You would be amazed how little you need to live on if your house is paid for and you are debt free. I really watched my spending the first year until I got a better feel of things but now I don't worry about it. I wouldn't go crazy buying a lot of crap I don't need but I end up saving money every month and still haven't tapped any retirement accounts.
I'm sure my idiot son-in-law will grab those
If I was single I would put my paperwork in right now.
I’ve only been retired 7 months now so I’m still in that stage of watching what I spend. Everything is paid off and Everything seems fine so far. My big concern is with inflation! What is OK today might not be in 10 yrs. I was figuring on about 2% inflation a year but with Bidenomics we are getting that monthly.
Just think about 25 years ago when you was making 20 bucks an hour that's what is good money but it's not a whole lot of money right now.
If you have everything paid off don't worry about it. Enjoy your retirement.
Health insurance is potentially the big kick in the ass. I already got screwed on it once since I retired.
Also another big issue...
Its STILL good money around here. We have a local economy based on tourisim so basically it all service jobs (waiters, bartenders, resort workers, fast food) which pay crap. I would say 75% of the people around here make less than 15 bucks an hour. That is why most everyone works 2 jobs. If you pull in 20 an hour you are "rich".
Food bill in 20 years...$500 a week!
Thanks Rod, My wife and I have always been frugal. Last couple years we averaged $2600 a month spending and that was including everything. That was the average when I figured up the total we spent the previous years and divided by 12 months. We was putting the rest away or investing. That’s why I figured I could retire pretty easy but being so new to this retirement thing I still have a little concern going on in the back of my head.
I'm still waiting for dollar beer night to make it back. They got rid of it when Covid appeared.
If you have a pension and both you and the wife get on SS life is pretty good --As long as you have things paid off. If you are just trying to make it on a pension it could get TIGHT-- I wouldn't want to do that.
Except it was Canadian beer
I'll pass on that one
The pension reform bill is going to keep it from going under
