Everyone is different, I have been retired for 3 years, I spend as much on average as my take home pay before retiring. Travel, projects, hobbies and still have the same bills as before i retired (have been debt free for a long time), plus medical insurance, that one is the killer if you retire before 65. But of course, deductions for 401K, stock plans, etc go away. You still have to replace cars along the way after you retire, you have to plan in some fashion for that, needing to replace a roof or AC unit has to be planned for also.
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It's not as difficult as some make it out to be. We are not bringing in anywhere near some of the amounts of money some people have mentioned.Originally posted by Chew View Post
We retired 3 years ago. I was 64 and 9 months (October 2018). My employer paid my insurance until my Medicare kicked in (December 1st 2018). We basically live on social security and savings. I make a little on my Vortex business. We have an IRA that we won't start drawing on for 3 or 4 more years unless we need to do so. Our farm and home are paid for. We have a small 0% tractor note. Our vehicles "were" paid for, but I just bought a new 2021 truck.[emoji1] With my trade in and a pretty good down payment we ended up financing the balance for 24 months. We could have paid it off, but I like to keep a decent cash reserve. My IRA is easily making more than both our little notes...at least at this time.
Medicare is awesome. Don't let anyone tell you it isn't. We went with original Medicare, Part G supplement, and Part D prescription drug supplement. It is more expensive than private advantage plans, but it pays dang near everything no questions asked.
I am sitting on my front porch drinking coffee in my house coat. It's about 64 degrees and a beautiful morning. I haven't seen a car go by all morning. I wouldn't trade this for anything.
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Last edited by Arrowsmith; 06-16-2021, 07:01 AM.Comment
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