I’m living proof you can retire and live well on a low income. I live debt-free on $2500 a month from Social Security and a small pension. My expenses are $1800 ($1175 rent, $300 food, $100 health insurance/Rx, $75 gas/electric, $50 bus pass, $50 streaming services, $25 phone/VPN, $25 personal care). The remaining $700, plus $1500 a month I earn from reselling thrifted items, goes into a HYSA earning 4% interest. So I put away $26,400 a year plus interest for emergencies and my future needs.
Thank you for posting this. I love seeing how other people on limited means are making a go of it. Sounds like you are doing a great job and it's inspiring. 😊
Great planning; but just wondering about $100/mo health insurance. I pay into Medicare via Social Secrity (174/mo), plus an AARP Plan G (245/mo.) as well as dental (39) and Rx (39); or $497/month. Perhaps your medical is covered by your pension? Just wondering. Thank you.
I have a friend who retired to Mexico on Social Security and a small pension. She's happily lived there for several years. Her rent is extremely cheap, and health care is so inexpensive that she can pay out of pocket for most needs. She can return to the U.S. for planned surgery, etc., covered by Medicare. It's not for everyone, but might be an option to consider.
Great share, Dawn. I think, for us, as long as we don’t live in the same state as our son (and his family), I wouldn’t want to downsize so they have a place to stay when they visit. Not that a 2 bedroom is huge. But if we ever lived in the same town, I would consider a smaller floor plan for sure to save money. 👍
My sister stockpiled before she quit working. I got rid of my car, and the bus stop is so close I can see it from my front porch. I'm working on savings challenges so I can get some money put back.
If I'm going out to a doctor's appointment or anywhere, I usually stop at a nearby grocery store for a few things, instead of making a separate trip for that. It saves gasoline.
Be careful moving to "lower cost of living area." Inlaws moved 1000 miles for lower taxes but family visits over the years added up. Grandkids hardly knew them and now the siblings own an empty house in a depressed area.
It is not really retirement as much as it is getting out of the rat race and doing what you really enjoy doing. My husband "retired" from corporations to start a business that he had always wanted to do. Our income was cut in half but we managed and were much happier for it. Then he cut back the hours being put into the business and I continued to run it while he pursued writing that he wanted to do. He died 3 months after his one and only book was published. You never know how much time you have. Don't waste it doing things you hate. I "retired" 8 years ago and have loved every minute of it.
I tried to live on just SS. I need another 10 grand per year. But I have investments to make up the difference. Two months into retirement I needed a new furnace. Cost $3500. Year two I needed new a/c. Cost $5600. But with a paid off house and car it made things a lot easier.
Not owning a house or car made all the difference for me, even though it goes against conventional wisdom. My landlord hasn't raised my rent once since I moved here in 2018 and takes care of anything that needs maintenance or repair. I also sold my car because we have reliable public transportation (bus, trains) and rideshare (Lyft, Uber) or I rent a car when I need to. No more auto maintenance, insurance, parking, gas, etc...bills every month!
I had to retire at 57 for health reasons. We discuss different life scenarios all the time and how we would get through them. This has been very helpful to us. We're good savers and have no cc debt. House and cars are PIF. We trust that God will help us in each scenario! 🙏❤️
@3TXSisters ❤️ Thank you, Linda. Yes, I'm getting better staying at home, but I noticed that if I am around the things I'm allergic to, the reactions are intensified. I hope you're doing well too!!! 🙏💖
This is a great video! I love talking about retirement. I'm in the process of getting my social security started. I'm so excited. But it does seem weird. Seems like yesterday I graduated high school and just entered the workforce. I blinked, and now I'm 62, and in the process of getting my ss started. I've worked and paid my dues, but on the other hand, it did go by so fast. But I am so excited about retiring.
@@cjhoward409 I did have some good, enjoyable jobs that I look back on with pleasurable reminiscing. And I raised my kids with joy. So I'm enjoying this new season of my life.
Always an important subject, because sometime events happen, health declines, people die, companies close - if we are thinking ahead, we will do better when LIFE happens. Much love, MM.
Hi Dawn. This is such great episode. Five years before I retired from my fulltime job I began working on a retirement budget. Worked on it in my spare time and kept adjusting the numbers as I tried to anticipate what we would actually need. I believe it is essential to do this before retiring. I am so glad that I took the time to do that. Also, we waited until our mortgage & cars were paid off and completely out of debt. We never had huge salaries but lived frugally . Love your channel. You help so many people. God bless you. ❤
Good advice. There are lots of channels discussing retirement, and specifically retiring on a small nest egg. Another thing I think people should think about is making sure they live in a home where they can age in place as long as possible. A small home on one level, with no stairs to access the home, for example.
We needed new brakes last week, and could have charged it with zero interest for six months. We opted to take from emergency fund and our depositing it back in our savings. We also needed two different air filters, so my husband purchased them much cheaper then the car shop we went to, and put them in himself. It saved about $60. Happy Sunday everyone 🌟
P.S. My standards are low, so I think I'm going to be OK in retirement. When I was in my 20's, married with kids, and we had a lot of stuff, a lot of debt, a very high-maintenance lifestyle, I was depressed about the way we managed our life - I knew something wasn't right. But now, I have 100% of the decision-making, and I love planning & managing. If we run our life like a business - and if we enjoy planning/managing/administrating - then excitement is in the forecast!
We’re retired, living on SS and a small pension. My health is not good due to a heart problem I was born with that has suddenly worsened. Our home and car is paid for and we have no other debt. But what we didn’t bank on is property taxes, home and car insurance, utilities and food prices rising so much. It has taken a huge chunk out of our budget from 5 yrs ago. We do enjoy our life, mostly staying home with our pets and visiting with family. We don’t travel anymore though and rarely go out to eat. Don’t miss it though! Great video.❤
I would rather have the money; but, as Money Mom says, it's personal finance.
9 дней назад+1
People need to save while working over and above 401k's as medical co pays and perscriptions and other emergencies come up. If people want to travel later that's another expense like overseas tours.
Exactly! Many do not understand this until life throws them a curve ball & yes, it can happen to the healthiest person. If one doesn’t have health, wealth is meaningless.
6. Buying extra clothing sounds great! But first ne, this didn’t work well. I lost 75 pounds and my shoe size changed, clothing changed to a smaller size. So in theory, buying extra garments sounds great! A better plan is to have a clothing budget annually to get what I need for that year. In retirement I didn’t need evening wear and don’t get this. I have a minimum wardrobe and happy with downsizing so many garments, giving away dress clothing, donating larger sizes to shelters. Others now make use of what I had. A great list to anticipate various categories of things we need. I am retired since 2006. Things changed and what I thought was needed was not. Great topic! Great list! Stslwart
I started this March 9, 2023. Now maintaining 125 pounds at 5’2” tall, age 76 this Spring. It’s been a wonderful experience to learn how food affects me. I don’t miss sweets or red meat. I’m vegetarian now. I talk every 3 months now to a dietician. Not monthly. Do invest in this. I read many food books and found what works for me. It’s a journey and my health has improved. That’s the point. Be as healthy as you can be as we each get a year older. I’d rather spend $ on food than medicines with side effects. We always a have choice. Stalwart
I’m gonna listen to this again! We’ve been retired for 15 years, still haven’t paid off our mortgage. (We’re really close.) If you don’t have a pension (we do), I’d have to put that first. Pay off debt, have a good emergency fund, pay off the mortgage.
Dawn, I was always taught to save for a rainy day. ("Your "#9 & "#10) These days we are having hurricanes! So, I do appreciate your 10 excellent ways to save! Thank you! ✨️🌞✨️
I have two guys that come in and tell me their opinions on my boss and the question in their heads on how is he staying open? And how i need to find a diffrent job, one went as far as telling me i was smart and could get a job somewhere else, I thought "you don't even know me". They just upset so much. My car has been in the shop for 3 weeks or more, (I lost track), I live with my boyfriend 14 miles away from my job and he drives me to work and comes and gets me, luckily. Im just going through somethings mentally and if I'm not good there I'm not good anywhere I feel.
Hi some great ideas in this video. We are not quite at the stage of retiring yet but it is a subject that is beginning to enter our thoughts and occasional chats.
My suggestion is to overestimate your expenses. Taxes and insurance increase with seemingly no end in sight. I understand the appeal in purchasing clothes and shoes; however, we may not be the same size and that money could've been earning interest. There are always ways to find inexpensive clothing. It takes planning and research to retire and to thrive when we're older. Thank you for the great tips. Love to all, Linda 💕
My elderly neighbors say they’re surviving on just social security, but I say they are just above thriving. Their house is about to fall in on them. It’s got rotten floors and walls… the ceilings leak, half of their kitchen cabinet doors have fallen off. Their one vehicle is 25 years old and driving around on bald tires. And I could on. To me, that’s not living. And they don’t have a mortgage and no other debt but they’re both ill all the time. They spend a lot of money on pills and Drs visits that Medicare doesn’t cover.
I'm glad they have good neighbors like you to give them a good meal occasionally. It's unfortunate they made some crucial budgeting errors that are difficult to overcome this late in life.
I opted out of Medicare, which would have been $125 a month, when I reached retirement age, Medicare harassed me to get it, but, couldn't afford it, anyways I am a Vet, so I have VA insurance, saved my family abt $12,000 over the years, which I used for bills and groceries, now that is a savings.
Awesome video. I need to think about moving into a smaller place it takes a lot to run a duplex house. Just realized we are spending too much 4,000.00 round up cost extra in utilities on the other side. Last year .we just have storage stuff with a refrigerator we use for extra food. Got to make a change to down size to another place...
Good ideas. I'm not retired but making different budgets to anticipate which options are within my means and which are not, which helps give more focus. I just watched a YT video on apartment mystery shopping; I can envision possibly doing that in retirement for supplementary income and possibly while traveling. Dawn, does the mystery shop you schedule include anything in that category?
If you plan to treat retirement like a long vacation and are not rich, you need to plan to work as long as possible. If you can enjoy free time, and don't mind doing things like charity to fill it, most people won't have problems living tight. We are getting our ebike back from our son, who decided he didn't want it, and we have one car, and my husband is able bodied, loves to work an additional part time job, and does 5k races for fun. His expenses are small compared to most. We like good food, but don't trust most stuff, would rather cook nice stuff from scratch. Our house is overflowing with stockpiles we are actually sharing. The medical is great for my husband, but I am counting down to age 65. In Sept, I can get SS and squirrel that away as the medical fund I never had. There are so many ways around stuff, and relying on the gov't to tell you what is right means most will die before even getting their first SS check. My husband's dad was thin and in great shape, but died at age 45. Do what you heart wants most. If your job is beautiful, keep going. If your job has aged you by 20 yrs, retire early.
Not everyone gets the same amt of ss, my sister gets practically double the amt then what I get, so it is possible to live off of ss alone, if there's a will there is a way.
I think you have to have something to retire to. Usually grandchildren are a gamechanger. I could retire but keep working because I haven't got anything to retire to and I like my job so that makes working an easy decision. If I didn't that would be different. My friends sold their home for $1m and bought another for $690K and retired. They still make some income, my friend is a celebrant for weddings and end of life and her husband had a farm background so they applied for a two month job minding a farmstay place to give the owners a break. Out of that property minding job, they have received several other offers. The work wasn't hard, they just took bookings and some cleaning. If you're good with people there's a lot of that sort of hospitality work in Australia at least.
Being prepared before you plan to retire is the key. Check your local town Ordinances to see if people over 65 can get a reduction in their property taxes. My town does offer this based on your income using a sliding scale as to how much you'll save.. Some towns offer tax reductions to veterans as well. Of course they do not automatically offer the discount you need to apply.
We retired on $2200 a month SS w/$1800 living expenses. 65 & 72 yrs old. Doing ok for many reasons: DIY Solar for our car, home & bicycles much of the year. No water, health, garbage or homeowners insurance costs. Learned to grow a handful of vegetables saving us about $100 a month. We volunteer at the Monthly Food Bank so 1x a mo. bring home a bag of food (Only 1 bag out of 4 is real food) saves about $50. Living off-grid w/a $125 Prop Tax payment helps a ton! Our pets earn their keep- 45 hens so sell & consume free range eggs earning about $40-$50 a mo. Donate $125 to our church. $25 Wifi Hotspot. Cycling, food foraging, church, river swimming, RUclips & gardening are inexpensive hobbies. Eat mostly what is available, not what we crave. 80k savings. Hubby is very handy.
@@CentsibleLivingWithMoneyMom Nice to hear. I always felt when I admit how we live, most are more apt to judge than want my life. I love it though. Hugs to you Dawn
You made many good points. Living on Social Security alone can be very difficult with today’s economy. I have been debt free for years. I am very frugal. But I still can’t live on my Social Security alone. I do need to use some savings monthly. And have an emergency fund for unexpected expenses.
It really all comes down to expenses, not necessarily how much income you have. Even someone with high income can run out of money if their expenses are too high. Definitely make sure you are debt free before you retire, no matter what age you are.
I live in Australia have no debt, paid my mortgage but unable to retire, I have 11 years left of work before I am eligible for any type of pension. I have my superannuation however it’s not yet reached $300 000 so I am hesitant to touch it before I turn 67. On the bright side I have a good job that I like so I guess I’ll just stick with it.
Dawn any chance you could do a video on "safer" ways to earn interest on money? The guy that runs my very modest portfolio is losing me money every month as well as the fees I pay him to manage it. I'm basic and know nothing about investing. I'd rather earn 3% than continue to what feels like gambling. Any help is greatly appreciated. Great video! 🙏❤️🙏
Investing in something that's losing money is not good. Do something about it. 3% in the bank is better than minus nothing. You need to be proactive and maybe get a second opinion. Sorry, I don't mean to sound harsh. It's just that we can all be complacent about things but not your hard earned money.
The older you get you realise that we buy so many things we don't need especially if it is something you use once and it lies in the closets, we need to think carefully about what we buy, we also don't need a lot of money I just think the cost of living is the main reason ppl struggle with basics now even
I've been retired for 6 years now. Its great! Buy less clothes, reduce groceries, no kids to raise, less expenses ,no travel plans in future, own my home,debt free. Everyday utilities will go up for everyone, but I budget for that. Cook at home, less restaurant cost!
Hi Money Mom, Your right about everything is good when your healthy. What do you think about Long Term Insurance when your 60? I read that on Dave Ramsey's website that is a good age to get it before you get older and possibly sicker.
Go vegetarian. Id cut meat out entirely if I was broke. Its not great for us anyway, and its awful for the environment. Even though we eat very little, it would be the first thing i would cut. Then dairy, and only then, eggs. My house is paid for, but if it wasnt id downsize further. Buy an acre somewhere where they are homestead friendly and put a tiny house on it. The shed kind. Not a mini mansion. Skip installing a septic tank and save up ASAP for a biogas toilet. Id have a vegetable garden. If my health was crap, id do a studio apartment instead, near public transportation in a small city near a rural population. Check for, and take advantage of every single service I qualified for. No tv, limited electronics and patronize the heck out of my local library. They often offer audio books and movies. No point in owning them myself. Its amazing how some colorful 2nd hand useful items make even a meager situation feel warm and comfortable. Baby sit, walk dogs, crochet bookmarks for an etsy shop. I could even teach basic obedience and get dogs ready fornthe canine good citizen test. Wonderful fun things to do that are lucrative.
@christines2787 And eating meat products is an opinion that widely varies among people. If I had to choose I would definitely not go vegetarian. If I had to, I would eat lesser types of meat products (that are still good for us) than to go vegetarian, because I actually "do" believe that meat is better for us. Had a friend that tried to go vegetarian and because she didn't really know what she was doing ended up in the emergency room needing a blood transfusion due to anemia. So there's that. And eggs are good too, so it sounds like we agree on that part at least.
@Sheryl777 - I'm not a vegetarian and not vegan. But I have a family history of heart disease, and my husband, who ate a baloney sandwich for lunch daily, had a bad colonoscopy a few years ago. 5 polyps. And I'm a home cook too. Not a fan of processed foods. Taste, cost and nutritionally inferior choices. When we switched to eating meat only on weekends my cholesterol went down. (It's a hereditary issue. Im in shape, excersise and have even tried oil free cooking with no results. I have been on a statin for over 20 years and value what it's done for me). Husbands followup colonoscopy was great. And as I became more adept at recipes without meat, I noticed huge money savings. So, its what would go if we were broke. Fortunately we are not at high risk for that. Let's face it though, meat tastes good, and when we have it I enjoy it. I think we agree on more than eggs. Any drastic dietary change needs to be researched and monitored and done with nutrition in mind. Husband works with a guy who's a vegan and lives on soda, coffee and doritos. Not a piece of fruit or a vegetable unless it's on a pizza. He would be better off doing anything else.
There is a big difference between bologna and quality meat such as grass fed beef or chicken. Deli meats in general are not healthy. Research is coming out that heart disease is more related to a high carb diet, rather than a high fat diet. Colon health is greatly improved with adequate fiber from fruit, vegetables and grains. And incorporating quality meat into a healthy diet should not cause any adverse outcomes.
I’m living proof you can retire and live well on a low income. I live debt-free on $2500 a month from Social Security and a small pension. My expenses are $1800 ($1175 rent, $300 food, $100 health insurance/Rx, $75 gas/electric, $50 bus pass, $50 streaming services, $25 phone/VPN, $25 personal care). The remaining $700, plus $1500 a month I earn from reselling thrifted items, goes into a HYSA earning 4% interest. So I put away $26,400 a year plus interest for emergencies and my future needs.
Thank you for posting this. I love seeing how other people on limited means are making a go of it. Sounds like you are doing a great job and it's inspiring. 😊
How wonderful
Thank you for breaking down your budget. It helps to see how others allocate their monthly expenses.
Great planning; but just wondering about $100/mo health insurance. I pay into Medicare via Social Secrity (174/mo), plus an AARP Plan G (245/mo.) as well as dental (39) and Rx (39); or $497/month. Perhaps your medical is covered by your pension? Just wondering. Thank you.
Yes thank you, it’s given me something to think about.
I have a friend who retired to Mexico on Social Security and a small pension. She's happily lived there for several years. Her rent is extremely cheap, and health care is so inexpensive that she can pay out of pocket for most needs. She can return to the U.S. for planned surgery, etc., covered by Medicare.
It's not for everyone, but might be an option to consider.
Great share, Dawn. I think, for us, as long as we don’t live in the same state as our son (and his family), I wouldn’t want to downsize so they have a place to stay when they visit. Not that a 2 bedroom is huge. But if we ever lived in the same town, I would consider a smaller floor plan for sure to save money. 👍
Thanks for sharing!!
My sister stockpiled before she quit working. I got rid of my car, and the bus stop is so close I can see it from my front porch. I'm working on savings challenges so I can get some money put back.
It sounds like you are on the right track!
You and your sister have a great plan!
If I'm going out to a doctor's appointment or anywhere, I usually stop at a nearby grocery store for a few things, instead of making a separate trip for that. It saves gasoline.
Yes, so smart to save gas running errands on the same day.
Be careful moving to "lower cost of living area." Inlaws moved 1000 miles for lower taxes but family visits over the years added up. Grandkids hardly knew them and now the siblings own an empty house in a depressed area.
It’s a good idea to consider all of the variables
Excellent point!
It is not really retirement as much as it is getting out of the rat race and doing what you really enjoy doing. My husband "retired" from corporations to start a business that he had always wanted to do. Our income was cut in half but we managed and were much happier for it. Then he cut back the hours being put into the business and I continued to run it while he pursued writing that he wanted to do. He died 3 months after his one and only book was published. You never know how much time you have. Don't waste it doing things you hate. I "retired" 8 years ago and have loved every minute of it.
Oh, I'm so sorry for your loss. It's wonderful he was able to finish his book.
I tried to live on just SS. I need another 10 grand per year. But I have investments to make up the difference. Two months into retirement I needed a new furnace. Cost $3500. Year two I needed new a/c. Cost $5600. But with a paid off house and car it made things a lot easier.
Wonderful
Yes, it helps so much to be debt-free.
Not owning a house or car made all the difference for me, even though it goes against conventional wisdom. My landlord hasn't raised my rent once since I moved here in 2018 and takes care of anything that needs maintenance or repair. I also sold my car because we have reliable public transportation (bus, trains) and rideshare (Lyft, Uber) or I rent a car when I need to. No more auto maintenance, insurance, parking, gas, etc...bills every month!
@lindadorman2869 That's wonderful!
I’ve met women way over retirement age who are having to work to make ends meet.
I had to retire at 57 for health reasons. We discuss different life scenarios all the time and how we would get through them. This has been very helpful to us. We're good savers and have no cc debt. House and cars are PIF. We trust that God will help us in each scenario! 🙏❤️
I hope your health is improved. You're smart not to have any debt. It puts you in a much better place for retirement. 👍☺️👍
@3TXSisters ❤️ Thank you, Linda. Yes, I'm getting better staying at home, but I noticed that if I am around the things I'm allergic to, the reactions are intensified. I hope you're doing well too!!! 🙏💖
@@larmstrong2302 Doing okay, thank you! ❤️
This is a great video! I love talking about retirement. I'm in the process of getting my social security started. I'm so excited. But it does seem weird. Seems like yesterday I graduated high school and just entered the workforce. I blinked, and now I'm 62, and in the process of getting my ss started. I've worked and paid my dues, but on the other hand, it did go by so fast. But I am so excited about retiring.
It did seem to go by so fast.
Congratulations 🎊👏🎉
I agree with you. Where did the time go? It did feel weird the first year I was retired. 😄
Yes, congratulations! 🎉
@@cjhoward409 I did have some good, enjoyable jobs that I look back on with pleasurable reminiscing. And I raised my kids with joy. So I'm enjoying this new season of my life.
Always an important subject, because sometime events happen, health declines, people die, companies close - if we are thinking ahead, we will do better when LIFE happens. Much love, MM.
Good point!
Companies may close due to tariffs in near future! ❤🇨🇦❤
Hi Dawn. This is such great episode. Five years before I retired from my fulltime job I began working on a retirement budget. Worked on it in my spare time and kept adjusting the numbers as I tried to anticipate what we would actually need. I believe it is essential to do this before retiring. I am so glad that I took the time to do that. Also, we waited until our mortgage & cars were paid off and completely out of debt. We never had huge salaries but lived frugally . Love your channel. You help so many people. God bless you. ❤
You are so smart
Very smart!
Good advice. There are lots of channels discussing retirement, and specifically retiring on a small nest egg. Another thing I think people should think about is making sure they live in a home where they can age in place as long as possible. A small home on one level, with no stairs to access the home, for example.
Excellent advice
Absolutely!
We needed new brakes last week, and could have charged it with zero interest for six months. We opted to take from emergency fund and our depositing it back in our savings. We also needed two different air filters, so my husband purchased them much cheaper then the car shop we went to, and put them in himself. It saved about $60. Happy Sunday everyone 🌟
We do most small repairs ourselves. Oil changes, filters, etc
That's great!
In some car air filters buy off Amazon cheaper than RUclips for your car how to change it might help
P.S. My standards are low, so I think I'm going to be OK in retirement. When I was in my 20's, married with kids, and we had a lot of stuff, a lot of debt, a very high-maintenance lifestyle, I was depressed about the way we managed our life - I knew something wasn't right. But now, I have 100% of the decision-making, and I love planning & managing. If we run our life like a business - and if we enjoy planning/managing/administrating - then excitement is in the forecast!
Excellent comment
I think you are on the right track!
Well said!
What a great list. Love your short and sweet videos, Dawn!
Thank you! I am glad you found it helpful.
We’re retired, living on SS and a small pension. My health is not good due to a heart problem I was born with that has suddenly worsened. Our home and car is paid for and we have no other debt. But what we didn’t bank on is property taxes, home and car insurance, utilities and food prices rising so much. It has taken a huge chunk out of our budget from 5 yrs ago. We do enjoy our life, mostly staying home with our pets and visiting with family. We don’t travel anymore though and rarely go out to eat. Don’t miss it though! Great video.❤
It sounds like you have a lot to be grateful for.
I think it’s better to save the money rather than stockpile clothes or buy new appliances.
I would rather have the money; but, as Money Mom says, it's personal finance.
People need to save while working over and above 401k's as medical co pays and perscriptions and other emergencies come up. If people want to travel later that's another expense like overseas tours.
Financial security is the best gift you can give yourself.
@@lindadorman2869 I agree!
Health is wealth!
Preventative measures is so helpful as we get older
True
Exactly! Many do not understand this until life throws them a curve ball & yes, it can happen to the healthiest person. If one doesn’t have health, wealth is meaningless.
So true. Another thought is to lose weight now. It's so much more difficult as we age.
Need a pet care fund too if you have pets! Retiring in one year so I am preparing!
True!
It is so great that you are planning ahead!
6. Buying extra clothing sounds great! But first ne, this didn’t work well. I lost 75 pounds and my shoe size changed, clothing changed to a smaller size. So in theory, buying extra garments sounds great! A better plan is to have a clothing budget annually to get what I need for that year. In retirement I didn’t need evening wear and don’t get this. I have a minimum wardrobe and happy with downsizing so many garments, giving away dress clothing, donating larger sizes to shelters. Others now make use of what I had.
A great list to anticipate various categories of things we need. I am retired since 2006. Things changed and what I thought was needed was not.
Great topic! Great list! Stslwart
Congratulations 🎊
Good point! Congratulations on your weight loss!
I started this March 9, 2023. Now maintaining 125 pounds at 5’2” tall, age 76 this Spring. It’s been a wonderful experience to learn how food affects me. I don’t miss sweets or red meat. I’m vegetarian now. I talk every 3 months now to a dietician. Not monthly. Do invest in this. I read many food books and found what works for me. It’s a journey and my health has improved. That’s the point. Be as healthy as you can be as we each get a year older. I’d rather spend $ on food than medicines with side effects. We always a have choice. Stalwart
I’m gonna listen to this again! We’ve been retired for 15 years, still haven’t paid off our mortgage. (We’re really close.) If you don’t have a pension (we do), I’d have to put that first. Pay off debt, have a good emergency fund, pay off the mortgage.
Indeed. We have been building our own home over the last 10 years. Some few things left to do but we’ve done it with our paychecks and not any debt
Stay out of debt if you want to retire.
Amen!
Short and to the point! 😊
Good morning, perhaps having no debt is #1 top priority. It sure seems to make life easier! 🙂From, The Garden Tiller boy's mom.
That is so true!
Dawn, I was always taught to save for a rainy day. ("Your "#9 & "#10) These days we are having hurricanes! So, I do appreciate your 10 excellent ways to save! Thank you! ✨️🌞✨️
That's true!
I have two guys that come in and tell me their opinions on my boss and the question in their heads on how is he staying open? And how i need to find a diffrent job, one went as far as telling me i was smart and could get a job somewhere else, I thought "you don't even know me". They just upset so much. My car has been in the shop for 3 weeks or more, (I lost track), I live with my boyfriend 14 miles away from my job and he drives me to work and comes and gets me, luckily. Im just going through somethings mentally and if I'm not good there I'm not good anywhere I feel.
Wow, it sounds as though you have a lot of decisions to make.
Hi some great ideas in this video. We are not quite at the stage of retiring yet but it is a subject that is beginning to enter our thoughts and occasional chats.
Sounds great!
It takes a lot of planning.
My suggestion is to overestimate your expenses. Taxes and insurance increase with seemingly no end in sight. I understand the appeal in purchasing clothes and shoes; however, we may not be the same size and that money could've been earning interest. There are always ways to find inexpensive clothing. It takes planning and research to retire and to thrive when we're older. Thank you for the great tips. Love to all, Linda 💕
I agree with you, overestimating expenses is always a good idea.
GM 🌅 blessings 👋🏾
I LOVE the idea of doing a "practice unr" This is a great idea for anything we might think of doing... Diet change... budget while working>>>
I agree, practicing is the best way to make sure any life change is a success!
My elderly neighbors say they’re surviving on just social security, but I say they are just above thriving. Their house is about to fall in on them. It’s got rotten floors and walls… the ceilings leak, half of their kitchen cabinet doors have fallen off. Their one vehicle is 25 years old and driving around on bald tires. And I could on. To me, that’s not living.
And they don’t have a mortgage and no other debt but they’re both ill all the time. They spend a lot of money on pills and Drs visits that Medicare doesn’t cover.
Yikes! That's the image of old age everyone fears.
That sounds horrible
I'm glad they have good neighbors like you to give them a good meal occasionally. It's unfortunate they made some crucial budgeting errors that are difficult to overcome this late in life.
AND Medicare isn't cheap!
I opted out of Medicare, which would have been $125 a month, when I reached retirement age, Medicare harassed me to get it, but, couldn't afford it, anyways I am a Vet, so I have VA insurance, saved my family abt $12,000 over the years, which I used for bills and groceries, now that is a savings.
@@Candice-f3nThat's great!
Awesome video. I need to think about moving into a smaller place it takes a lot to run a duplex house. Just realized we are spending too much 4,000.00 round up cost extra in utilities on the other side. Last year .we just have storage stuff with a refrigerator we use for extra food. Got to make a change to down size to another place...
Good ideas. I'm not retired but making different budgets to anticipate which options are within my means and which are not, which helps give more focus. I just watched a YT video on apartment mystery shopping; I can envision possibly doing that in retirement for supplementary income and possibly while traveling. Dawn, does the mystery shop you schedule include anything in that category?
Yes it does
If you plan to treat retirement like a long vacation and are not rich, you need to plan to work as long as possible. If you can enjoy free time, and don't mind doing things like charity to fill it, most people won't have problems living tight. We are getting our ebike back from our son, who decided he didn't want it, and we have one car, and my husband is able bodied, loves to work an additional part time job, and does 5k races for fun. His expenses are small compared to most. We like good food, but don't trust most stuff, would rather cook nice stuff from scratch. Our house is overflowing with stockpiles we are actually sharing. The medical is great for my husband, but I am counting down to age 65. In Sept, I can get SS and squirrel that away as the medical fund I never had. There are so many ways around stuff, and relying on the gov't to tell you what is right means most will die before even getting their first SS check. My husband's dad was thin and in great shape, but died at age 45. Do what you heart wants most. If your job is beautiful, keep going. If your job has aged you by 20 yrs, retire early.
I love your comments
Hi. All great ideas.
I am glad you found them helpful!
Great ideas ❤❤❤❤
Thanks for watching!
Not everyone gets the same amt of ss, my sister gets practically double the amt then what I get, so it is possible to live off of ss alone, if there's a will there is a way.
Good point
One gets what they paid into it.
I think you have to have something to retire to. Usually grandchildren are a gamechanger. I could retire but keep working because I haven't got anything to retire to and I like my job so that makes working an easy decision. If I didn't that would be different. My friends sold their home for $1m and bought another for $690K and retired. They still make some income, my friend is a celebrant for weddings and end of life and her husband had a farm background so they applied for a two month job minding a farmstay place to give the owners a break. Out of that property minding job, they have received several other offers. The work wasn't hard, they just took bookings and some cleaning. If you're good with people there's a lot of that sort of hospitality work in Australia at least.
Excellent point
Being prepared before you plan to retire is the key. Check your local town Ordinances to see if people over 65 can get a reduction in their property taxes. My town does offer this based on your income using a sliding scale as to how much you'll save.. Some towns offer tax reductions to veterans as well. Of course they do not automatically offer the discount you need to apply.
That is great advice!
Thank you, great ideas.
I am glad you found it helpful.
We retired on $2200 a month SS w/$1800 living expenses. 65 & 72 yrs old. Doing ok for many reasons: DIY Solar for our car, home & bicycles much of the year. No water, health, garbage or homeowners insurance costs. Learned to grow a handful of vegetables saving us about $100 a month. We volunteer at the Monthly Food Bank so 1x a mo. bring home a bag of food (Only 1 bag out of 4 is real food) saves about $50. Living off-grid w/a $125 Prop Tax payment helps a ton! Our pets earn their keep- 45 hens so sell & consume free range eggs earning about $40-$50 a mo. Donate $125 to our church. $25 Wifi Hotspot. Cycling, food foraging, church, river swimming, RUclips & gardening are inexpensive hobbies. Eat mostly what is available, not what we crave. 80k savings. Hubby is very handy.
That’s a great strategy to live frugally. I know many people would love to have a lifestyle like yours.
@@CentsibleLivingWithMoneyMom Nice to hear. I always felt when I admit how we live, most are more apt to judge than want my life. I love it though. Hugs to you Dawn
You made many good points. Living on Social Security alone can be very difficult with today’s economy. I have been debt free for years. I am very frugal. But I still can’t live on my Social Security alone. I do need to use some savings monthly. And have an emergency fund for unexpected expenses.
Excellent point
It really all comes down to expenses, not necessarily how much income you have. Even someone with high income can run out of money if their expenses are too high. Definitely make sure you are debt free before you retire, no matter what age you are.
That’s a great point.
Great ideas! Thank you.
You are welcome!
Very good video! ❤❤
Thank you! 😃
I live in Australia have no debt, paid my mortgage but unable to retire, I have 11 years left of work before I am eligible for any type of pension. I have my superannuation however it’s not yet reached $300 000 so I am hesitant to touch it before I turn 67. On the bright side I have a good job that I like so I guess I’ll just stick with it.
You have a great attitude!
Dawn any chance you could do a video on "safer" ways to earn interest on money? The guy that runs my very modest portfolio is losing me money every month as well as the fees I pay him to manage it. I'm basic and know nothing about investing. I'd rather earn 3% than continue to what feels like gambling. Any help is greatly appreciated. Great video! 🙏❤️🙏
Prepper Princess is the perfect person to ask 💗
Investing in something that's losing money is not good. Do something about it. 3% in the bank is better than minus nothing. You need to be proactive and maybe get a second opinion. Sorry, I don't mean to sound harsh. It's just that we can all be complacent about things but not your hard earned money.
P.s the economy will be getting worse! Judge accordingly!
The older you get you realise that we buy so many things we don't need especially if it is something you use once and it lies in the closets, we need to think carefully about what we buy, we also don't need a lot of money I just think the cost of living is the main reason ppl struggle with basics now even
It’s so true.
What shocks me as a retired woman, people expect to live the same or better now that they've retired.
I've been retired for 6 years now. Its great! Buy less clothes, reduce groceries, no kids to raise, less expenses ,no travel plans in future, own my home,debt free. Everyday utilities will go up for everyone, but I budget for that. Cook at home, less restaurant cost!
I am 56 on pension single retired no mortgage no debt full funded emergency fund
❤❤❤❤❤❤
Hi Money Mom, Your right about everything is good when your healthy. What do you think about Long Term Insurance when your 60? I read that on Dave Ramsey's website that is a good age to get it before you get older and possibly sicker.
I do not have that
Remember you can’t get Medicare till I think 65
So, never stop working. Got it. That's not "retiring."
You could semi retire doing something you love
Go vegetarian. Id cut meat out entirely if I was broke. Its not great for us anyway, and its awful for the environment. Even though we eat very little, it would be the first thing i would cut. Then dairy, and only then, eggs.
My house is paid for, but if it wasnt id downsize further. Buy an acre somewhere where they are homestead friendly and put a tiny house on it. The shed kind. Not a mini mansion. Skip installing a septic tank and save up ASAP for a biogas toilet. Id have a vegetable garden.
If my health was crap, id do a studio apartment instead, near public transportation in a small city near a rural population. Check for, and take advantage of every single service I qualified for. No tv, limited electronics and patronize the heck out of my local library. They often offer audio books and movies. No point in owning them myself.
Its amazing how some colorful 2nd hand useful items make even a meager situation feel warm and comfortable.
Baby sit, walk dogs, crochet bookmarks for an etsy shop. I could even teach basic obedience and get dogs ready fornthe canine good citizen test. Wonderful fun things to do that are lucrative.
@christines2787 And eating meat products is an opinion that widely varies among people. If I had to choose I would definitely not go vegetarian. If I had to, I would eat lesser types of meat products (that are still good for us) than to go vegetarian, because I actually "do" believe that meat is better for us. Had a friend that tried to go vegetarian and because she didn't really know what she was doing ended up in the emergency room needing a blood transfusion due to anemia. So there's that. And eggs are good too, so it sounds like we agree on that part at least.
@Sheryl777 - I'm not a vegetarian and not vegan. But I have a family history of heart disease, and my husband, who ate a baloney sandwich for lunch daily, had a bad colonoscopy a few years ago. 5 polyps. And I'm a home cook too. Not a fan of processed foods. Taste, cost and nutritionally inferior choices.
When we switched to eating meat only on weekends my cholesterol went down. (It's a hereditary issue. Im in shape, excersise and have even tried oil free cooking with no results. I have been on a statin for over 20 years and value what it's done for me). Husbands followup colonoscopy was great. And as I became more adept at recipes without meat, I noticed huge money savings. So, its what would go if we were broke. Fortunately we are not at high risk for that. Let's face it though, meat tastes good, and when we have it I enjoy it.
I think we agree on more than eggs. Any drastic dietary change needs to be researched and monitored and done with nutrition in mind. Husband works with a guy who's a vegan and lives on soda, coffee and doritos. Not a piece of fruit or a vegetable unless it's on a pizza. He would be better off doing anything else.
@@christines2787 👍
It sounds as though you have a "scorched earth" budget if it were necessary.
There is a big difference between bologna and quality meat such as grass fed beef or chicken. Deli meats in general are not healthy. Research is coming out that heart disease is more related to a high carb diet, rather than a high fat diet. Colon health is greatly improved with adequate fiber from fruit, vegetables and grains. And incorporating quality meat into a healthy diet should not cause any adverse outcomes.
Thank you for sharing . Such good ideas 😀. 🇬🇧💛🤍
You are so welcome!