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

[BigHornRam]

It's not that hard.

As long as you stay away from the Waffle House.

 

[Addicting]

After a long military career including active Army, then Army National Guard, it was nice having a pension. But the greatest benefit came at a time when the health insurance costs launched into the skyrocketing stratosphere. My wife and I are covered by Tricare, the DOD insurance program, as well as Medicare. (for me also VA as further support) It is a blessing which becomes more important each year it seems. For anyone interested in military service, it is a benefit well worth considering.

X2, this is never something I thought about earlier in life. But as we age having this is a huge relief. It makes all the difference on the retirement decision.

 

[Dave N]

As long as you stay away from the Waffle House.

I'm safe. Long drive to the nearest one. Or just don't order the eggs.

 

[longbow51]

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.

Supplement is Part D, for drugs; it's like $7/mo.

 

[rustednuts]

I’m jealous of all of you with pensions.
I’d suggest running a budget application that ties into all your credit cards and bank accounts. Then your categorize each transaction, it makes very simple to see where your money is going and what expenses actually are not what you think they are. I can tell you pretty much where every dime from the last 5 years has been spent. Knowledge is power.

 

[antelopedundee]

Supplement is Part D, for drugs; it's like $7/mo.

Wellcare Valuescript is $0.00 per month.

 

[Steiny77]

65 YO, retired (8) years now. You definitely need to spend some time during the last couple years before retirement to create a budget and determine your annual burn rate on finances. If working another year or two will get your mortgage or other debt paid off, I'd suggest it would be a wise move. If you retire pre 65 you also need to consider the cost of health insurance, ours was $1800 per month first year on ACA. Even post 65 you will have some cost, likely a Medicare supplement. Income and property taxes are also big factors, you're still going to have these.

During high earning years we invested (and paid off) things that will generate income forever; real estate, farm ground, dividend stocks, etc. This has become an important part of our income in retirement. Rolled the 401k into an IRA and also take a monthly draw from that, as well as a little part time "fun job" gig that generates some extra cash. Between all of these, we can pretty much do anything we could do while we were working. I'm going to start taking SS in a little more than a year which will be a +/- $35k boost to our annual income. We've been living fine without it, so this will be a nice addition to our finances to have some fun with.

A lot of pension programs are severely underfunded, as is SS, so who knows what will happen with those programs 20 years from now? For younger folks, I'd recommend planning and saving as if you are never going to receive any of that, then count yourself lucky if you get it.

 

[hank4elk]

Getting by with Medicare A&B plus a catastrophic plan. Medicare covers most everything and the emergency plan has been a lifesaver.
I only paid $3000 out of my $500,000 bill for cancer treatments.
New eye lenses were $30.
ER visit for hernia was $18.

I am having a hard time getting a PCP in NM or a visit to dermatologist.
All the references for skin Dr. have proven fruitless. 1 out of business and the big one with 5 offices is not taking any new patients.

I could find no drug plan that will cover my cancer meds for a reasonable price nor supply them regularly.
Getting one cheap, another thru cost-plus and the expensive one free, because I'm a poor.

 

[MTGomer]

I didn’t know retireees had budgets.

In my observation the poor ones buy a $900k 4k sq ft house in Lake Havasu, that absolutely cannot be lived in until they add onto it, build an ADU and a RV garage, then they spend their remaining years driving a tricked out Polaris RZR with whip lights and Gadsden and MAGA flags all over it, around town.

Regular ones do the same as above but have a $300k boat.

 

[hank4elk]

I'm lucky.
Took early retirement @54 and gambled. The $12k paid for the new domestic well.
Took SS @ 62. Took the hit because even part time jobs cost me to do them.
Paid off the land and then put it in a Life Estate.
Negotiated the contract for my future pension. It is totally solvent and been getting 3% COLA's for 16 years.
I'm a poor but wealthy in my life now. 70 this year.

I make more than most employed folks in this county.

 

[Nick87]

Reading all the comments on insurance I'm glad mine will be covered, although hard to say what that will consist of in 20 or 30 years.

 

[Keep on]

Reading all the comments on insurance I'm glad mine will be covered, although hard to say what that will consist of in 20 or 30 years.

Agreed, wife and I both have union jobs, she has better health insurance than I do, and I'm on hers already. We will have health insurance at employee cost until we both go on medicare. The plan is that we both retire at 62 as long as the market holds up.

 

[Straight Arrow]

I'm a poor but wealthy in my life now. 70 this year.

I make more than most employed folks in this county.

So true. Your real-life, quality-of-life, really important ownership and life style makes you actually much more wealthy than Elon Musk. ('Can't even imagine that Musk has a real pleased smile or authentic gutteral laugh ever!)