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Urban
Easing into Retirement from a financial perspective
- Thread starter UrbanHunter
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I started mowing lawns evenings and weekends to earn some extra cash on top of my normal job, eventually I turned it into my full time self employed job, mind you I did more than just cut grass.
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I personally think that I will be fine, wish I was on a larger property, but we need to stay close to the wife's doctors.
I do worry about the less fortunate people of my generation who have not planned for retirement and now find that it is at the door.
The average SSI Retirement payout today is about $1500 per month. The average SSI disability amount in 2024 is $677 per month.
National Average: The national average rent price in the US is nearly $1,400 per month, as mentioned in one of the search results.
So income - rent = ~$100 per month, not much to live on.
How does someone who never planned for retirement adjust to living on social security alone?
If you are 50 and just waking up to the reality of it what can you do?
I do worry about the less fortunate people of my generation who have not planned for retirement and now find that it is at the door.
The average SSI Retirement payout today is about $1500 per month. The average SSI disability amount in 2024 is $677 per month.
National Average: The national average rent price in the US is nearly $1,400 per month, as mentioned in one of the search results.
So income - rent = ~$100 per month, not much to live on.
How does someone who never planned for retirement adjust to living on social security alone?
If you are 50 and just waking up to the reality of it what can you do?
i am seeing some interesting moves being made by folks.
theres also some situations i know of that are coming to a head thats going to be ugly for some involved.
people are being forced to do things now where before if they made a few decisions..not talking investing decades ago,....just daily simple decisions..now by waiting they have less options available.
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One thing that I am just becoming aware of is people who have homes but can't make ends meet... Many are turning to sub-letting rooms with often 3 or families living under the same roof. We are seeing this with some of our Hispanic neighbors. The tail tail signs are 10 cars in front of a 4 bedroom house and increased LEO presence. I've heard that often there are confrontations in the houses that result in 911 calls...
All of this is a result of people not being able to keep up with the accelerating cost of living. The unprepared seniors are very vulnerable in these conditions.
All of this is a result of people not being able to keep up with the accelerating cost of living. The unprepared seniors are very vulnerable in these conditions.
Just something that happened a couple of weeks ago & I thought that I would post it. Last year I got a call from Fidelity (where I invest). I'm sure that it was a call to drum up business but they say that they are trying to expand their services. Anyway just a general call, nothing specific. Well a couple of weeks I got a call from one of their people. She was concerned that I had a bit of money sitting in just an interest baring account & explained that I could move it & collect about double the interest in another "savings type" account. She seemed nice, I had a few beers & I had the time so I explained why it was there & why I didn't care about making more interest. I kind of floored her because she said that she doesn't hear many cases like mine (which is a shame). I do have to make some changes coming up so she is going to call back in January. We must have talked about 20 minutes, btw. I just wanted to say that my impression from her was that she cared & it wasn't just a sales call. I really like a company that does something like that.
Something I'll throw out that probably will sound stupid to some. I do not take or follow advise from any "expert". I'd rather pick where I'm going to invest & how much I'm going to invest. My reasoning is that I've never met anyone that was more interested in making me money than I am.
Oh & I'll head you off at the pass. I wasn't asked for any numbers for anything & she gave me numbers from my own account. I wasn't dumb & made sure that she was who she said that see was BEFORE we talked.
Something I'll throw out that probably will sound stupid to some. I do not take or follow advise from any "expert". I'd rather pick where I'm going to invest & how much I'm going to invest. My reasoning is that I've never met anyone that was more interested in making me money than I am.
Oh & I'll head you off at the pass. I wasn't asked for any numbers for anything & she gave me numbers from my own account. I wasn't dumb & made sure that she was who she said that see was BEFORE we talked.
Curious, is your relationship with Fidelity as a "holder of your assets", or your financial advisor.? Hopefully you have a fiduciary, or the skillset to do it your self.
Does Fidelity work differently than other brokerage firms? I have worked with several different firms, and I have never been called by anyone other than my financial advisor. I am a little surprised that you would get two calls from two different people. You were absolutely right in checking them out, but if I got calls from people other than my financial advisor or their staff, I would be highly suspicious.
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I use Fidelity for some of my accounts. They are by far the most proactive in reaching out to me to check in and see if I need anything.
I have one guy - my "wealth manager". He's the only guy I talk to. And as far as I know he only makes money when I make money and he doesn't get squat if I don't. He knows what I do and where my money comes from so I like to think he wants to make us lots of money. Plus I have enough personal data on him that I like to believe that if he ever robbed me and took off I would be able to track him and execute him in whatever nonextradition country he ends up. After he transfers all my money back of course.
We have 2, they just changed firms. It's been coming for years. It was a small local company, then they got bought, then there were changes and my news feed lit up up Jan 2024..
Now there are affidavits, the money didn't move, the power to invest the money did.
Charles Schwab has NEVER called me, my RIA's are on speed dial.
Fidelity sends my wife mail all the time, for accounts they no longer hold.
I still have trouble with having Wealth Managers where the heck is my learjet
. Our NEWEST car is 6 years old
I still have trouble with having Wealth Managers where the heck is my learjet
Agreed. All I know is my guy is part of a family business, one of several sons and they all run the business together with mom/dad and spouses. And they are in deed very wealthy, so perhaps the real title is Wealthy Manager of your money.
happened.
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I've been with Fidelity for over 20 years, and about the same with eTrade. I like them both. Also had about a dozen other accounts with company 401k and pension plans. I used to manage my money myself until I retired. Then I turned almost everything over to a professional money manager. They make good money off my accounts, which I'm fine with, as long as I'm still making enough to live on. Even with us taking out our monthly "paycheck", our accounts are still growing. I'm happy with our money managers.
We were using two firms simultaneously; one very large and one more in the meduim range. The large firm did not seem to be as willing to listen to us, and respond to our needs. They had the attitude "we are the experts, so do what we say." The smaller firm was more willing to listen, and work with us. Bottom line we changed everything over to the smaller firm, and we have been happy with our returns.
It begs the age old qestion: "If your broker is so smart, why is he still a broker?"
It begs the age old qestion: "If your broker is so smart, why is he still a broker?"
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I use them as the company that I invest through. I have 2 Fidelity funds & one fund in another company through them. I did have another companies fund but converted it into cash a while back because I was getting ready to start taking out IRA money. I wanted a stable (cash) fund that I could withdraw from so that I wouldn't have to sell shares when the market was down. As far as "financial advice" on what to invest in, I do that myself & have done pretty well. Well enough so that if I withdraw the minimum that they will let me, I won't live long enough to take it all out even though I didn't start investing until I was in my 30's. I've been very "lucky" (I won't call it skill) over the years in the areas that I've picked to invest in.
My big mistake that I did learn from was trying to time the market. Twice I lost & once I won big but it taught me to just stay invested. I'm old fashioned in that I believe that each person should be responsible for what they do & benefit or suffer the consequences depending on the outcome. Early on I heard about money managers churning funds to make themselves money, so I bypassed them. Oh & as far as skillset to invest, you need that if your investing in individual stocks, which I don't do. A couple of weeks ago I got a stock tip from my neighbor (who is very knowledgeable in a certain area of the market. I thought hard about it & passed it up because I'm doing well on what I do & don't want to deworseafy (quote from Peter Lynch) into something I don't know about. And I still stand by what I've said a couple of times here that you can become wealthy, not by being smart but by not being dumb. And it only takes a few rules about what not to do & a few rules about what to do to achieve success.
I think the best move I've done for myself is to employ living debt free.
I own my property.
I own my vehicles..
I pay off credit card debt usually every month. Sometimes if it is a big repair bill it takes me two months..but I get the balance to zero fast.
That said,
I took a hit on my retirement when I left. I had 8 years left to finish 20.
I had to go tho..so I let it sit. Still earning interest but..it was a big hit.
I figured I'd set myself up here b4 I retire. Build my place, small , secure efficient little place forme n my pups.
That is still the plan..but life has happened along the way and doing it all by myself isn't easy. Never has been but I didn't account for aging, less energy, thyroid going sideways on me shaking my plans up.
I have my plan, it has deliberate and intentional goals and I'm knocking it out.
I know that the world as we know it can and will go sideways at some point so whatever I am able to accomplish up untill then will be still good for now and when we are forced to live a different reality.
I do have some investments I manage myself. But they are denominated in practically worthless paper once that hits the fan..
Alot can happen at anytime..ho hum..
I own my property.
I own my vehicles..
I pay off credit card debt usually every month. Sometimes if it is a big repair bill it takes me two months..but I get the balance to zero fast.
That said,
I took a hit on my retirement when I left. I had 8 years left to finish 20.
I had to go tho..so I let it sit. Still earning interest but..it was a big hit.
I figured I'd set myself up here b4 I retire. Build my place, small , secure efficient little place forme n my pups.
That is still the plan..but life has happened along the way and doing it all by myself isn't easy. Never has been but I didn't account for aging, less energy, thyroid going sideways on me shaking my plans up.
I have my plan, it has deliberate and intentional goals and I'm knocking it out.
I know that the world as we know it can and will go sideways at some point so whatever I am able to accomplish up untill then will be still good for now and when we are forced to live a different reality.
I do have some investments I manage myself. But they are denominated in practically worthless paper once that hits the fan..
Alot can happen at anytime..ho hum..
looking at budgets...going fishing daily will be costly...day after day with reoccurring cost...so i have to learn to raise night crawlers.....a can cost $4.28 plus tax...so expense will be $32 a week..or $1635 a year...yea....i will be raising them to free up money or picking them up at night when i can and putting them in a worm bin for safe keeping...minnows same way...growing up we had this big minnow tank like stores that sale minnows have and we kept 100's on hand at all times.
looking at designing a tiny home to be super efficient for my daily needs...all i need is a spot to lay down at night in my sleeping bag....with enough power for a light and box fan for heat of summer....been dreaming for a long time...my woodcook stove will be installed one day...be like back in the day...cooking with twigs and scrap wood.
glad i bought fish hooks by gross when i did the dang things are outrageous now.
looking at designing a tiny home to be super efficient for my daily needs...all i need is a spot to lay down at night in my sleeping bag....with enough power for a light and box fan for heat of summer....been dreaming for a long time...my woodcook stove will be installed one day...be like back in the day...cooking with twigs and scrap wood.
glad i bought fish hooks by gross when i did the dang things are outrageous now.
Grandpa laid a 4x8 sheet of plywood on the ground, worms were no problem.
i never tried it but theres that trick of a stick with ridges and you rub another on those ridges and causes worms to come up....anything that costs daily needs to be figured out...goal...zero spent daily except for gas if possible...lol..tight wad and poor i am...lol
I think that it was wither a new program or catching up on an older program. They didn't ask for specific's about my account & the 2nd person was able to tell me how much my cash account was. So it was them.
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Between my military retirement and my wife’s state job retirement I think we’ll be ok. I’ll probably look for something to do though beside just fishing, hunting and homesteading as my wife says that I’ll be too bored to just hang around. I won’t be quite 50 when I hang it up
Pull that plug!!!
And start drawing SS at 62 (or whatever year is the earliest you can)!
Some of us guys don't last as long as we think we will
.Grab every year you can!
They don't call them "The Golden Years" for nothin'.
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Shake some corn meal on the ground under the plywood for even better results.
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I am starting to think that working as long as I can stand it might be a good way to maximize my retirement. I passed 66.5 (my full retirement age) about 9 months ago and started taking my Social Security, but still working.. It was like an instant extra payday each month (no penalty, unlike what would have happened at 62) . Using that money to pay down any debt that I still have. We have really good medical insurance and the wife uses it to the hilt, we have almost no co-pays. I calculated it out and if they payed 80% just our co-pays would be over $2,000/month, makes working and paying $1600 per month in medical insurance worth it. As long as I am healthy, it makes since to keep working, the other thing that's cool is that every year I work my Social Security goes up because it displaces one of my low earning years and extends the time I worked.
If you like what you are doing and are physically able it is in your best interest to keep working. I did the same thing as you, and double dipped for four years. If I didn't hate the job I was doing I would still be working. I even continued with a part time job (which I had been doing for 30 years) for two additional years after I retired from my full time job.
I for one am not wealthy and most of us can always use the money. It never hurts to build a bigger nest egg.
i been working on changing and moving stuff around and just plain old eliminating things from my life to be more affordable.
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Another bonus to that Urban is that I've noticed that people who keep working, even if only part time, tend to look and act younger than they actually are. Having a reason to get up in the morning and get out of the house is a good thing as long as you enjoy the job. I couldn't just sit at home all day long without a purpose. My MIL did that and she was miserable, even though it was a life of her own choosing.
Each of us has a different prespective of what a happy retirement looks like. I already know that hubby and I will never stop doing something since we've already had the opportunity to retire and neither one of us can just sit and do nothing, even if it is volunteering. Having that freedom to choose and knowing you can do whatever you want is a glorious feeling. It makes each day feel like a wonderful gift. Plus, you can go and play hooky whenever you want to (within reason) and it feels like such a treat.
Each of us has a different prespective of what a happy retirement looks like. I already know that hubby and I will never stop doing something since we've already had the opportunity to retire and neither one of us can just sit and do nothing, even if it is volunteering. Having that freedom to choose and knowing you can do whatever you want is a glorious feeling. It makes each day feel like a wonderful gift. Plus, you can go and play hooky whenever you want to (within reason) and it feels like such a treat.
