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Realistic expenses over the long haul rant
Old 09-18-2014, 09:53 PM   #141
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Realistic expenses over the long haul rant

The article doesn't say what people were in the parameters of the survey, and it did not say 2/3 of all retirees, it said 2/3 of those surveyed. There are lies, there are bigger lies, and then there are statistics...


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Old 09-18-2014, 10:23 PM   #142
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The specific stats in the article may be debateable, but it doesn't change the general issue with a lack of retirement savings for many households, dwindling and underfunded pensions, etc. Many future retirees in the general population are going to have to start thinking outside the box and get creative in retirement, like the boat or mobile home options, to keep expenses low to match expected retirement income.

Here is an article on net worth from Forbes:
Money Scorecard: How Do You Rate? - Forbes

Retirement Crisis: A Looming Catastrophe
http://money.usnews.com/money/blogs/...he-for-boomers

I think kudos are in order to the people in the article for finding ways to fund fulfilling retirements while keeping expenses low and well within their means.
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Old 09-19-2014, 11:38 AM   #143
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I read an article that basically said that the number of people without enough money for retirement (whoever defines that amount?) has not changed. There are always a huge number of people without money, look at how many people live in poverty. I think the difference now is that the financial services companies want to tell everyone (save and invest more with them!) and some people with conspicuous consumption are not prepared and will experience a world of hurt.

I will look for that article. My mom did not have much money when she retired, and only $1500 a month in SS (no pension). She did fine in her paid off condo. My family is full of people like this (blue collar, middle class) who did just fine - no pensions. But I am absolutely sure that if Fidelity got a hold of them they would have been told they were not prepared.

They did not live fancy lives, but they were fine and happy. Maybe I should have added unreal expectations as anther issue - like that hysterical commercial from Fidelity that talks about what you will do in retirement and mentions opening a new business. Cracks me up! (editorial note: my DH worked there, and saw it up close)
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Old 09-19-2014, 11:47 AM   #144
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We love travel and budget 15K and are gone 10-12 weeks every year. We plan to increase that in the next 5 years to almost 25K when we downsize and the dog joins the big kennel in the sky. But we could cut that out if disaster hit with no issue. We could camp, and enjoy ourselves, stay with family, etc. I have a friend who hates to travel - ever! So his budget is so much less. It's all valid.

Honestly, I would feel pretty unhappy if I had to live on 40K - I would propably go back to work, even some retail job or something to supplement.
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Old 09-19-2014, 02:12 PM   #145
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BellBarbara, your comments regarding your mom and other family members matches what I have seen in some members of my extended family and also a couple older retired friends. They all worked into their sixties (Jobs were low stress), they had a couple 100K put away, a paid off Home (Condo/TH) and then they went on Medicare and took SS. They are living comfortable lives as their expenses are low. They have a good social life, enjoy local activities and in some cases get to travel with their kids whereby the kids pick up most of the tab.

At the end of the day, frugal LBYM people will make whatever adjustments they need to make to get by. I fully believe the most important thing one can do to reduce financial risk in retirement is to live as healthy as possible. Yes, there is always the one off situation (cancer, etc) that one can not control, but my experience with these situations is, the better the health the better the outcome, even if that outcome is end of life.
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Old 09-19-2014, 02:26 PM   #146
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Yes good points about health. :-) I am keenly aware that my hub and I are lucky enough to have such a large next egg that we can retire in a really good way 10 years earlier than our friends and family. But that doesn't make our friends any less prepared. I only feel badly for them for the fear that is being drummed into them by both financial services companies and those telling them SS will not be there in any form when they retire.

People find ways to make their retirements enjoyable - just the other day I was at Lowe's and the cashier was maybe 65 or so and I asked her how she liked working there. She said she liked it, that she didn't need the job, but she felt like she wanted to be able to spoil her grandchildren more so took this part time job. I thought that was really nice.
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Old 09-19-2014, 02:36 PM   #147
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Classic story of the person at Lowes. I had the same conversation with a incredibly positive and lively older person working at a local grocery store. He was a retired exec who had a nice pension, but was a very social man. He decided to take the job at the Grocery store because he just enjoyed the social aspects. He said he only worked 3 days a week, but that was just the right amount to scratch that social itch. I talked with a younger full time employee for a few moments and he told me that his job was so much more enjoyable when that older man was in the store. Very heartwarming. I can only hope to be that kind of inspiration to the younger generation later in my life.
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Old 09-19-2014, 03:50 PM   #148
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I am only a week into ER - it's very early on, yes... but so far I find that my desire to spend money on things (especially alcohol and food of the "fast" variety) is massively diminished. My job made me so miserable at times I would buy "stuff" in an attempt to distract myself from this fact. I mentioned in another post that I used alcohol as a method to cope with work stress. That is completely a non factor now. The monetary (and obvious health benefits) savings has been immense. I think I had the blinders on in terms of how much I spent of booze in a month. I now shudder to think of it.

Early on my days are spent learning Spanish, working out at the gym, cooking delicious and healthy meals, monitoring my investments, reading library books etc... I thought my 30k post ER budget might be a bit "pie in the sky", but now... I really don't think so. 24k is probably realistic - not that I am targeting that as a goal right now.

There was some initial nervousness about leaving my job, but I feel great about the decision now. After only a week, I feel like a new man. No exaggeration.
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Old 09-19-2014, 04:33 PM   #149
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SeaKayaker

Us too on the alcohol! We have a drink maybe once every other week now? Or at social occasions. We spent money on expensive resorts in warm locations not worrying too much about the cost. We definitely needed the treats to keep us going.

Congrats!
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Old 09-19-2014, 04:51 PM   #150
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I am only a week into ER - it's very early on, yes... but so far I find that my desire to spend money on things (especially alcohol and food of the "fast" variety) is massively diminished.
To start - congrats! I've been somewhat surprised myself by the change in my desire for imbibing in sprits of the distilled variety. I didn't drown myself in the stuff while w**king, but wow, since ER I have very little desire for the quick elixir method of relaxation. Nor the fast food equivalent of "comfort food." Now light and modest home-cooked meals are quite satisfying. And well, now I enjoy wine or beer perhaps a bit more than before, as savoring the flavor is easier when more relaxed. Enjoying a rare restaurant meal, but not scrimping on the quality or whatever else makes the experience worthwhile once a month or so will hardly be a budget buster.

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There was some initial nervousness about leaving my job, but I feel great about the decision now. After only a week, I feel like a new man. No exaggeration.
I'm just seven weeks in myself, but "liberating" is probably the one word that best describes the overall feeling.
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Old 09-19-2014, 04:51 PM   #151
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Classic story of the person at Lowes. I had the same conversation with a incredibly positive and lively older person working at a local grocery store.
I worked with a few guys like that at my last job - all were retired law enforcement. Several were millionaires and clearly didn't need the money.
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Old 09-19-2014, 09:22 PM   #152
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I worked with a few guys like that at my last job - all were retired law enforcement. Several were millionaires and clearly didn't need the money.

My dad pushing 80 finally after a couple of bad health years, has finally reached his goal of being able to go back to work barbering... 5 days a week, 4 hours a day... And gives the money he makes back to the owner of the shop.. Doesn't want to pay taxes... I must have been adopted. I retired at 45 and certainly do not like to work and if I did I wouldn't do it for fee.


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Old 09-20-2014, 12:26 PM   #153
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My husband drives a paid route for Meals on Wheels every other week. I think if he stopped doing that, he would look for something else. He has trouble being idle for too long. Not me!
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Old 09-20-2014, 05:02 PM   #154
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Too many other things to do besides w@$k. I had always figured I'd find another job to help tide us through early retirement, but it turns out I had overestimated our needs, and have no need to be more frugal. I'm not a social person - I can fake it for short periods of time, but most people, in person, tend to irritate me. Being a Walmart greeter would be a form of purgatory. Probably wouldn't last 4 hours lol.


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Old 09-23-2014, 06:29 PM   #155
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I have been following the responses and appreciate all who have contributed. Some, like California Man, have described my situation better than I could myself. Others like Fuego and Nords (both of whom I respect from following their posts the last several years) challenge me to look deeper at the cost benefit of my budget. All in all, I like the banter and it certainly has fostered me to do what I feel I do best and that is self evaluation and adjustment to create a better Balance.
I always enjoy seeing others' budgets and seeing where they differ from mine. And I think it's natural to examine whether you have found that right balance between materially providing for yourself and your kids versus retiring early thereby foregoing additional earnings. Who really knows if we made the right choice until life is over?
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Old 09-24-2014, 04:40 AM   #156
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The stream of consciousness method of posting is REALLY hard to read. Use real sentences separated by periods if you want folks to take it seriously (please).
Oh goody, the grammer police are here to save us from ourselves!
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Old 09-24-2014, 11:42 AM   #157
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That's grammar fer ya.
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Old 09-25-2014, 03:18 PM   #158
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My Grammer's dead - she died of old age...


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Old 09-25-2014, 03:19 PM   #159
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...she wasn't in the police, though.


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Old 09-27-2014, 11:01 PM   #160
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My Grammer's dead - she died of old age...
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