Been Getting SS for 3 months now, having trouble spending it. How about you?

[ShokWaveRider]

Cheers to your success.

I would not say successful, just getting/taking SS at 69 after basically a LBYM Retirement for the last 15 years takes some adjusting to. That BTW was my initial point, not what to spend it on.

We have always had a bit of difficulty spending money, not to say we do not though, but typically as needed.

 

[Midpack]

It is going to be a big adjustment for us going from withdrawals consisting of

• interest, dividends/STCG and cash alone (since 2011), to
• Soc Sec (2024-26) and RMDs (2027-29) on top of interest, dividends/STCG

I’ve been Roth converting as much as possible (22% bracket) to prepare but we’ll still have more passive income than we want. We’re just not wired to spend money frivolously. Some increase to charity but not all. We don’t have children. Yes, nice problem to have…

 

[Badger]

We have no trouble spending all our SS and small pensions. It takes care of our electricity, water, CC bills (which is mostly gas and groceries), and other normal bills. We just don't spend much of our retirement investments. That generally goes for short vacations, charitable donations, and gifts to help our grown children. After about 11 years the retirement investments have increased so I doubt we will run out of money and the children (if they are smart) will be comfortable in their retirement.

Cheers!

 

[jebmke]

Our spending isn't gated by our income. For the first 10 years of retirement we had no outside income. The money doesn't know where it came from when it goes out the door.

 

[freedomatlast]

Buy a luxury SUV loaded with all the options including a turbocharged V-8 that takes premium fuel. That will help.

 

[ShokWaveRider]

Buy a luxury SUV loaded with all the options including a turbocharged V-8 that takes premium fuel. That will help.

Also, a complete waste of money and of no material or practical value for us. An Aston Martin V12 upgraded with a Twin Turbo, now that IS an Option ... Oh! but I have to Maintain it and the nearest dealer is 2 hours away.

 

[MarieIG]

We haven't taken social security yet - but I don't intend to put pressure on myself to spend it - although I don't believe that will be a problem.

After taxes and IRMAA Medicare expenses, I will put aside some for additional taxes. The remainder won't be life changing but possibilities include:

- increasing charitable donations;
- gifting to family members;
- hiring a cleaning person perhaps 2x a month (I don't want one now, but perhaps I'll want one later);
- hiring a personal trainer;
- putting money in a travel fund for some shorter trips with DH;
- taking DGDs out.

 

[Aerides]

Many simple upgrades in life:

Donate
Try new restaurants, order without looking at the price too much
Really nice sheets and linens, extra sets make laundry day that much easier
Ditto for underwear! Get the good stuff and a lot of it
Find an artist whose work you like and get a few pieces, have them framed nicely
Upgrade when you travel
Spa days - go with your wife - get a pedicure together at a nice place
Tip generously

I don't think it takes much imagination to find new and fun ways to blow some extra dough. That little list took me 5 minutes, but everyone has different preferences. What it does take, however, is the willingness to adjust ones mindset and not immediately dismiss ideas based on old thinking, and allow the yourself to experiment and be guilt-free from the outcome.

 

[brett]

Travel, edu fund for grandchildren, charitable donations, retirement fund for you children.

Not certain why anyone would view an excess of income over spending a challenge.

Look around, there are many good organizations that need our help. We focused on our local food bank but there are many, many others.

Hardly a head scratcher of a problem.

 

[Time2]

It is going to be a big adjustment for us going from withdrawals consisting of

• interest, dividends/STCG and cash alone (since 2011), to
• Soc Sec (2024-26) and RMDs (2027-29) on top of interest, dividends/STCG

I’ve been Roth converting as much as possible (22% bracket) to prepare but we’ll still have more passive income than we want. We’re just not wired to spend money frivolously. Some increase to charity but not all. We don’t have children. Yes, nice problem to have…

Hey, we're in the same boat together!

Nice boat to be in.

 

[harllee]

I am moving into a CCRC (continuing retirement community) next month and our SS payment (which is large, waited until age 70) will pay our monthly CCRC fee.

 

[target2019]

If you can't spend it, maybe help a friend out. No, I didn't mean me!

 

[jebmke]

It is going to be a big adjustment for us going from withdrawals consisting of

• interest, dividends/STCG and cash alone (since 2011), to
• Soc Sec (2024-26) and RMDs (2027-29) on top of interest, dividends/STCG

I’ve been Roth converting as much as possible (22% bracket) to prepare but we’ll still have more passive income than we want. We’re just not wired to spend money frivolously. Some increase to charity but not all. We don’t have children. Yes, nice problem to have…

The only new income is the SS, right? The RMD is simply an expense (taxes).

My SS will roughly cover the taxes on my RMD so in the long run, these two are a wash. I do have a couple of years of SS in advance of RMDs where the incoming funds are additive.

 

[ShokWaveRider]

Once again ..... I have No (Zero) issues with what to spend it on, just pulling the trigger to do so. After all the years od LBYM (B being Below) I am still having difficulty in changing my spending habits. I was wondering if anyone else here has the same dilemma.?

 

[pacergal]

Upgrade spending on yourself: longer, fancier travel--first class air, suites on cruises, etc.

Buy a new car or upgrade/remodel areas of your home.

How about contacting local schools, see if any child has need for payment of school lunch bill?

If you celebrate Christmas, give to a local Walmart, or such, to anonymously pay off gift lay away bills for those less fortunate.

Donate to local food banks.

Go on a spending spree and purchase bunch of new clothing, including sox, underwear, in various child and adult sizes and donate to a local shelter.

Give more to the charities you choose.

Create a small scholarship fund for your local High School--eligible for college or trade schools.

 

[jebmke]

Once again ..... I have No (Zero) issues with what to spend it on, just pulling the trigger to do so. After all the years od LBYM (B being Below) I am still having difficulty in changing my spending habits.

I used shock therapy. Retired in December, 2007. Pension 10 years away and SS 15 years away. Dumped a load into a DAF in December and then we went on a spending binge for the next three years (2008-10).

 

[pacergal]

Once again ..... I have No (Zero) issues with what to spend it on, just pulling the trigger to do so. After all the years od LBYM (B being Below) I am still having difficulty in changing my spending habits.

Habits are hard to change!
Start out slow and keep repeating.
There must be somethings that you want, but have denied yourself due to "frugality".
Perhaps start by upgrading a few things you normally buy at the grocery store--buy more expensive canned goods, toilet paper, higher quality meats/fish?

Once you feel comfortable opening your wallet a bit more, it will be much easier!

 

[Helen]

I am planning to start drawing at age 70 (4 years from now - yikes!) By then my oldest great niece will be close to college age so my SS will probably go towards that.

 

[MissMolly]

I wouldn't worry about it. I just let extra money build up because a month from from now or six months or a year something is going to come up where you wish you had extra money. Like when a tree falls on your house and you have a high deductible and then another deductible because it was wind damage and then depreciation because your roof is more than 10 years old and then you decide to get the expensive architectural shingles instead of the 3-tab....

 

[jebmke]

I wouldn't worry about it. I just let extra money build up because a month from from now or six months or a year something is going to come up where you wish you had extra money. Like when a tree falls on your house and you have a high deductible and then another deductible because it was wind damage and then depreciation because your roof is more than 10 years old and then you decide to get the expensive architectural shingles instead of the 3-tab....

Tell me about it. I have three things hitting this year all at once. Replace the well, new lining for the pool and resurface a 200 foot driveway. I may have to put a pile of gold on the front porch and just call it a day.

I could probably defer the well a year but I'm not keen on playing Russian Roulette with my water supply. The existing well is 43 YO and many similarly aged wells in the area are being replaced now. I'm just keeping my fingers crossed that the septic tanks are OK.

 

[ShokWaveRider]

I did buy DW a new singing and Dancing Range and Dishwasher since getting my SS as well as a new Mattress, 2 new awnings, a new upstairs AC unit and a New Fully loaded Lenovo X1 Carbon Laptop for me so we are not doing so badly I suppose. Still had to justify the heck out them all though.

 

[W2R]

I made a deal with DW. When we took our SS, we that we would spend it (All but 3 months to cover additional Taxes). We are having trouble spending it. We use it as disposable income. Our other income covers all our expenses and then some.

What do you do?

I'm glad that I don't feel the need to spend every last cent of income that I get, such as SS. I save any extra and invest it. My old age expenses have to be self-funded, because I have only one child and have zero intention of sponging off her (or taking even one cent from her) when I get old. She has had enough problems of her own already in life without a dependent mom to support.

Frank is retired on a shoestring. We are not married and I would never ask or expect any financial assistance from him as I become aged and helpless. He does not need me as a financial dependent either, at this time in his life. Besides, I pride myself on my independence, always have.

If I need assisted living or nursing home care, or other services or facilities to help me deal with aging, I want to have enough money to pay for it. And this all needs to be self-funded. People say that the very aged spend less than they did when younger, but I am skeptical of that as a general rule (except when it comes to travel).

On the other hand, if I am wrong and I somehow miraculously go through very old age without spending a single thing on care or facilities, well, that's OK; I am one of the lucky ones with heirs who fully and completely deserve anything they might get when I die. Which hopefully will be many, many years from now! Right now I'm only a spritely young thing, just 75 years old and diabetic with a walker.

 

[flyingaway]

This story tells us that it might not always be a good idea to delay social security as much as possible. Because you have got used to the life without the social security and the much larger social security money is more difficult to spend.

 

[pacergal]

I did buy DW a new singing and Dancing Range and Dishwasher since getting my SS as well as a new Mattress, 2 new awnings, a new upstairs AC unit and a New Fully loaded Lenovo X1 Carbon Laptop for me so we are not doing so badly I suppose. Still had to justify the heck out them all though.

Well, now you need to post in the BTD thread!

Enjoy your good fortune, you're doing OK.

 

[ShokWaveRider]

Well, now you need to post in the BTD thread!

Enjoy your good fortune, you're doing OK.

I did a week ago. LOL