Practicing Retirement Before Retirement.

[Meridian7750]

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.

Congratulations! Very exciting time for you…enjoy every minute of the next 3 weeks!
It will take a few months to "adjust", but if you're anything like me, you'll quickly realize that you are very adaptable.
Retirement doesn't mean stopping everything and becoming a potato…it just represents a new, good chapter of life and a "new normal".
Embrace the change Amigo!!

 

[teflon6string]

Maybe I phrased that ("no credit card balance ever") in a funny way.

Of course I use credit cards because they're handy, What I meant was that I pay them off in full every month before creditors can tack on even a penny of interest (it's automatic through my bank so I don't have to do anything).

Paying interest would essentially raise the price of everything I buy, so no. Credit card interest is rapacious, even on a low-percentage account. I never let that stack up.

I rack up airline miles for using my cards and Mrs. Teflon gets hotel points on hers. We also buy petrol at select low-price stations that charge the same for cash and plastic.

 

[AshWilliams]

Maybe I phrased that ("no credit card balance ever") in a funny way.

Of course I use credit cards because they're handy, What I meant was that I pay them off in full every month before creditors can tack on even a penny of interest (it's automatic through my bank so I don't have to do anything).

Paying interest would essentially raise the price of everything I buy, so, no. Credit card interest is rapacious, even on a low-percentage account. I never let that stack up.

I rack up airline miles for using my cards and Mrs. Teflon gets hotel points on hers. We also buy petrol at select low-price stations that charge the same for cash and plastic.

Mrs. Williams and I do the exact same thing.

 

[The Heretic]

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

I try to keep my CC balance under $1500/mo - usually below $1K. Otherwise I may need to pull $ from my IRA; I usually try to have a minimum balance of $2-3K (after all monthly bills, including my CC balance) in my checking account. Before retirement, I kept a min of $15K in my checking account, usually a lot more - but now I usually leave 99% of my $ in my IRAs.

The minimum is going to be about $500 because of auto charges (bills), periodic charges (chiropractic, etc.). I've had it go up as high as $5K and yes, my rating might go down 5-10 points then (in the last 2 years it has not gone below 790), but pretty much if you have a rating over 740, then nobody really cares; it is still considered "excellent" and nobody is going to deny me credit or charge a higher interest rate whether it is 750 or 850.

 

[The Heretic]

Maybe I phrased that ("no credit card balance ever") in a funny way.

It was the "ever".

 

[The Heretic]

I've talked the talk and walked the walk.Now, at my age, I'm just gonna sit the sit.

 

[Cavedweller]

Hint: Never go shopping with a woman.

Exception: Unless you are buying her jewelry and expect to get laid afterwards.

 

[doninoregon]

I have been giving the daily budget some more thought. $10 is obviously not enough and $15 might not be either.

I'm retired, single, and live on $22k per year, which averages out to $60 per day.

I pay cash for almost everything and budget $1000 per month for groceries, gas, and miscellaneous purchases.

I spend $4k/year on property tax, auto insurance and registration (car, pickup, motorcycle), firewood, and propane. I budget $5k/year for travel, vehicle repair, contingencies, and other misc.

My house is off-grid so I have no utility bills (other than annual of purchase of firewood and bulk propane). I pay $70/month for internet, phone, and a couple of satellite data plans.

I bought my 10 acre paradise 30 years ago for $31,500 cash. Proud to say I've been debt-free for most of my life.

 

[arakboss]

I'm retired, single, and live on $22k per year, which averages out to $60 per day.

I pay cash for almost everything and budget $1000 per month for groceries, gas, and miscellaneous purchases.

I spend $4k/year on property tax, auto insurance and registration (car, pickup, motorcycle), firewood, and propane. I budget $5k/year for travel, vehicle repair, contingencies, and other misc.

My house is off-grid so I have no utility bills (other than annual of purchase of firewood and bulk propane). I pay $70/month for internet, phone, and a couple of satellite data plans.

I bought my 10 acre paradise 30 years ago for $31,500 cash. Proud to say I've been debt-free for most of my life.

That's awesome to hear you're getting by on 22k a year. My SS will be just under $18k a year in today's dollars, if I begin collecting at 62. With some savings I think I can get by as well. Nobody will confuse me with being a rich person but I won't be starving either. I also have an off grid place that will serve as my getting away place and could be a full time residence if things go South financially.

 

[arakboss]

Round 2 of PR begins in the morning. I am determined to get some range time in on Saturday so I may take a break from reloading on that day.

I need instant coffee, hot dog buns, and milk but other than that I am going to refrain from spending any more money this weekend.

I will hit gym for sure in the morning. Saturday, I will get some of my exercise from the range and do a dumbbell arm workout at home.

 

[arakboss]

It sounds like spending too much time with your spouse is a common issue. I won't have to confront that issue in the beginning as my wife will likely be retiring years after me. Our condo is big enough that we can separate if we need to, but I don't anticipate big problems in that area. If the TV breaks we might have a problem.

 

[The Heretic]

It sounds like spending too much time with your spouse is a common issue.

It was yes - which was why I split with her 40+ years ago.

 

[The Heretic]

Dad Spends Retirement Untangling Big Mess Of Wires

WALNUT CREEK, CA—Expressing relief that he finally had the free time to explore his interests and hobbies, local 64-year-old dad Peter Hopkins announced Thursday that he was spending his retirement untangling a big mess of wires. “I’ve been wanting to go through this stuff for ages,” said the...

theonion.com

 

[arakboss]

Dad Spends Retirement Untangling Big Mess Of Wires

WALNUT CREEK, CA—Expressing relief that he finally had the free time to explore his interests and hobbies, local 64-year-old dad Peter Hopkins announced Thursday that he was spending his retirement untangling a big mess of wires. “I’ve been wanting to go through this stuff for ages,” said the...

theonion.com

I hope he lives long enough to complete the mission.

 

[doninoregon]

"he finally had the free time to explore his interests and hobbies"

George Carlin said, "I don't have hobbies, I have interests. Hobbies cost money, interests don't."

 

[Jay Walk]

Boss never called me yesterday, so I practiced retirement for Thursday, 118 Mile solo dual sport. Shooting for a retirement date between April and July of 2026.

 

[The Heretic]

 

[nwslopoke]

View attachment 2126520

Is this for line cutting at Walmart?

 

[arakboss]

Finally got to the range today. Arrived at 8am and bailed at 1:30pm.

Spent $23 at Domino's for dinner and $5.59 at Wendy's for lunch. That's $4.41 under budget.

I'm going for round 3 next Friday and Saturday.

 

[arakboss]

Round 3 of PR begins in the morning. I am on a elimination diet and feeling like . I had planned on another range trip but will likely just do some more reloading (slow & carefully this time). I will also clean the Savage Axis and inspect for damage from Saturday's case separation incident.

I am going to force myself to get into the gym on both days. Legs on Friday and upper body on Saturday along with some really slow walking to complete 3hrs total for both days. I might pick some blackberries on walks.

I will attempt to spend zero dollars of my $30 budget. I'm definitely not eating out.

I am going to sit down with the wife and go over a rough draft plan that will allow me to retire at 62. Mrs. Moneybags won't like the plan so I will be prepared for sulking. She doesn't like living a penurious lifestyle.