Practicing Retirement Before Retirement.

[Bobbygun]

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

I hear you man. I've been retired a while now and my wife just retired. She definitely is more of a planner of future activities, where I am content to play it by ear. I'm slowly trying to convince her that we don't have to have next week all planned out this week. Fortunately, she is interested in some of the stuff I like to do - archery, shooting, shed hunting, hiking, camping, etc. She also has some friends she shops with and others she goes walking with where I'm not included. That helps. But life has definitely changed since she retired. We wouldn't do well spending 24/7 time together.

 

[rjmt]

I hear you man. I've been retired a while now and my wife just retired. She definitely is more of a planner of future activities, where I am content to play it by ear. I'm slowly trying to convince here that we don't have to have next week all planned out this week. Fortunately, she is interested in some of the stuff I like to do - archery, shooting, shed hunting, hiking, camping, etc. She also has some friends she shops with and others she goes walking with where I'm not included. That helps. But life has definitely changed since she retired. We wouldn't do well spending 24/7 time together.

the worst was going Costco shopping after I retired
my wife knew every employee in the store, knew their kids and where they lived
would stop and talk and stopped at every sample stand
would take her THREE HOURS to get through Costco for 20 items
now, my son and I hit the new Costco in Ridgefield
he goes one way, I go another and we meet back up at the self checkout
in and out in 20 min
it drove me crazy shopping with that woman

 

[P7M13]

I practiced yelling "GET OFF MY LAWN!" today.

 

[arakboss]

I understand some do not appreciate the idea of practicing ahead of an event.

I would compare my practice effort to somebody who is outfitting a van for a year long cross country excursion. Once you have your van outfitted, it would be wise to take it out for some shorter trips closer to home. That way you can discover and potentially fix issues before you hit the road for the year long trip. You might even discover that you don't want to take the year long trip.

 

[nwslopoke]

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.

I am and was content with where I was. Even after traveling a little bit. But for some reason Vienna and Budapest sparked something in me. Other places were interesting, but those two were different.

As the saying goes, one thing leads to another. It not necessarily travel. Before the early 2000s I had zero firearms, but being exposed to something newish, and the people around me at the time broadened my knowledge.

I think the traveling exposure has helped my outlook in my current situation. I have no panic or worry because I have seen things through another lens. I just now got home from California. I hit a wall with a problem for years. Looking at it from a different perspective solved it in two days.

 

[Cavedweller]

I pay my wife $1500/mo NOT to live here - best monthly payment I have

still married
just can't stand to live in the same house together

Must be true love!

it drove me crazy shopping with that woman

Hint: Never go shopping with a woman.

 

[arakboss]

View: https://youtu.be/3fOZcxLi6F8?feature=shared

 

[arakboss]

How to Rehearse or Practice for Retirement Right Now

Tim talks about the difference between a retirement rehearsal and a practice retirement and how either can help you determine if you are ready for retirement.

erwealth.com

 

[nwslopoke]

How to Rehearse or Practice for Retirement Right Now

Tim talks about the difference between a retirement rehearsal and a practice retirement and how either can help you determine if you are ready for retirement.

erwealth.com

That's great if you aren't relying on your SS and pension. Because if you are, it's hard to know exactly what your budget will be or if you are married how will if affect your spouse.

My mother retired decades ago and at 90 the difference in the dollar and cost of living can't keep up. We kids help keep her afloat. She has generational hang ups that affect her decisions like we will in 20 years, if we live that long.

A lot of people can retire well. But for how long?

 

[arakboss]

That's great if you aren't relying on your SS and pension. Because if you are, it's hard to know exactly what your budget will be or if you are married how will if affect your spouse.

My mother retired decades ago and at 90 the difference in the dollar and cost of living can't keep up. We kids help keep her afloat. She has generational hang ups that affect her decisions like we will in 20 years, if we live that long.

A lot of people can retire well. But for how long?

My goal is to not derive my happiness from money. The less of it I have, the less of it they can take.

It's hard to know what the cost of living will be like when I quit working full time. I can only make guesses.

Like your Mom, Social Security will be my main source of income. I want to get as much of it back as possible.

 

[arakboss]

That's great if you aren't relying on your SS and pension. Because if you are, it's hard to know exactly what your budget will be or if you are married how will if affect your spouse.

My mother retired decades ago and at 90 the difference in the dollar and cost of living can't keep up. We kids help keep her afloat. She has generational hang ups that affect her decisions like we will in 20 years, if we live that long.

A lot of people can retire well. But for how long?

My practice retirement efforts aren't strictly about finances. I want to know if I will be happy not working and will I be able to fill my days without sitting around all day.

 

[Michael Js]

Good comments! I retire on 8/1!! Yes, 3 weeks!! Am I set? I think so? Scary to think no more paychecks from my job. I too made a list of monthly expenses and "should" be OK.

I won't be claiming SS for another 2 years. However, Medicare Part B is expensive enough!! Wow!

I plan on more travel to see my 2 daughters - one on each coast. Also, plan on finding a new state to live in as I can't stand this one politically, taxes, and SAD (9 months bad weather is hard for me to handle coming from 30+ years in San Diego)!

Best of success to us all!!
Michael J.

 

[The Heretic]

FWIW - I kept track of my budget for decades. There was a period (~2000-2002) where I was unemployed for 2 years (almost exactly - 2 years and one day). Most of that was without income. I was fortunate that I lived in a low rent ($600/mo) duplex and had very little in the way of bills, so I managed ok. Towards the end I was running low on cash and only had a few months left before I had to do something drastic. I got rehired by my previous employer at the last minute - then laid off again after 1 year, when they finally laid off everybody (moved all the jobs to Canada and Israel). I found another job, then another, then another.

I had two years to "practice". Except for finances and looking for a job, it wasn't bad. I recovered finances quickly and by 2008 I had a house down payment saved up with no debt. Then I got laid off again.

Anyway, all along I was planning expenses and savings and SS benefits, changing those plans as my situation changed - always keep an eye on retirement. From 2012 to 2020 I really ramped up my preparations for retirement and so far I am doing okay, even though I spend a lot of $ on SHTF preps & guns/ammo.

 

[The Heretic]

My practice retirement efforts aren't strictly about finances. I want to know if I will be happy not working and will I be able to fill my days without sitting around all day.

I don't mind sitting around all day at all.

 

[nwslopoke]

My practice retirement efforts aren't strictly about finances. I want to know if I will be happy not working and will I be able to fill my days without sitting around all day.

You own your retirement. You aren't forced to sit and watch Sanford and Son reruns until noon every day, but there are worse ways to spend a day. As goofy as this state and our neighbors can be, there really isn't a shortage of things to do.

 

[arakboss]

I have been giving the daily budget some more thought. $10 is obviously not enough and $15 might not be either. I am thinking that $15 for food and personal care would be more realistic. While I am still commuting to work, fuel is going to be much higher than when I retire. I will keep track of my fuel expenses separately and guess how much less they might be in retirement or working part time here in town. Maybe I will end up closer to $20 a day with fuel included.

My overall thought on my retirement budget is that Social Security will cover health insurance, annual expenses and what's leftover will go to the wife so I don't develop a freeloader status.

I will need to save up the money I need for food, personal care and fuel, or work part time. The lower I can get that daily number, the easier it will be to save up the money and or the less part time work I will have to do.

 

[dplev4]

No credit balance, ever.

sitting down to pencil out a weekly/monthly budget.

Two quotes above are solid advice!

Been retired 2 years now. My wife and I definitely planned and saved for retirement. Hiring a financial planner gave us a realistic picture of needed savings.

As for retirement I guess I am bored sometimes. But I exercise, socialize and spend quality time with kids and grandkids without having to regularly check emails or take client calls which is wonderful. Have time for breakfast with friends. Go shoot with my old neighbor and buddy at his place or at my range if we want distance. I do spend less in retirement. At least so far I am just a bit more cautious since I'm not earning . Looking forward to fall hunting and taking some community college courses. Life's good.

 

[nwslopoke]

Being an American is a blessing. We have every opportunity to enjoy what is available. The US falls behind in some ways (healthy food, transportation, work/life balance), but convenience and access to anything you can imagine is not an area we are lacking in. I just saw where Intel is laying off another 500 workers locally. **** happens and hopefully those individuals will get additional compensations for something out of their control (Ask me how I know). But also, as an example, they had almost a year to prepare. That's the difference between a hard and soft landing. My guess is many in those numbers will look at a premature retirement.

 

[The Heretic]

No credit balance, ever.

I always have a CC balance (this month it will be $2K+ - car serviced, license tabs, dr. bills and a whole bunch of stuff from Amazaon) - but I also always pay off the full each month just before the min payment is due. Not a problem for me as I have enough $ somewhere to do this.

I get Amazon points/discounts (which I always use), the CC is more secure for online purchases than my debit card, I get fraud and returns protection and I get ~30 days free use of the balance (although I don't rely on that).

I get that some people can't do this, and some people don't have the discipline, but I do - especially after almost going bankrupt 30 years ago due to CC debt and no savings. I have gone to the other end of that spectrum. It took ten years, but I have been "sober" ever since and I keep a tight track of how much that balance is, almost day to day. When the CC statement is published, I schedule the payment immediately so that I don't forget. I have not paid a penny in CC interest in 20 years. The only debt I have is my mortgage. My credit report score is 800.

 

[nwslopoke]

I always have a CC balance (this month it will be $2K+ - car serviced, license tabs, dr. bills and a whole bunch of stuff from Amazaon) - but I also always pay off the full each month just before the min payment is due. Not a problem for me as I have enough $ somewhere to do this.

I get Amazon points/discounts (which I always use), the CC is more secure for online purchases than my debit card, I get fraud and returns protection and I get ~30 days free use of the balance (although I don't rely on that).

I get that some people can't do this, and some people don't have the discipline, but I do - especially after almost going bankrupt 30 years ago due to CC debt and no savings. I have gone to the other end of that spectrum. It took ten years, but I have been "sober" ever since and I keep a tight track of how much that balance is, almost day to day. When the CC statement is published, I schedule the payment immediately so that I don't forget. I have not paid a penny in CC interest in 20 years. The only debt I have is my mortgage. My credit report score is 800.

One thing that got me recently is I also pay my balance to near zero or to zero every month. While on vacation the balance did go up above normal. They dropped my credit rating even though the balance wasn't due until the 1st. I got an email notification.

They even showed a graph of my 11 year average which was solid, but one month before the bill was due lowered it