Retirees whatcha living on?..........

[Dave N]

Union benefit, right?

Union plant, not real sure if it was a benefit or not. Came in handy when I had to quit!

 

[Irrelevant]

Every time I read a thread like this I key into the health insurance costs. When are we collectively going to figure out a better way. It's the worst of all worlds, either go universal coverage or eliminate insurance and go pay to play. But spending tens of thousands on premiums only to either not hit your deductible or have your claim be denied is completely unsustainable

What's equally frustrating is that in WA you are FORCED to have health insurance. It was an effort to force companies into providing better benefits but really was just a gift to the insurance industry.

 

[longbow51]

Before or after @p_ham started posting pictures?

The major thing is to have no debt; mortgage paid off, good lasting vehicles. If you withdraw from a non-Roth account, you pay truck cost + tax burden unless you buy with after-tax savings.

And as others have said, eventually, RMD at 73.

And, frankly, if I had it to do again, I would put everything allowable in a Roth; yes they robbed us blind on taxes and 401K seemed good at the time, but it's not all that much better now.

Also, if you have capital gains it can get Medicare costs (the amount they subtract from your SS) up there with private insurance, and you still have to buy a supplement.

And when you reach 65, get Medicare Plan G; costs a little more, but the best coverage. After the initial enrollment period, you have to go through "underwriting" which means they can reject you for any health issue. In the initial enrollment period they have to accept you.

 

[antelopedundee]

I think a lot for us also came through the realization of where we were living. I wrapped up my career down in Cali but moved back to Oregon upon retiring. Instant savings in soooo many aspects (Compared to the "Golden" state - sales tax went from almost 8% to zero, home insurance dropped 60%, vehicle registration dropped 80%, vehicle insurance nearly 50%, gasoline dropped $0.50+ a gallon, tags & license dropped about 25% PLUS species/tags were added, etc. etc.

Depending on where you're living that dollar can stretch quite a bit more just by playing with equity. Again, good luck to you and the last thing I'll say is retirement is the best job I've ever had!

It's like having 6 Saturdays every week.

 

[antelopedundee]

No debt and wife is tighter than the bark on a tree. Don't think it will take much income to survive on until health issues start popping up.

With the health issues I've had my my OOP costs have been miniscule. Not sure what kind of coverage Medicare would provide for say lung cancer.

 

[antelopedundee]

Before or after @p_ham started posting pictures?

The major thing is to have no debt; mortgage paid off, good lasting vehicles. If you withdraw from a non-Roth account, you pay truck cost + tax burden unless you buy with after-tax savings.

And as others have said, eventually, RMD at 73.

And, frankly, if I had it to do again, I would put everything allowable in a Roth; yes they robbed us blind on taxes and 401K seemed good at the time, but it's not all that much better now.

Also, if you have capital gains it can get Medicare costs (the amount they subtract from your SS) up there with private insurance, and you still have to buy a supplement.

And when you reach 65, get Medicare Plan G; costs a little more, but the best coverage. After the initial enrollment period, you have to go through "underwriting" which means they can reject you for any health issue. In the initial enrollment period they have to accept you.

The plans that pay your co-pay are a rip-off. If you don't use it, you're wasting your money, and they charge more in premiums than the co-pay would be if you paid it yourself. For myself I have plan N, but the disadvantage is that certain providers if they choose to do so can come after you for whatever Medicare and your supplement carrier don't cover. When a place like Mayo Clinic [which BTW doesn't certain Medicare Advantage plans] submits a claim are they aware of which type of plan that you have? When I had my cervical and lumbar spine surgeries they brought in a nerve monitoring service that billed Medicare about $21,000 each time and only received about $1,000 of that. The EOB from the supplement carrier said patient responsibility $0.00.

House is paid off and no debt other than normal living expenses. I don't have to dumpster dive. If the cretins in D.C. don't screw with Medicare or Soc. Sec. I should be fine.

 

[BigHornRam]

With the health issues I've had my my OOP costs have been miniscule. Not sure what kind of coverage Medicare would provide for say lung cancer.

At 61, I am considering the long term sustainability of the program 15 to 20 years out from now. There will be changes. What those are, time will tell. If and when there is a need for me or my wife for assisted living, real estate assets, savings, retirement funds, will have to be used to cover those costs. Lot of uncertains about the future, prepare the best you can.

 

[Hem]

At 61, I am considering the long term sustainability of the program 15 to 20 years out from now. There will be changes. What those are, time will tell. If and when there is a need for me or my wife for assisted living, real estate assets, savings, retirement funds, will have to be used to cover those costs. Lot of uncertains about the future, prepare the best you can.

Same age, same boat.
Except I'm banking on my wife who is 12 years younger to spoon feed me until the end. We are saving money for her.

 

[sclancy27]

I'm not old (like 20+ yrs out from retirement) but always thinking about it. I basically live on 35-40K after taxes every year. This includes hunting 3-4 states a year, golf membership, playing in tournaments, basically doing the things I really like. No kids.

However, the things I don't care about (vehicles, eating out, "entertainment", etc) I basically spend nothing on. I love cooking at home, processing and eating only game meat. I HATE buying stuff. I've bought 2 rifles since I was 12. I've bought 3 vehicles and have never had a car payment. Both my vehicles are old (2009 Honda Fit and a 1997 F-350 diesel).

If you are a "consumer" you are gonna need way more money. It's looking like I will not need much, based on my current standard of living, which I love.

 

[BigHornRam]

Same age, same boat.
Except I'm banking on my wife who is 12 years younger to spoon feed me until the end. We are saving money for her.

Cradle robber! My wife is only 2 years younger and would probably beat me with that spoon!

 

[MarvB]

Cradle robber! My wife is only 2 years younger and would probably beat me with that spoon!

LOL, mine is 5-1/2 younger...starting to see a pattern here!
Where were the rich old cougars when I was younger???
Evidently not in the woods...

 

[Hem]

Cradle robber! My wife is only 2 years younger and would probably beat me with that spoon!

Quite often I am told to act like an adult.