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Just retired at 63 on social security
04-27-2015, 02:31 PM
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#1
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Confused about dryer sheets
Join Date: Apr 2015
Location: Chiloquin
Posts: 9
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Just retired at 63 on social security
I'm new to this site. I hope to learn how to make wise small investments because I only have about 10k. I'm a retired trucker and musician, DIYer, homesteader, bee keeper, singer, etc. I studied commodities many years ago and would like to know the best way to get into that. I also love to fish, swim, and boat.
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04-27-2015, 02:42 PM
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#2
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,340
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Welcome to the forum!
__________________
When I was a kid I wanted to be older. This is not what I expected.
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04-27-2015, 02:49 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Welcome. We can always use another picker, bee keeper and fisherman.
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04-27-2015, 02:56 PM
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#4
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Moderator
Join Date: Jul 2010
Posts: 7,941
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Welcome check123!
Personally, if I only had $10K to invest it wouldn't be in commodities, but feel free to post specific questions in the FIRE and Money section of the forum. And you'll find lots of boaters here as well.
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
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ER'd Oct. 2010 at 53. Life is good.
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04-27-2015, 03:53 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Jan 2014
Posts: 1,770
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Welcome!
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04-27-2015, 04:33 PM
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#6
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Full time employment: Posting here.
Join Date: May 2007
Posts: 883
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Quote:
Originally Posted by check123
...I studied commodities many years ago and would like to know the best way to get into that. ...
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Hi check,
You probably won't get much commodity info here, but you might try this:
Commodity Futures Trading Forums
good luck!
__________________
"It is better to have a permanent income than to be fascinating". Oscar Wilde
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04-27-2015, 07:40 PM
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#7
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Confused about dryer sheets
Join Date: Apr 2015
Location: Chiloquin
Posts: 9
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Thanks
Thanks for all the welcomes, howdies, etc. It seems that for some people money practically grows on trees. For myself, my IRA went up, then it went back down to what I put into it. The only way I've prospered has been by working my head off and being frugal . I'm interested in how the "haves" do it". How do you grow your money? Thanks in advance for your help. Have a great day!
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04-27-2015, 08:53 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
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Those with substantial retirement accounts most all started saving at a young age. They placed 10-15% of their income into 401K's, and many employers matched them with a portion of their earnings. They also saved and placed the funds into IRA accounts that are not taxed until the funds are withdrawn (in retirement.) And all of such savers also lived below their means in order to save for the future. To meet their goals, most retirees have earned their money in the stock market--individual stocks or through managed mutual funds.
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04-28-2015, 02:58 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
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Welcome aboard
__________________
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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04-28-2015, 03:18 PM
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#10
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Full time employment: Posting here.
Join Date: Dec 2012
Posts: 656
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Just curious: Are you living on social security alone or is there a pension too?
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04-28-2015, 03:30 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,893
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Welcome and a picker too !
__________________
Earning money is an action, saving money is a behavior, growing money takes a well diversified portfolio and the discipline to ignore market swings.
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04-28-2015, 03:53 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,370
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Quote:
Originally Posted by check123
....How do you grow your money? Thanks in advance for your help. Have a great day!
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Quote:
Originally Posted by Bamaman
Those with substantial retirement accounts most all started saving at a young age. They placed 10-15% of their income into 401K's, and many employers matched them with a portion of their earnings. They also saved and placed the funds into IRA accounts that are not taxed until the funds are withdrawn (in retirement.) And all of such savers also lived below their means in order to save for the future. To meet their goals, most retirees have earned their money in the stock market--individual stocks or through managed mutual funds.
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Slow and steady wins the race with most folks here. Save and invest early and regularly in no-load, low-cost stock mutual funds.
What is your vision for that $10k and how soon do you expect to need it? If it is long term money then there are lots of good mutual funds. Vanguard Wellington would be one good choice.
WADR, to me if you're going to invest in commodities then you might as well just go to the roulette table at your local casino, put the whole lot on red and see what happens.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-28-2015, 03:54 PM
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#13
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Full time employment: Posting here.
Join Date: Jul 2014
Posts: 930
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Hi. You'll find a wide range of financial types here, but one thing most of us have in common is a dedication to living below your means and watching costs. There are some other retirement forums that also have a lot of discussions on ways to save money including Early Retirement Extreme and Mr Money Moustache. Some of the ideas can be a bit extreme, but you may find some useful information there.
Were you an owner operator or a company driver? Any benefits that you might get from a company?
Welcome to the Forum - look forward to hearing more from you.
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04-28-2015, 04:02 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2006
Posts: 2,844
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I am taking that you are retiring on Social Security only at age 63 and am guessing therefore that your social security is in the area of 1625 per month and from your post your investing knowledge is rather limited.
If you only have 10K in total money other than monthly social security checks, I advise you hold 5K for emergencies and look to invest the other 5K. You could attempt to get rich quick by investing in commodities but I strongly advise against it.
The next question I have is are you able to save any portion of the Social Security amount, or is your budget very much stretched? I would advise you invest the other 5K with Vanguard and invest it in Wellesley Fund, a balanced fund with a good track record that is a relatively conservative investment that could yet allow you to have a meaningful amount of money by the time you reach your late 80's when you might physically need more assistance, so any additions will make a difference over the course of years. It is never to late to save, and you still have a likely 30 years to enjoy. Any amount added would be a very good addition.
My personal opinion is that 10K you have is extraordinarily valuable in your case, not a minimal amount to be risked as there is little to lose. It represents almost 2/3 of your yearly income and provides a backstop that is otherwise not available. I wish you well and congratulate you on your retirement.
__________________
But then what do I really know?
https://www.early-retirement.org/forums/f44/why-i-believe-we-are-about-to-embark-on-a-historic-bull-market-run-101268.html
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04-28-2015, 04:57 PM
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#15
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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Sorry I can't give any advice on investing... many of our own small asset dollars are in government IBonds purchased many years ago, when returns were higher. We bought for inflation protection.
My personal belief is that one can be retired on whatever income is available... from Social Security alone, or from a multimillion dollar inheritance.
This and other websites cited in this thread are good sources for advice. You might want to Google ERE... for another.
Starting in on any popular forums can be a daunting experience. Advice can be overwhelming. No way that I know of, to shortcut the process of finding websites and members that you can respect and trust.
My DW... (Dear Wife) and I retired on a somewhat limited assets and income, detailed here:
http://www.early-retirement.org/foru...ent-62251.html
Long and wordy, but covering our retirement experience over the past 25+ years.
Best of luck... hang in there, and enjoy life.
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04-28-2015, 07:17 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Location: Seattle
Posts: 6,023
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Congrats on making it to 63. There are plenty who had big plans and saved a lot of money only to die in their 50s. You will see a lot of gnashing of teeth and tearing out hair on here from people with $6,000,000 who worry about paying $19.95 for tax software. Well, maybe that is how they got $6 mil
I would treat the $10k carefully and definitely not put it at high risk.
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Just retired at 63 on social security
04-28-2015, 07:37 PM
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#17
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Recycles dryer sheets
Join Date: Apr 2013
Posts: 252
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Just retired at 63 on social security
Quote:
Originally Posted by Running_Man
+1
If you only have 10K in total money other than monthly social security checks, I advise you hold 5K for emergencies and look to invest the other 5K. You could attempt to get rich quick by investing in commodities but I strongly advise against it.
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Put the 5k in market ETF like VTI and let it grow. I do congratulate you on retirement, enjoy it
Fermion it does seem like tax software should be cheaper, don't you think?
Sent from my iPad using Early Retirement Forum
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04-29-2015, 12:48 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,495
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Quote:
Originally Posted by Running_Man
I am taking that you are retiring on Social Security only at age 63 and am guessing therefore that your social security is in the area of 1625 per month and from your post your investing knowledge is rather limited.
If you only have 10K in total money other than monthly social security checks, I advise you hold 5K for emergencies and look to invest the other 5K. You could attempt to get rich quick by investing in commodities but I strongly advise against it.
The next question I have is are you able to save any portion of the Social Security amount, or is your budget very much stretched? I would advise you invest the other 5K with Vanguard and invest it in Wellesley Fund, a balanced fund with a good track record that is a relatively conservative investment that could yet allow you to have a meaningful amount of money by the time you reach your late 80's when you might physically need more assistance, so any additions will make a difference over the course of years. It is never to late to save, and you still have a likely 30 years to enjoy. Any amount added would be a very good addition.
My personal opinion is that 10K you have is extraordinarily valuable in your case, not a minimal amount to be risked as there is little to lose. It represents almost 2/3 of your yearly income and provides a backstop that is otherwise not available. I wish you well and congratulate you on your retirement.
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[Emphasis added]
+1 If you are in fact living on approx. $1625 SS monthly I would suggest investigating moving to the lowest COL area you can find that you believe you would enjoy. I second the thoughts in another post above that most here learned long ago to live beneath their means. Moving to a low COL area combined with living beneath your means should help you. I'm curious how you are affording healthcare at 63?
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04-29-2015, 01:09 PM
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#19
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Full time employment: Posting here.
Join Date: Apr 2015
Posts: 903
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Quote:
Originally Posted by Options
[Emphasis added]+1 If you are in fact living on approx. $1625 SS monthly I would suggest investigating moving to the lowest COL area you can find that you believe you would enjoy. I second the thoughts in another post above that most here learned long ago to live beneath their means. Moving to a low COL area combined with living beneath your means should help you. I'm curious how you are affording healthcare at 63?
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At that level of income, either government aid health insurance programs (e.g. Medi-Cal in CA) or full premium subsidy for insurance through ACA.
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04-29-2015, 01:14 PM
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#20
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Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 1,495
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Quote:
Originally Posted by hnzw_rui
At that level of income, either government aid health insurance programs (e.g. Medi-Cal in CA) or full premium subsidy for insurance through ACA.
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Good point. I'd also recommend investigating taking advantage of any other low income discounts available (i.e., phone, property taxes, utilities, etc.).
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