

Did anyone else get the constant feeling of some (rather slight, but there) anxiety when approaching a SUCCESSFUL retirement, because of the “Man, will I be pissed if I die or come down terminal before this lifetime work of reward pays off”? My worst nightmare is what I hope Bondi is not going through, to gamble and lose.

Its different than the anxiety of “Will I be able to retire comfortably?” Which is more the constant mantra over at C-D Retirement forum. There, envy/jealousy runs rampant from posters that are unsure of their retirement success at all! Here, it’s much more a “heck, all I have to do is stay alive”. Where here, if we worked traditional careers we are typically looking at $25k to $40k/yr SS checks plus pensions and SWRS. (Or the really successful FIREs that are wealthy from their own efforts and SS is a minor benefit.) There,, they love to point out that most everyone only gets $12- 15k/yr, and having $300k saved is a “good” retirement!

So congrats on reaping the reward of what you paid in for so long and here’s hoping you live to 100 and blow the actuarial charts out of he water!!