Sharing 23 years of Frugal Retirement

Update with a caveat.....

Nothing new, except that I would be remiss in failing to point out what may be a change in our long term planning.
My posts #146 and #150, covered in broad terms, the idea of using medicaid as a factor in protecting a spouse when part of the team must go into longterm care, supported by medicaid laws.

While I believed this would be a good possibility at the time, a recent NYT article covering potential changes in medicaid... (In particular for the state of Illinois) is making me rethink my plans.

https://www.nytimes.com/2017/06/24/science/medicaid-cutbacks-elderly-nursing-homes.html

While I don't expect that others would incorporate my thinking in their own plans, there is a good possibility that what might have worked well in the past, may not be available in the future. Since any change would likely be state-dependent, watching for possible legislative changes in your own state might be worthwhile from a planning standpoint.

Changes (as of today's best bet) would not come until 2020 or possibly 2021, but the time to look ahead, is now.
 
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youbet said:
I wonder how your friend's children, "the lawyers," feel about having given their dad such lame advise.

No doubt, when the Medicaid form asks whether you've gifted money during the past five years, and you have, better answer "yes."
Click to expand...

Gee , I dont have a law degree, and I would have gotten that question right.:D
 
Retirement Philosophy

Am posting here as means of working out a continuum of one person's philosophy on the very broad subject of retirement. I see it as more than just what to do, or how to fund it, and... more importantly to see it as a major... perhaps THEmajor goal of a fulfillment of life.

Almost a "born again" situation where time becomes a new horizon. A New Birth. Consider the 24 hour day... pre retirement.

1. 8 hours of work. Perhaps up to 9 hours if you consider the lunch hour.
2. 1/2 hour...AM time getting ready... dressing, planning for things to be done that are not work related... ie. scheduling time organizing the non work part of the day.
3. 1 1/2 hour... total commute time.
4. 1/2 hour home work, for for the next workday.
5. 1/2 hour before or after bedtime... planning, reviewing, and worrying about what happened in work yesterday, or what's going to happen tomorrow.

Even assuming that "work" totally disappears over the weekend.... All of a sudden...

FREE - Fifty five PLUS Hours of Primetime, Freedom... every week

Before spelling out the possibilities that become available for this FREE time, Part 1 of this Retirement Philosophy
...is to get past that initial hangup that seems to pervade and haunt most retirees. Money, and the anxiety that it breeds.

...So, for the first part of of this philosophical blurb, I'm borrowing from another website:

https://followmyfootprints.com.au/what-is-your-retirement-philosophy-like-a-rolling-stone/

to put the money thing in a package, and to separate it from the more important parts of what retirement should be. Here's the pictorial consolidation of those worries. (thuumbnail, at bottom)

I want to get this part out of the way in order to get back to how we can approach those "Extra" 55 hours of primetime, that we are thrust into... fifty -five extra hours per week, for the rest of our lives... maybe 30, 40, or 50 years. Time that won't be totally filled by travel, or eating out, or buying cars... and stuff like that.

Time to "give", "create", "ponder", "join", "elevate", "remember", "plan", and make the most of the wonderful gift of a new freedom.

Much more to follow.

Apologies for putting this back in my original thread, but at some time, I want my kids to be able to see My Life and Jeanie's life in a wider perspective, and I won't have time to begin another "blog". Thanks for your patience. :flowers:
 

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Retirement Philosophy, Part 2: People

Backing up a little... This "Philosophy" bit has been lurking for a few years, but it was triggered by this morning's short trip and tour of my lake place with one of my older CCRC neighbors. I've mentioned him on some other threads... he's the guy with the large N guage railroad in his house, who still builds and flies remote control model planes, and who... whe we moved into the community in 2004, was just finishing building a full size airplane in his garage. Yeah... a flyable full size "pou do ciel".

Oh yeah.. BTW, I'm 81, and he just turned 98. The smartest, sharpest man in our entire community of about 450 persons.

So why today? Well, we're well suited to each other... one of those people with whom you "tune in", instantly. I guess that's my thinking about connecting with people when we retire. Not just the people we knew before... not just relatives or longtime neighbors, but people outside our own frame of reference.
People from whom we learn a new frame of reference... from whom we learn "things" . People with whom to interact and exchange ideas, plans, and dreams... outside of those that we've already experienced.
............................................................................................

Sidelight... He was a very successful framer, the the owner/operator of a collision repair service. After turning over his businesses to his children, he still had his very expensive home which would provide him with a considerable cash nest egg (then at age 80.. When his wife came down with a debilitating disease, he placed her in the nursing home in our CCRC complex, sold his home and moved into one of our Villas. As it turned out, she lived for over five more years @ 65K/yr... which he paid from the sale of his home. He never found out that had he kept his expensive home, he would still own it. He's not destitute by any means, but the lookback hurts a little bit.
.............................................................................................

Back to "People". A personal philosophical view that I share with my DW. We find it very easy to say Hello... and to engage people that we don't know, in casual conversation. doesn't matter if it's in our CCRC, Walmart, or just walking down the street. By contrast, because we live in a community with an age span of from 55 to 104, we get a chance to see how the socializing affect interacts with health and mental attitude. To a person... extroverted social people are happier, and for the most part healthier than those who keep to themselves.

Yes... this would be expected... healthy and happy go together. Maybe not so much... Maybe not just a natural affinity. We've been here long enough to spend some time with the quiet people... who have, for years kept to themselves... sour on life, with perpetual complaints and a "why me, Lord?" attitude. We, some of the social "leaders" and many of the CCRC employees, have been able to turn this around, pulling people out of sorrow, or integrating them (maybe for the first time) into a social community.

This is not a "natural" as some might think. Even here, on ER, we see retirees and "hopefuls" who seem to deliberately want to get away from people. as a reaction to"too much" socializing. Personally, after leaving by last corporate job in 1984, this was my own feeling. Fortunately that didn't last.

Easy to go on with this "people and positive attitude thing... suffice it to say that my, (our) philosophy about people, is to be there. to be involved. To be willing to listen, and to be willing to share. After all, when you share part of your life with others, they usually share some of their lives with you. What better feeling of friendship and closeness... a basis for friendship, and a more fulfilling life.

Opps... too wordy, too little said.
 
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I always love hearing your perspective. Thanks for sharing! Very helpful and food for thought, as always.
 
One of the things that I worry about in retirement in loss of friends and the inability to befriend new people. As I am getting old, I find myself more and more not want to get to know new people.
 
Looking back

Looking back
Sometimes, looking back in time is helpful in planning ahead. At age 55 or 65, imagining oneself 25 years from now at age 80 or 90 can be an interesting exercise.
After going to online calculators, here's a list, (numbers rounded for clarity) of a 28 year retirement history.

1. Current age 82nd year.
2. Retired age 53. In 29th year of being unemployed
3. Life expectancy at time of birth 61 years.
4. Current life expectancy now in 2018, age 89.
5. Salary at age 53, $50,000.
6. Today's equivalent, inflation adjusted salary $100,000.
7. Total net worth at retirement $500,000.
8. Current net worth $500,000.

At the time of retirement, the financial advisor projected a need for at five more years of employment to add to net worth, to be safe.

The thread title cites "frugal retirement". I can assure that neither Jeanie nor I feel that we really were living frugally, or missed out on any of our dreams. The decision to retire was made on the basis of many dozens of pages of calculations, based on expected taxes, earned income (none), an average of 3% inflation, and investment income of 5% and a life expectancy to age 75. Of course none of these things actually worked out, but somewhere along the way, between adjusting to unexpected expenses, three changes of residence and risk averse, relatively safe government bond investment, Social Security and LUCK... we're still here.

For anyone reading this who hasn't followed the thread, FWIW, we're living in a Continuing Care Retirement Community, in a regular 6500sf
(as corrected... 1600sf.) :(
home, with an option to go to the "Estates"... a one monthly fee all expenses included... (food, utilities, planned transportation, housekeeping and entertainment)... or, depending on need, assisted living units, or, rehab ("Bounceback") units, or, Nursing Home rooms, or the attached Alzheimer units ("Memory Lane"). We've integrated well into the community, and are completely at home and comfortable with our decision to move here in 2004, while we were still snowbirding to Florida until 2012.

Are we "safe":confused: Of course not. But with a small nursing home insurance policy and a fallback 20% reduction in spending (fallback austerity budget), and the love of our family, we are happy and optimistic about the coming years. Even with the onset of memory problems, still looking ahead to the future... with absolutely no regrets about the ER decision.

P.S. Anything here that differs with other statements in the overlong wordy thread.. chalk it up to old age...:)
 
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imoldernu said:
Looking back
Sometimes, looking back in time is helpful in planning ahead. At age 55 or 65, imagining oneself 25 years from now at age 80 or 90 can be an interesting exercise.
After going to online calculators, here's a list, (numbers rounded for clarity) of a 28 year retirement history.

1. Current age 82nd year.
2. Retired age 53. In 29th year of being unemployed
3. Life expectancy at time of birth 61 years.
4. Current life expectancy now in 2018, age 89.
5. Salary at age 53, $50,000.
6. Today's equivalent, inflation adjusted salary $100,000.
7. Total net worth at retirement $500,000.
8. Current net worth $500,000.

At the time of retirement, the financial advisor projected a need for at five more years of employment to add to net worth, to be safe.

The thread title cites "frugal retirement". I can assure that neither Jeanie nor I feel that we really were living frugally, or missed out on any of our dreams. The decision to retire was made on the basis of many dozens of pages of calculations, based on expected taxes, earned income (none), an average of 3% inflation, and investment income of 5% and a life expectancy to age 75. Of course none of these things actually worked out, but somewhere along the way, between adjusting to unexpected expenses, three changes of residence and risk averse, relatively safe government bond investment, Social Security and LUCK... we're still here.

For anyone reading this who hasn't followed the thread, FWIW, we're living in a Continuing Care Retirement Community, in a regular 6500sf home, with an option to go to the "Estates"... a one monthly fee all expenses included... (food, utilities, planned transportation, housekeeping and entertainment)... or, depending on need, assisted living units, or, rehab ("Bounceback") units, or, Nursing Home rooms, or the attached Alzheimer units ("Memory Lane"). We've integrated well into the community, and are completely at home and comfortable with our decision to move here in 2004, while we were still snowbirding to Florida until 2012.

Are we "safe":confused: Of course not. But with a small nursing home insurance policy and a fallback 20% reduction in spending (fallback austerity budget), and the love of our family, we are happy and optimistic about the coming years. Even with the onset of memory problems, still looking ahead to the future... with absolutely no regrets about the ER decision.

P.S. Anything here that differs with other statements in the overlong wordy thread.. chalk it up to old age...:)
Click to expand...

Always glad to read your posts. Yours is an example of maintaining nominal portfolio balance in retirement.
 
I love your posts. Sounds like you are having a great retirement life!
 
The older one, the OP, inspires all of us young ones again. He makes me want to come find him in downstate Illinois, buy the adjoining residence, retire now and be his neighbor, so as to soak up more wisdom in his and my time remaining.

His principal lesson, I discern, is to focus on fundamentals, simplify, and worry less. Like the lilies of the field, who neither reap nor sow, nor gather into barns; yet our Heavenly Father feeds them.
 
imoldernu said:
Are we "safe":confused: Of course not. But with a small nursing home insurance policy and a fallback 20% reduction in spending (fallback austerity budget), and the love of our family, we are happy and optimistic about the coming years. Even with the onset of memory problems, still looking ahead to the future... with absolutely no regrets about the ER decision.
Click to expand...


I always enjoy your posts, and am glad you keep chronicling your journey. It is a perspective not many of us have. I’m glad you find yourself still enjoying life and optimistic about the years to come.

And sympathies re: the memory problems. I recall you’ve mentioned those before. We also are facing that, in this case in the form of DW’s condition. In retrospect, one reason we’ve been able to continue living a relatively normal life, for as long as we have, has been a lot of reading and planning as to how the condition is likely to progress. Knowing how much thought you put into planning for your original retirement, you’ve probably also done a lot of planning for the progressive impact of age on mind and body. To still be able to find happiness, in the midst of that awareness, is the mark of a successful life - and you seem to have it.
 
I just read every single post in this thread and don't mind the time it took. Being 48 (DW 45) and having planned for 20+ years to retire at age 58/55, the philosophies, mental notes, and discussion are beyond anything else I have read.

As for the CCRC, my 24 married daughter recently informed me of the cost of this in our area. Asked her if she was trying to put in one before 50 years of age and she said, "Heck No! I'm talking about for us! Room, board, transportation, and the activities I'm seeing/hearing about for that price. It's cheaper than our monthly expenses for the same stuff and I could work in the skilled nursing unit attachment without having to drive to work." (she's an RN Supervisor in a large SNF unit).
 
1-31-18 said:
The older one, the OP, inspires all of us young ones again. He makes me want to come find him in downstate Illinois, buy the adjoining residence, retire now and be his neighbor, so as to soak up more wisdom in his and my time remaining.

His principal lesson, I discern, is to focus on fundamentals, simplify, and worry less. Like the lilies of the field, who neither reap nor sow, nor gather into barns; yet our Heavenly Father feeds them.
Click to expand...

+1

:D:flowers::dance:
 
Imoldernu -- this is an amazing thread, and your writings provide much to ponder on. Thank you for making the time to document your journey.

With a grateful heart,

CBH (mostly H)
 
cynicalbuthopeful said:
Imoldernu -- this is an amazing thread, and your writings provide much to ponder on. Thank you for making the time to document your journey.

With a grateful heart,

CBH (mostly H)
Click to expand...

I can't say it much better than this! This is a thread containing riches, to which I will be returning for contemplation as time goes on. Many thanks to Imoldernu for generously sharing the lived experience of successful older age, in all its ups and downs. As one who strives to emulate such a journey, I hope I can do as well.

Wishing you health and happiness! :greetings10:
 
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