Just retired at 63 on social security

[check123]

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.

 

[Walt34]

Welcome to the forum!

 

[travelover]

Welcome. We can always use another picker, bee keeper and fisherman.

 

[MBAustin]

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.

 

[splitwdw]

Welcome!

 

[racy]

...I studied commodities many years ago and would like to know the best way to get into that. ...

Hi check,
You probably won't get much commodity info here, but you might try this:
Commodity Futures Trading Forums

good luck!

 

[check123]

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!

 

[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 They also saved and placed the funds into IRA accounts that are not taxed until the funds are withdrawn (in retirement.)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.

 

[Nodak]

Welcome aboard

 

[Elbata]

Just curious: Are you living on social security alone or is there a pension too?

 

[frayne]

Welcome and a picker too !

 

[pb4uski]

....How do you grow your money? Thanks in advance for your help. Have a great day!

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 They also saved and placed the funds into IRA accounts that are not taxed until the funds are withdrawn (in retirement.)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.

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.

 

[Katiek]

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.

 

[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.

 

[imoldernu]

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/forums/f27/sharing-23-years-of-frugal-retirement-62251.html
Long and wordy, but covering our retirement experience over the past 25+ years.

Best of luck... hang in there, and enjoy life.

 

[Fermion]

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.

 

[Rothman]

+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.



.

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?


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[Options]

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.

[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?

 

[hnzw_rui]

[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?

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.

 

[Options]

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.

Good point. I'd also recommend investigating taking advantage of any other low income discounts available (i.e., phone, property taxes, utilities, etc.).

 

[check123]

Social security and wife's income

Just curious: Are you living on social security alone or is there a pension too?

Just social security and my wife pays for groceries out of her income as a massage therapist.

 

[LRDave]

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.

Or better yet, through low-cost passive index funds investing in broad markets. Low cost is the closest thing to a sure-fire strategy when it comes to investing in equities.

 

[bmcgonig]

Just social security and my wife pays for groceries out of her income as a massage therapist.

Hi check,

You may find it very useful to tell everyone how much your SS is and list your monthly expenses. That may help people know your situation better.

Congrats on retiring.

Sent from my iPad using Early Retirement Forum

 

[LauAnn]

I took the liberty of cutting/pasting the following posted by check123 in another thread. It sheds more light on his situation. (Hope that was okay to do.)

Thanks for many good comments and advice. I only have SS but my wife works as a massage therapist. My theory of "wealth" for a long time is that "there are two ways to be rich, one is by having a lot of income, and the other is by having no debt". I grew up poor, monetarily, but rich in love and values. I didn't learn about saving and investing, etc. until halfway through my adult life. There were jobs I had with good 401k programs which I invested in but either withdrew to meet a need or because they were going down as much as they were up. I've also made a couple of good real estate deals along with several sour ones. Anyway, I decided several years ago that I was much better at being frugal than making money so I bought a place cheap, built a house with help from my friends, and paid off the property last year and quit my job this year. My wife pays for the food and her school bill and I pay for the few other monthly bills. We also help out our son who is in college. I earn a bit by selling CDs, playing a gig, or giving a music lesson but usually spend it on more gear. My SS is only $820, but with no debt it's OK. I agree with keeping 5k for emergencies. With low income I signed up for health care for free, but we haven't used it much because we haven't had to, and wonder if we do whether the feds are going to want it back. I've been working on our property, 2.3 acres, preping for fire season, and starting a garden, etc. We have wood for heat and don't need AC. I have had a Vanguard account and will check out the Wellesley investment. I'm hesitant about putting money in an IRA again because now I know it could be lost there, too. I bought a little boat a few weeks ago which I plan to use a lot this summer. I hope I've covered all your questions and comments. I still welcome your advice. Oh, I created an invention with the help on the engineering dept of my alma mater but haven't had enough money to patent and market it. If any one has an interest in helping me with that, let me know. Have a wonderful, blessed day!

 

[purplesky]

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.

You studied commodities years ago(became a trucker) and then you cashed out your 401k because it was up and down. You have 10k to your name?

If you can still pass the CDL DOT physical I would get back into your truck.

You are broke. Sorry but I am having trouble buying your situation.