Well, I am retired a while now. I work part time and I still find myself saving. I have been told that many people who get their nest egg together have difficulty switching from saving and getting out of debt to spending that nest egg in retirement.
I know how to save and be frugal but now that I have arrived at my goal I just don't know how tp spend money. I am obsessed with saving and investing. I think my wife considers me nuts. My Subaru is 13 years old and I am going to ride it till the wheels fall off. Great purchase, that car!
I rarely spend money on clothes. I like reading books and watching Youtube videos. I do a lot of volunteering these days. All in all I am content. I still serch for bargains and sales at the grocery stores. I love using the local library.
I am very concerned about prescription drug prices. Some of the medicines my wife and I need are off the wall. We use Good Rx quite a bit. The Mrs. and I have bought our plots at the cemetary. We hopefully won't be using them any time soon.
I am starting to divest myself of many of my possessions. It is amazing how much clutter we collect over our lifetime. My advice to younger folks is to be minimalist. Buy quality not quantity and really think before you buy, Clutter really becomes a hassle over time! I guess that is it for now. I will stop by again as things progress in retirement!
Keep saving folks!
October 5th, 2024 at 07:30 am 1728109848
In an ideal situation, I would like to continue to save and invest into my retirement as well. Sure, some people might say that is not entirely necessary, but for the most part, I don't feel like I am missing out or suffering just for the sake of saving and growing my own nest egg. If anything, it would only allow me to make bigger charity donations every year.
As for clutter, boy don't I know that one. I don't consider a minimalist for the most part, but I also have a couple of hobbies that, almost invariably, will cause me to build up clutter and junk. I'm trying to be better about it though.
October 5th, 2024 at 06:46 pm 1728150410
If you have concerns about long-term care, you can estimate how much in long-term care expenses you might incur. Estimate longer if you have dementia in your family, but if not, the average is 2.5 years for men. And while you might not qualify for a traditional long-term care policy, there are life insurance policies with accelerated benefit riders that you might be able to purchase if your health isn't really bad.
There are ways to estimate how much your wife would need if you predeceased her, and remember that Medicare Part D will be capped at $2,000 out of pocket next year. (Of course, if you are buying with GoodRx, that money spend will not qualify towards satisfying your Part D out-of-pocket.) Medicare Open Enrollment starts on 10/15 and this year especially is a good time to review your coverage and the formulary, because a lot of providers are raising monthly premiums.
If you want to provide for your children, figure out a reasonable amount to leave them and that can be figured into a projection.
But don't save just to save. Obviously, continue to spend wisely, but don't deprive yourself and your wife, especially of experiences, just in order to die with a larger bank account. Plan ahead--and read "Die with Zero" by Bill Perkins. Remember--you can't take it with you.
October 5th, 2024 at 10:16 pm 1728162999
Young people tend to regret what they did and older people tend to regret what they haven't done.
Don't leave life with too many regrets, things that you didn't do because of the fear of running out of money. There are certainly some people who need to worry but it really doesn't sound like you are one of them!
October 5th, 2024 at 10:55 pm 1728165332
When I was working I used to eat out a lot as a way to both save time and relax. Now that I have endless time, when I look at restaurant prices - and consider the quality - I usually decide to cook and eat at home.
And I want the money I saved to continue to work hard and keep growing. One way to do that is by using it carefully. I don’t shop recreationally anymore - I too am working my way through a life’s worth of possessions - but my grocery shopping, seeing how much I can save, is fun for me.
We are fortunate to be in a position to even have this discussion!
October 5th, 2024 at 11:43 pm 1728168193
October 6th, 2024 at 12:47 am 1728172064
I know I want a new vehicle next year. And in anticipation of possibly moving in the next year or two or three, I'll also be doing a whole slew of home improvements that I just let slide over the years becus I planned to remain here so it wasn't a biggie. But when you start looking at your home from a buyer's perspective, suddenly there are many things you want to fix.
So next year I hope to be redoing my back stone staircase and replacing both front and back doors. And getting an updated will in order. And the new SUV. There seems to be no shortage of ways to spend my money, but I will mostly be focusing on the vehicle and home improvements. Worst case scenario, I don't move, but at least the house will be that much better.
And considering I have lived on a very low income in 2024, I still managed to get a few key projects done this year: a new energy-efficient heat pump hot water heater, some work on my basement walls, tree pruning and a retaping of the garage ceiling following a repair to the garage door opener.
I've been giving away stuff, LOTS of stuff.... on my local Buy Nothing group for several years now. Just trying to lighten my load if I do end up moving because it could very well be to a somewhat smaller space, and possibly without the storage afforded by an attic and basement.
There once was a time in my 20s when I could fit all of my worldly possessions in the back of my pickup truck. Amazing.
October 6th, 2024 at 08:21 pm 1728242509
As for getting rid of things, good plan. We've become a nation of buying and collecting and then realize for what? I moved in with my new husband and wound up going through multiple tubs of her decorations and knick knacks. Let's just say one thrift store asked us not to come back with another load because they had too much. And it wasn't clothes we donated!
November 7th, 2024 at 06:27 am 1730960838