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Old 10-10-2015, 05:30 PM   #41
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I actually have a budget in Quicken titled "worst case scenario" spending and it shows that we can under spend our projected SS income, taxable account dividend and a very small pension by 5k by mainly eliminating travel, dining out and having one car instead of two.

I hope we will never have to resort to that level of spending but it gives me the peace of mine that it's doable.
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Old 10-10-2015, 11:22 PM   #42
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I am not into spreadsheets. I just look at my Quicken screen for the actual expenses for the last 12 months. I ask myself, what if I took away this discretionary expense and that expense, what would be left.

By discretionary expenses, I mean the cost to carry a 2nd home, charity and gift giving, and travel, etc... Bingo, I only need a bit more than SS to live pretty much the same life. Well, maybe not quite the same because we love to travel.

So, I would have to find something else to cut. Oh, I know. With Medicare at 65, my healthcare expenses should go down enough to allow travel again.

Party on!
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Old 10-11-2015, 09:13 AM   #43
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I am the same. It is difficult for me to spend money. It isn't that I won't because we are frequent travellers. It is just that I continue to be careful with our spending. I will spend, but am still very careful to get the lowest price that I can and the most value I can. Price is important to me but it is secondary to value.

This thing with spending is just me. My spouse is not a big spender but I never really care what she spends or on what she spends. GO figure.


My/our ending financial situation has made me very thankful for what I have etc. We find ourselves giving much more and very regularly to certain charitable organizations.
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Old 10-11-2015, 10:58 AM   #44
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I am not into spreadsheets. I just look at my Quicken screen for the actual expenses for the last 12 months. I ask myself, what if I took away this discretionary expense and that expense, what would be left.

By discretionary expenses, I mean the cost to carry a 2nd home, charity and gift giving, and travel, etc... Bingo, I only need a bit more than SS to live pretty much the same life. Well, maybe not quite the same because we love to travel.

So, I would have to find something else to cut. Oh, I know. With Medicare at 65, my healthcare expenses should go down enough to allow travel again.

Party on!
SS created a lot of flexibility for me, that's for sure. It didn't sound like all that much beforehand, but it makes a huge difference for me. I think that starting SS is part of the reason why I am not worried about the financial implications of buying and moving into my dream house, even though that meant a permanent drop in my nestegg principal.

Medicare has been nice too, but my medical costs have gone up since I started on it. I think this was partly due to chance, since I have had more uncovered optical/dental expenses for which I self insure. Also I'm paying for Medicare Part B every month now.

Medicare has been wonderful to have for my cataract surgery, with my BCBS as secondary. So far my total outlay has been $142.50 for eyedrops, and nothing more. That's less than the expensive trifocals with ultra gorgeous imported designer frames that I bought at Lenscrafters last summer and will not need. Oh well, live and learn.
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Old 10-11-2015, 11:24 AM   #45
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Originally Posted by Corporateburnout View Post
I actually have a budget in Quicken titled "worst case scenario" spending and it shows that we can under spend our projected SS income, taxable account dividend and a very small pension by 5k by mainly eliminating travel, dining out and having one car instead of two.

I hope we will never have to resort to that level of spending but it gives me the peace of mine that it's doable.
I also maintain 3 scenarios: most likely, optimistic and pessimistic. Have been doing this since we retired.

Realistically, I think we are tracking the high road and will then become average and finally become much less profligate (omitting LTC budgets).
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Old 10-11-2015, 11:38 AM   #46
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.... the expensive trifocals with ultra gorgeous imported designer frames that I bought at Lenscrafters last summer and will not need. Oh well, live and learn.
In true LBYM fashion, perhaps these frames can be recycled into sunglasses (fitted with non-corrective dark lenses)?

omni
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Old 10-11-2015, 11:41 AM   #47
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In true LBYM fashion, perhaps these frames can be recycled into sunglasses (fitted with non-corrective dark lenses)?

omni
Oh great idea! Thanks, I hadn't thought of that. I am SO VAIN about glasses and I think these frames cost me $250. It would be nice to get some use out of them. They are utterly drop dead gorgeous.
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Old 10-11-2015, 12:02 PM   #48
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I like saving money and making passive income. I am going to continue to work on that part-time every year until my brain wears out. I don't think spending more money on ourselves beyond our current level of spending would = more happiness. Most of the research studies on money and happiness seem to support that idea.

While LTC or other unexpected expenses could eat up the estate, I think it is likely we're at the point now where we've started to discuss how much to leave the kids and how much to go to charity and what to fund. I think it is pretty cool to be able to do that. I don't want the money to go to some bloated organization. I want to keep it local and specific - like fund extra attorney time at a local legal clinic for people with criminal records trying to get jobs, donating to the local elephant sanctuary or donating to groups that help the homeless get into housing.

So I still try to save money, look for the best happy hours, look for Groupons on sale, look for passive / low time effort ways to make extra income like credit card sign up points or get paid to apps, because I enjoy it and the extra money can go to worthy causes.
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Old 10-11-2015, 12:21 PM   #49
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Oh great idea! Thanks, I hadn't thought of that. I am SO VAIN about glasses and I think these frames cost me $250. It would be nice to get some use out of them. They are utterly drop dead gorgeous.
If you are a member check out Costco... I just picked up new lenses that they fitted into an old pair for frames for me. They charge $18 if you bring your own frames but that seemed fair enough since I saved $150 on the lenses compared to the optical shop adjacent to my optometrist.
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