How much did your lifestyle change after you retired? Some of us have to rely only on SS, while others get a monthly pension and SS. Some of us also have Savings to help us out, while, again, SS is the only income there is. Some people get angry because their lifestyle changes too much. I know, once we get back to Colorado, our lifestyle will change and we simply won't be able to afford to do/have some things we have now. Even if we both can find part-time jobs, living on "some" savings and only having SS is going to hurt. And, obviously, later on our only income will be SS! Sure won't be living like we are currently. So, how has your lifestyle changed since you are no longer working and possibly bringing that nice salary that you use to?
I would say my lifestyle hasn't changed too much through my whole life. I never really had to work except for a few years here and there, not even enough to get soc sec. I do get widows benefits though. My situation is somewhat different though since my kids help me a lot and they have enough that it's not a strain on them which I wouldn't want or accept if that was the case. They didn't help though until their dad died. Then my daughter started paying my $2,000 a month mortgage, plus the taxes and homeowners ins, etc. I still had some savings at first and paid for stuff like tearing out carpet and putting wood floors down but now she'll even be paying the $500 for the rat exterminator. If I didn't have my kids, it would be a whole different scenario for me now. But on the other hand, the man I met after my husband died that lived with me for about 4-5 years Had a pretty good pension plus soc sec and add my widows benefits to that and we would have done ok. If I had no other choice, I might have tolerated him and we wouldn't have split.
We sat down and discussed all the things we could do without, about a year before I started collecting SS. Amazing what we spent money on. Think we did it to get in the mind-set of 'life after work' more than anything else. Wife wants to continue working and retire later, likes her job. I enjoying working part-time; feel better and happier. All the Economist tell you to put off retiring till you drop (IMHO) but sometimes you just have to do what's best for you and yours.
Luckily, my wife has had good savings, but we used quite a bit up doing three moves since we've been married. As for me, I've never had the nice salaries like she has. But, I didn't have the college education like she does either. I'd honestly have to say that there have been times that we've lived "above our means" and never gave it a thought that we were doing it. Once we have to live only on Savings, whatever will be left of that after our move back to Colorado, and our SS, our lifestyle will be quite a bit thinner than it is now. Neither of us even want to think about that time coming, but it WILL come. I guess, "oh well", it will definitely be time for using Senior Discounts and cutting/using coupons.....even more than we do now!
My husband just retired last month from his consultancy job. Now he stays at home trying to put everything in order, small repairs and tending the plants. Thanks to the internet because at least he has something to do. But I guess my husband is the type of person who would not be bored with plenty of spare time because he has the passion to write stories, write songs, write movie scripts and not to forget gardening. For me, maybe I would enjoy the rest when I retire from my job. How I love to wake up late in the morning and sleep late so I can watch the tv until I fall asleep. And I can also go shopping during weekdays. Gee, it's lovely to go on vacation anytime, right?
@Corie, going shopping during a weekday and taking a vacation whenever wanted, sounds great, but for some retired Seniors, the key word there is "sounds". Those things take money that there just isn't enough of after we stop getting that nice job salary.
I would say I'm better off financially now than when I was working. We don't owe anyone for anything. We receive more than we spend every month. Our savings was depleted when I first retired so we could pay off our mortgage, but have put back most of it and keep adding more. Things can change in a hurry though as we get older.
I am not better off. I worry about paying bills and my medications every month. I do not have the money nor the clothes to do much socializing do I spend the majority of my time at home.
We know a couple, in our age bracket, that have two homes and a lake cottage. They got them years ago when buying a home was much more affordable. He worked for Ford Motor Company for 30 some years and gets a nice pension, plus his full SS. She was pretty much a "stay at home mom" much of their marriage, but does get a little from SS. When I first met them in 2001, when wife and I married, he was still working for Ford and making a darn good salary. They had been on numerous cruises and his wife loved spending part of the summer at their Florida home, by Daytona Beach, that was less than a mile from the beach. The other part of the summer, they would spend weekends at their lake cottage. For a number of years, he really brought in great money. Like us, they love boating and have 4 boats and a "stand up" Jet Ski. We have one boat, that, up until now, we could barely afford here in Florida. Now, the "down side" to the above, his Pension is nice, but not nearly as nice as his salary was. Yes, their lifestyle has changed, some anyway. If anyone was to ask his wife, she would say, "it changed to much". No more traveling or cruises. Keeping up three properties isn't cheap! They have to pay for any repairs on their homes and, of course, that dreaded time of the year..........property tax time. He seems pretty content in not being the "Jet Setter" type anymore, but she sure isn't happy about it. Yes, he spoiled her when he was bring in that terrific salary. She has to use her SS to get her nails done, hair done and buy new clothes. Yes, they pretty much went from one extreme, spending money/having fun-fun-fun, to the other extreme, not spending and doing very little, after he retired. But, they still have their three homes, and I believe two of them are totally paid for. That's good. Winters in Florida and summers at their original home and at the lake cottage. Sometimes a person can think back and say to themselves, "I really wish I'd done something in my life to make my retirement days "financially" better. Oh well, it is what it is!"
My own changed very little. Live extravagantly, beyond my means, use plastic to support it, sell either junk we have, or my labor to pay the payments, hope I can keep up. Know there ain't no Heaven, but I pray there ain't no Hell! And, only my my dyin' will tell! Frank
If you need utility payment help, there is LIHEAP. Many benefits at benefits.gov too, like Rental Subsidy helps pay rent, FoodStamps gives you debit card replenished every month with a 6 month and yearly income check and other benefits especially if you're military. I'm wondering what I might go through when I'm really alone. Now I live with Mom who is 90. Still hoping for a rich man to marry, lol. Applied for my Social Security this year.
I've never worried much about the future. And strangely enough, my needs were always met. Not always my wants, but my needs. Trust in God. It works for me.