Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Need an Idea of what to look forward to.
Old 09-06-2009, 05:15 PM   #1
Confused about dryer sheets
 
Join Date: Sep 2009
Posts: 1
Need an Idea of what to look forward to.

HI all, 1st time poster, love the site by the way.
Currently in Grad school & a civil servant employee. IM loking to stay in government as I have a pretty awesome retirement set up. To sum it up in a short sentance,
Lets say by age 62(Currently 30) I can retire with 90% and 64 with 100% plus full medical paid(meaning I only pay visits ).
SO with that being said I'm just curious as to what people over 60, retired etc have to pay for other then the norm(bills, expenses).
Obvious is Car insurance, vehicle, rent/mortgage.
I'm just trying to get a heads up as I still plan on getting a Roth IRA by next year maxing out per year. Assuming I can collect over $4k a month and maintaining the quiet lifestyle I have it would be a cake walk as long as no serious injuries or medical issues hit me. ALl I Can notice from my grandparents is my grandfather gets free medical pension + SS benifits, while my grandmother(Life time homemaker) gets medicare she pays for.
They have a quiet lifestyle but thier rates seem to be from 20 years ago as now things inflated so thier monthly checks seem small.

Thnx for any and all input.
Thnx.
__________________

__________________
James101 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 09-06-2009, 05:25 PM   #2
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
You might try these:

What % do you spend in retirement?

New Study: What People Spend in Retirement
__________________

__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 09-06-2009, 06:41 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
If you buy a basic simple home and pay it off then the monthly checks (as in your grandparents case) only need to cover some basic utilities, tax and mtc on the home and health care co-pays and groceries. Simple life with some income and SS is very comfie when the needs are modest. So save early and often, live within your means and enjoy life along the way.
__________________
crazy connie is offline   Reply With Quote
Old 09-06-2009, 06:58 PM   #4
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,855
I am 61 and plan to retire very soon. With a paid off house and car, some of the things I will be paying for are:

Property tax
homeowner's insurance
home maintenance
home improvements
car insurance
car maintenance, gas, oil
car repair
medical insurance and co-pays
gym fees
usual bills such as utilities and cable internet
gardener, snow shoveler, handyman, and housekeeper at some point (since it is harder for older people to do these things)
Occasional travel
clothing
hobby materials
gifts

I don't expect that my expenses will be as high as before retirement.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 09-06-2009, 07:21 PM   #5
Thinks s/he gets paid by the post
 
Join Date: Feb 2006
Posts: 1,183
Clothing costs & dry cleaning drop big time. Travel can be around the less expensive time that is less crowded. Car mtc can be less unless you are a road trip person. Groceries cost less when you have the time to cook basic slow food without the hurry up items. Matinee tickets are a good bit less than weekend evening shows. Many areas cap retiree property taxes. Senior discounts abound.

I tend to enjoy having friends & family in for a home cooked meal and some who are still working reciprocate with taking me out for lunch or happy hour.

Some folks do a lot of volunteer work and others just pursue simple things like reading, woodworking, sewing. Many presents are gifts from the heart and hands. It is all about what you want to do in life and having the time and health to do it!
__________________
crazy connie is offline   Reply With Quote
Old 09-06-2009, 08:44 PM   #6
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
James, with thei obvious exceptions of higher medical expenses there probably are few differences related to age itself. Retiring brings about the disappearance of retirement savings for most, adds a little more leisure and travel expenes, reduces work-related expenses like commuting, business garb, etc.

Can't speak for anyone else, but we're planning for no change in living expenses with retirement.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 09-07-2009, 01:06 PM   #7
Thinks s/he gets paid by the post
Rustic23's Avatar
 
Join Date: Dec 2005
Location: Lake Livingston, Tx
Posts: 3,624
Rich,
I think our case is similar to what you expect. We have less expenses in some area, and more in others, however our total expenses are within 2% retired to what they were before we retired.
__________________
If it is after 5:00 when I post I reserve the right to disavow anything I posted.
Rustic23 is offline   Reply With Quote
Old 09-08-2009, 12:31 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 5,879
We, also, expect no drop in expenses after my retirement (husband is already retired). That is why we are LBYM-ing now, to pay off the mortgage before I retire.

Property taxes, medical expenses, and services (anything you pay others to do, rather than doing it yourself) all go up steadily; in some years, exponentially. Common sense tells us we will require ever more services as we age.

And as long as I'm in cautionary mode, here's another cautionary note: My husband's Federal Govt pension gets the same COLA as the Social Security recipients get. In other words, NO COLA in 2010, and likely none in 2011 either. When he retired in 1995, his pension (including the survivor benefit reduction) was one and one-half GS-grade equivalents higher than it is now. He's effectively been demoted 1.5 grades in 14 years of retirement! To me, that spells: 1) My anticipated Federal pension will not hold its value over time; and 2) Survivor benefits won't, either. Inevitable conclusion? Save and invest! Be glad about your pension, but don't count on it funding a 30 or 40-year retirement.

Good luck! Good for you, getting your ducks in a row at age 30.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Amethyst is offline   Reply With Quote
Old 09-09-2009, 12:06 PM   #9
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
You must be law enforcement, or some other special retirement plan. I'm under FERS and can only get 30 or 35% of my salary as pension.

Also, remember that you have a time frame of 30 years, and A LOT of things can happen. They could change the pension system, benefits, etc.
__________________
Bimmerbill is offline   Reply With Quote
Old 09-09-2009, 01:01 PM   #10
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
I'd say to plan for the possibility (likelihood is more like it) that your personal rate of inflation will significantly outpace the CPI.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-09-2009, 01:13 PM   #11
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
The other point that has come up before on the board: it is fantastic that you have such clear plans for retirement, but a 25 or 30 year time span is such that most of the details will change (some many times over) in that period of time. Pensions and compensation will change, health care costs will change, social security and medicare will change, etc. And then there are your personal life changes, family, kids, other suprises.

So in your shoes I'd focus on saving early and amply, getting into the stock market broadly, and avoid p*&*#ing your youth away by over-doing the LBYM thing. Your early insight and obvious discipline will assure that the details fall into place.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 09-09-2009, 04:12 PM   #12
Thinks s/he gets paid by the post
IndependentlyPoor's Avatar
 
Join Date: Jul 2009
Location: Austin
Posts: 1,142
What Rich said!

There are some things that are much better done when you are young, if not downright impossible later. Touring Europe with a knapsack and staying in hostels when you are in your 20s is very different than when in you are in your 60s or 70s and staying in hotels. Hiking/skiing the alps, snorkeling in the Caribbean, boogeying in the boîtes of Cap d'Agde: all very different (and I would claim better) when you are young.

LBYM, but don't forget to live a little.

Auntie mame signing off.
__________________
IndependentlyPoor is offline   Reply With Quote
Old 09-09-2009, 04:24 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
My version of....

Need an Idea of what to look forward to.

Forgetting where you put your keys...
Falling asleep in your chair...
Hearing various body parts snap, crackle and pop...
Falling asleep at the table...
Getting cranky....
__________________

__________________
There's no need to complicate, our time is short..
bbbamI 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Looking forward to FIRE Getting short Hi, I am... 2 07-19-2007 09:27 PM
What I'm Looking Forward to... SteveR Young Dreamers 15 05-16-2007 08:45 AM
Real return going forward GTM FIRE and Money 7 04-09-2006 03:49 PM
Something I'm really looking forward to... cute fuzzy bunny Other topics 4 02-01-2006 12:54 PM
41 and looking forward to ER runchman Hi, I am... 18 06-23-2005 07:56 AM

 

 
All times are GMT -6. The time now is 08:52 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.