Practicing Retirement Before Retirement.

[rjmt]

This will be an ongoing effort of mine to figure out how I might manage my time during retirement. It should also help me estimate how much money I will want for daily expenses during retirement. That may motivate me to start contributing more to my Roth.

Starting tomorrow I am going to follow a schedule that I might live with during weekdays in retirement. This period will continue through Monday evening.

My spending goal for daily expenses during this period will be $10 a day. That money will have to cover fuel, food and any other personal care items I may need during the practice period. If that proves unmanageable I will increase it during the next practice period.

I didn't even make it through half of the first day the last time I tried this. Hoping for better success this go around.


Proposed schedule for this practice period.

Schedule for Thursday July 3rd through Monday July 7th.

5am-8:30am have coffee, breakfast, watch news and hangout on NWFA.

8:30-10am exercise

10am-12pm firearm related activities

12pm to 1pm lunch

1pm to 3pm chores, shopping

3pm to 6pm nap

6pm to 7pm dinner

7pm to 8pm relax

8pm to 5am sleep

you get up at 5 in the morning in your retirement?
I get up about 5 to pee, then go back to bed until 9
have these real nice vertical blinds that block out all sunlight - still dark in my bedroom at 9

 

[arakboss]

you get up at 5 in the morning in your retirement?
I get up about 5 to pee, then go back to bed until 9
have these real nice vertical blinds that block out all sunlight - still dark in my bedroom at 9

I like the peace and quiet. Once the wife gets up it's trash TV all day long.

 

[rjmt]

I like the piece and quiet. Once the wife gets up it's trash TV all day long.

I had the same until my wife moved in with my daughter in Portland for medical reasons
just my son and I now, so BBC News instead of American trash TV or CNN

 

[The Heretic]

you get up at 5 in the morning in your retirement?
I get up about 5 to pee, then go back to bed until 9
have these real nice vertical blinds that block out all sunlight - still dark in my bedroom at 9

It depends on how early I hit the sack during the summer. Right now it gets light about 430-5 so I start to wake up. Depending on how I feel I may get up or I may sleep for another hour or two.

I was raised on a farm and everybody there got up about 30 minutes before daylight, or earlier, so we could get out in the fields at first light (or not soon after) while it was still cool and get some work done before it got too hot.

 

[rjmt]

It depends on how early I hit the sack during the summer. Right now it gets light about 430-5 so I start to wake up. Depending on how I feel I may get up or I may sleep for another hour or two.

I was raised on a farm and everybody there got up about 30 minutes before daylight, or earlier, so we could get out in the fields at first light (or not soon after) while it was still cool and get some work done before it got too hot.

for the last 16 years before i retired, I had to get up at 0330 to catch the 0600 flights out of PDX
when I retired, I swore I would never do that again
don't have my first cup of coffee until 9:15 now
I usually go down for a nap at 3, then wake up around 6 to make dinner
can still work outside till 9:30, back to bed before midnight

 

[rjmt]

Because of my work I have met a lot of retirees over the last 36 years, and although this is an oversimplification and obviously doesn't apply to everyone and all that, one consistent theme I have heard regarding being happy in retirement is that how you defined your worth during your adult life will shape how you will thrive in retirement. If your identity and pride came from being a captain of industry or a forceful and decisive executive or you just let whatever work you did define you as a person you will not be happy sitting around waiting for the grandkids to call. If, on the other hand, your identity and pride came not from the work Per Se, but instead from how that work allowed you to support your family, you may well be happy sitting around waiting for the grandkids to call.
Neither way is "wrong" just that's how it tends to play out and some older folks just need to join an HOA board and make other people's life miserable so they can fill that void of no longer being a valuable coxG in the uncarring machine

I thought on this for a while
I was a top engineer in Medical Electronics, worked the same profession for 50 years
had work permits on 5 continents
but technology changed and new system I was not familiar with were released a couple years before I retired
new remote diagnostic software was getting better and my old mind was getting slower
I understood it was time to get out
but I've had this property for 28 years and was here on most weekends
I found I didn't have to adapt, just quit answering my phone
where as I flew out every Monday before, now I leave the property just once every other week for Costco and Safeway runs
since we have 2 refrigerators and an 18 cu ft freezer, don't need to hit the stores every day, or even every week
bought my retirement truck in 2017 - doesn't even have 10,000 miles on it yet
with the new Costco in Ridgefield, we just drive one exit down

by the way, ones highest retirement bill will be lodging
my property is paid off, so only property tax
but my wife and daughter live in a 2 bedroom place in Portland and pay $2100/mo rent
I pay my wife $1500/mo NOT to live here - best monthly payment I have
how does anyone retire in Portland?

 

[arakboss]

Retirement is over, back to daily grind.

Overall I feel the practice retirement went well. I determined I can get by without naps and that my $10 a day budget won't work. I was able to keep busy with little effort.

I dropped another $25 on a haircut and $15 at Freddy's yesterday. That puts my total daily expenses for the 5 days of PR at just shy of $75. That means $10 a day isn't going to cut it for budgeting. I will try $15 a day next go around.

I am thinking I will try this PR routine out on Fridays and Saturdays for the rest of this month.

Once I arrive at a realistic figure for my daily retirement expenses, I can plan for a date to retire or move to part time work.

 

[nwslopoke]

Not fully retired but my plans continue to evolve. Whatever way it goes, retirement will definitely involve traveling. The question is, at what scale. At minimum stateside staying a Hampton Inns. Best case would be worldwide, staying at Hampton Inns. The one in Vienna is in a perfect location at Prater, 2nd District.

I don't think many Americans appreciate what we have available. You've spent most of your life funding it. Why not go out and enjoy it?

 

[The Heretic]

dropped another $25 on a haircut

This has gotten simple for me decades ago; about every 2-3 months I simply shave my head. No sense in paying a barber $10 to do the same thing. I just do not have enough remaining hair to make it worth it. My hair has always been very thin, even as a kid.

 

[arakboss]

This has gotten simple for me decades ago; about every 2-3 months I simply shave my head. No sense in paying a barber $10 to do the same thing. I just do not have enough remaining hair to make it worth it. My hair has always been very thin, even as a kid.

I will likely do something similar in the next few years. Ever since covid hit, I have really been stretching the time between cuts. I have been going to the same place for decades now. A couple of Vietnamese gals run the place and I feel bad for them as I am not their only customer stretching time between cuts. The last few years I have been giving them a $50 each gift at Xmas time. I used to take both my boys there as well. Now that they have grown up they have switched to somebody else for cuts.

 

[The Heretic]

Not fully retired but my plans continue to evolve. Whatever way it goes, retirement will definitely involve traveling. The question is, at what scale. At minimum stateside staying a Hampton Inns. Best case would be worldwide, staying at Hampton Inns. The one in Vienna is in a perfect location at Prater, 2nd District.

I don't think many Americans appreciate what we have available. You've spent most of your life funding it. Why not go out and enjoy it?

I want to travel - mostly because of the SAD during the winter. I tolerate the SAD, it isn't bad, it just isn't enjoyable and my energy level goes down.

During the nice weather I mostly enjoy where I live with little need to travel. I am surrounded by forest, it is very quiet here, I rarely see people here because everybody keeps to themselves. I am pretty sure that for most of my neighbors that is one of the reasons they live here (I am the only single person, the rest are at least married, a couple have children who live with them (only one small child) or visit occasionally).

I would not travel to see other cultures or people, I want to see other natural environments and explore the outdoors, not cities/towns/villages. But right now (this moment) I am content with my sanctuary in the woods while the weather is nice.

 

[OneArgus]

This will be an ongoing effort of mine to figure out how I might manage my time during retirement. It should also help me estimate how much money I will want for daily expenses during retirement. That may motivate me to start contributing more to my Roth.

Starting tomorrow I am going to follow a schedule that I might live with during weekdays in retirement. This period will continue through Monday evening.

My spending goal for daily expenses during this period will be $10 a day. That money will have to cover fuel, food and any other personal care items I may need during the practice period. If that proves unmanageable I will increase it during the next practice period.

I didn't even make it through half of the first day the last time I tried this. Hoping for better success this go around.


Proposed schedule for this practice period.

Schedule for Thursday July 3rd through Monday July 7th.

5am-8:30am have coffee, breakfast, watch news and hangout on NWFA.

8:30-10am exercise

10am-12pm firearm related activities

12pm to 1pm lunch

1pm to 3pm chores, shopping

3pm to 6pm nap

6pm to 7pm dinner

7pm to 8pm relax

8pm to 5am sleep

I retired 4 years ago, I now invest in stocks.
And volunteer at a local retirement home, I also work there PT .
Just a few hours a week and it helps them and is rewarding to do.
Most memory care places as retirement homes allow volunteers.
I have volunteered there 20 years. But now can do it more often.
I am retired and do not have enough time

 

[ktgee]

Ditto.

I go to bed when I want to, get up when I want to, do what I want to, regardless of the day.

The only exceptions are:

Wed morning I need to get the garbage out to the can on the road for pickup.

Those days when I have a dr. appt - about twice a month - I have to S***, Shave, Shower and wear clean clothes.

Otherwise I am a slovenly slob & lazy bum.

Retirement is over, back to daily grind.

Overall I feel the practice retirement went well. I determined I can get by without naps and that my $10 a day budget won't work. I was able to keep busy with little effort.

I dropped another $25 on a haircut and $15 at Freddy's yesterday. That puts my total daily expenses for the 5 days of PR at just shy of $75. That means $10 a day isn't going to cut it for budgeting. I will try $15 a day next go around.

I am thinking I will try this PR routine out on Fridays and Saturdays for the rest of this month.

Once I arrive at a realistic figure for my daily retirement expenses, I can plan for a date to retire or move to part time work.

In my opinion, as a single retired man, $10 per day is not enough. Just yesterday, I shot about 150 rds of 22lr and 50 rds of 9mm in an hour. I do that about three times per week. Here are a few monthly expenses: the gas bill is about $100 per month, driving locally. Parking fees in downtown are about $30 per month. Gym dues are about $40 per month.

We're not even discussing shopping, eating, drinking, entertainment, travelling, or any other activity expenses yet. I can make that $10 budget per day if I hardly do anything, no social life, very little shooting, and stay home and don't go anywhere.

 

[arakboss]

In my opinion, as a single retired man, $10 per day is not enough. Just yesterday, I shot about 150 rds of 22lr and 50 rds of 9mm in an hour. I do that about three times per week. Here are a few monthly expenses: the gas bill is about $100 per month, driving locally. Parking fees in downtown are about $30 per month. Gym dues are about $40 per month.

We're not even discussing shopping, eating, drinking, entertainment, travelling, or any other activity expenses yet. I can make that $10 budget per day if I hardly do anything, no social life, very little shooting, and stay home and don't go anywhere.

My shooting hobby will be covered already. The expenses I am looking to cover with $10 now $15 a day budget would be food, personal care and fuel.

 

[The Heretic]

In my opinion, as a single retired man, $10 per day is not enough. Just yesterday, I shot about 150 rds of 22lr and 50 rds of 9mm in an hour. I do that about three times per week. Here are a few monthly expenses: the gas bill is about $100 per month, driving locally. Parking fees in downtown are about $30 per month. Gym dues are about $40 per month.

We're not even discussing shopping, eating, drinking, entertainment, travelling, or any other activity expenses yet. I can make that $10 budget per day if I hardly do anything, no social life, very little shooting, and stay home and don't go anywhere.

This is my monthly budget (averaged for months - some things are paid yearly).

Bill	Cost
Mortgage	2000
Private Road Fee (maintenance)	52
Amazon Prime	12
Kindle	12
Netflix, Hulu, Disney, Apple TV	40
Groceries	320
Fuel	50
Chiropractic	250
car insurance	125
Electricity	280
TMobile (phone & internet)	62
Meds	20
Dental ins	74
Total	3297

That doesn't include Medicare which is deducted from my SS benefits.
Naturally, my mortgage (includes property taxes and property insurance) is the big bill.
Groceries, chiro and electricity are the others - these are averages.
Car insurance - for two vehicles (SUV & pickup) I spend more on that than I do on fuel, tires and car maintenance. I used to spend a lot more on fuel because I commuted 60 miles 5 days a week. Now I drive maybe 3-400 miles a month (if that) instead of 3-400 miles a week.

So these are pretty much fixed non-discretionary costs - not including discretionary spending - my daily costs are a little over $100/day. My SS benefits do not quite cover these, so I pull some $ from my IRA to cover the difference and allow for discretionary spending.

 

[crstrode]

My spending goal for daily expenses during this period will be $10 a day.

My daily budget was also $10/day. However; that was before graduating from college in1975. Good luck with that . . .

 

[Camelfilter]

Don't forget to include other insurance(s) & taxes, when penciling a budget...particularly property tax. Try to account for future increases as well. Doing so, may lessen any unexpected surprises / reduce stressors.

 

[The Heretic]

This is my monthly budget (averaged for months - some things are paid yearly).

Bill	Cost
Mortgage	2000
Private Road Fee (maintenance)	52
Amazon Prime	12
Kindle	12
Netflix, Hulu, Disney, Apple TV	40
Groceries	320
Fuel	50
Chiropractic	250
car insurance	125
Electricity	280
TMobile (phone & internet)	62
Meds	20
Dental ins	74
Total	3297

That doesn't include Medicare which is deducted from my SS benefits.
Naturally, my mortgage (includes property taxes and property insurance) is the big bill.
Groceries, chiro and electricity are the others - these are averages.
Car insurance - for two vehicles (SUV & pickup) I spend more on that than I do on fuel, tires and car maintenance. I used to spend a lot more on fuel because I commuted 60 miles 5 days a week. Now I drive maybe 3-400 miles a month (if that) instead of 3-400 miles a week.

So these are pretty much fixed non-discretionary costs - not including discretionary spending - my daily costs are a little over $100/day. My SS benefits do not quite cover these, so I pull some $ from my IRA to cover the difference and allow for discretionary spending.

I keep track of this because it helps me plan month to month. IF the expenses and income remain relatively stable accounting for "normal" inflation (including COLA increases for SS benefits) and appreciation of my IRA investments, I have enough to survive like this the rest of my lifetime (and then some) AND leave a nice reserve for my daughter (especially if you add in the real estate equity which grows every month - if for no other reason than the fact that I am paying it down every month).

Since late 2021 (after the COVID subsidies ended) this has more or less been my budget - SS and a little (~2% per year since 5/24) from my IRA. My IRA has grown, on average ~12%/yr, for the last three years, which means that accounting for my 2%/yr withdrawals, my IRA may double in value in 7 years - assuming a steady 12%/yr appreciation (the stock market has an average of 10%/yr).

TBD - as there have been some pretty large shifts (in 2020 the IRA went down by 20%, but by a year later it had come back - same this year; I saw a drop of 10% in early spring and just now I am back to where I was at the beginning of the year - so far that means earnings this year have been rather flat for me).

This is why I do not make any large shifts; e.g., I do NOT pull big chunks out and put them in gold or cash. I don't panic and I stay invested - for the last 25 years this has worked well for me in my retirement planning.

The other good investment I have made was real estate; my property value has theoretically more than doubled in value over the past 12-13 years - especially if you include the lumber sale I made 7 years ago. Subtract the payments I have made and I still have a very nice return on my investment. In essence, I will also have lived here for free (not accounting for inflation). If I had rented instead, I would have been paying the same amount per month, but have gained no equity and had no tax deduction for interest or property taxes.

 

[doninoregon]

I pay my wife $1500/mo NOT to live here

Sounds like a very successful hostage rescue negotiation. Good work.

 

[rjmt]

a point to plan for in retirement, if your wife is not used to you being around full time, it can be a challenge - or pure hel-
we have been married 43 years - still married
just can't stand to live in the same house together
I figured 5 acres was enough land to keep us apart - not so
we suffered through the first 4 years, but we just could not adapt to each other full time
now both of us are happy in our golden years