Anyone not want to retire?
Most folks goal, seems to be, to retire as soon as possible. It has been my experience, that, for many folks retiring was the greatest thing they ever did. But for others it is the worst thing they ...
Forum Discussion
Having been retired for many years I cannot agree with someone stating that you need a lot of savings because perhaps what income you needed before is the same you'll need during retiremnet. Only if you do not act smartly! Many factors determine the income needs during retirement and so many less dollars are needed when reasonable after retirement if commonsense is truely used.
No need for daily commuting to and return from a place of employment means less fuel used and less miles on the odometer which means less repairs and replacements (tires/brakes/oil changes/vehicle replacing/etc). No need now for new or expensive clothes as required for most average type jobs. No need for work related dues/union dues etc by most. Vehicle insurance premiums usually are cut drastically as your annual mileage driven is much lower. Ours went down 45% on the same vehicles after we retired. Food costs drop since you will eat less as you age or at least most humans do. Taking far more advantage of senior/retirees discounts and camping etc senior rates on about eveything you do. Just a few of the many lower costs after retiring.
Then the biggies: Depending on where you live and the local cost of living index, it can mean just moving will cut living costs by even 50%+. Some very fine for retirement or even pre-retirement areas have a cost of living index at only 80% of the national average while other areas may have 150% or more of the national average. That's a 50% difference right there and it's major. Now think about total taxes levied where you live or could live (income, real estate, vehicle registrations, insurance rates, sales taxes, personal property taxes, HOA fees, on and on) in different areas and they can be double+ in some areas VS others. Ticket prices for activities and most venues vary greatly from area to area. So many more factors also. The choices are yours to take advantage of or just watch your dollars flex their wings and they sure can fly fast!
We are not and were not money pinched at all but certainly have noticed nearly a 50% reduction in our annual dollar out go after we retired and didn't change our way of personal living hardly at all other than a lot more RV'ing which really isn't expensive at all if you do it sensibly and wisely. Also make a lot more of our own meals as we are so sick of high restaurant use and I'm not including entertaining for my business as that's in a totally different column and has nothing to do with our personal living costs. Making your own meals lets you control what's really in the dishes and that's very important as you age. Very moderate alcohol comsumption and not smoking are very important also as no only money savers but for your heath quality and longivity also and the needs for meds and care.
Done sensibly and wisely, retirement cost of living should be at 40% to 60% of pre-retirement levels. Just have to use the gray noodle inside your noggin!
Now heathcare is an unknown as it depends on the individual and their condition or issues going into retirement which also has a profound affect on premium costs and copays etc. Even these costs vary so greatly from region/area/locality and must be considered.
Retirement can and will usually will be or not be by the decisions that you make along the way. Yes, some unforseen issues usually rear their ugly heads but it's up to you the make as much lemonade as you can from the lemons that come your way. Sit by and just let them rot and guaranteed, they will! Take control! It's the only life you have and enjoy it because death is forever and is a certain to occur at the end!
No need for daily commuting to and return from a place of employment means less fuel used and less miles on the odometer which means less repairs and replacements (tires/brakes/oil changes/vehicle replacing/etc). No need now for new or expensive clothes as required for most average type jobs. No need for work related dues/union dues etc by most. Vehicle insurance premiums usually are cut drastically as your annual mileage driven is much lower. Ours went down 45% on the same vehicles after we retired. Food costs drop since you will eat less as you age or at least most humans do. Taking far more advantage of senior/retirees discounts and camping etc senior rates on about eveything you do. Just a few of the many lower costs after retiring.
Then the biggies: Depending on where you live and the local cost of living index, it can mean just moving will cut living costs by even 50%+. Some very fine for retirement or even pre-retirement areas have a cost of living index at only 80% of the national average while other areas may have 150% or more of the national average. That's a 50% difference right there and it's major. Now think about total taxes levied where you live or could live (income, real estate, vehicle registrations, insurance rates, sales taxes, personal property taxes, HOA fees, on and on) in different areas and they can be double+ in some areas VS others. Ticket prices for activities and most venues vary greatly from area to area. So many more factors also. The choices are yours to take advantage of or just watch your dollars flex their wings and they sure can fly fast!
We are not and were not money pinched at all but certainly have noticed nearly a 50% reduction in our annual dollar out go after we retired and didn't change our way of personal living hardly at all other than a lot more RV'ing which really isn't expensive at all if you do it sensibly and wisely. Also make a lot more of our own meals as we are so sick of high restaurant use and I'm not including entertaining for my business as that's in a totally different column and has nothing to do with our personal living costs. Making your own meals lets you control what's really in the dishes and that's very important as you age. Very moderate alcohol comsumption and not smoking are very important also as no only money savers but for your heath quality and longivity also and the needs for meds and care.
Done sensibly and wisely, retirement cost of living should be at 40% to 60% of pre-retirement levels. Just have to use the gray noodle inside your noggin!
Now heathcare is an unknown as it depends on the individual and their condition or issues going into retirement which also has a profound affect on premium costs and copays etc. Even these costs vary so greatly from region/area/locality and must be considered.
Retirement can and will usually will be or not be by the decisions that you make along the way. Yes, some unforseen issues usually rear their ugly heads but it's up to you the make as much lemonade as you can from the lemons that come your way. Sit by and just let them rot and guaranteed, they will! Take control! It's the only life you have and enjoy it because death is forever and is a certain to occur at the end!
