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Posted on 2/2/25 at 9:03 am to Kingpenm3
Money spent on kids has never really stopped, and they have,been out of our house for a while. Money on grandkids replaces any lulls for their parents. Much of it is just choosing to help, but my point is that the drop in this expense hasn't gone down as much as I expected. The cost of getting by has been tough on young adults so we choose to help, but just sharing that it has been an expense I didn't foresee.
The spending curve chart someone else posted feels accurate. I am near the beginning of the curve, so my opinion is mostly research based.
If you are making good money from investments, then it affects both social security and Medicare premiums. My wife is a couple of years older than me and just hit 65. She decided to start taking her social security for fear of dying without recouping enough. I retired from day job, but am bringing in more investment money than I expected. Social security payments to her are reduced, and we pay a hefty premium (irma) on her Medicare premiums. Get professional tax help if in this scenario as there are some work arounds.
The spending curve chart someone else posted feels accurate. I am near the beginning of the curve, so my opinion is mostly research based.
If you are making good money from investments, then it affects both social security and Medicare premiums. My wife is a couple of years older than me and just hit 65. She decided to start taking her social security for fear of dying without recouping enough. I retired from day job, but am bringing in more investment money than I expected. Social security payments to her are reduced, and we pay a hefty premium (irma) on her Medicare premiums. Get professional tax help if in this scenario as there are some work arounds.
Posted on 2/2/25 at 9:50 am to Kingpenm3
Insurance car/home/flood? Mine is somewhere around 8K.
No car notes or house note, don't travel at all, my monthly expenses averaged out are just under 7K.
No car notes or house note, don't travel at all, my monthly expenses averaged out are just under 7K.
Posted on 2/2/25 at 9:59 am to Enadious
quote:why not? just curious
don't travel at all
Posted on 2/2/25 at 10:27 am to Kingpenm3
All mortgages and loans zeroed or you arent ready to pull the pin.
Children cost you money all your life. accept it and prepare for it.
Have good health insurance. Have good life insurance. These improve your sleep quality.
Monthly ankle biter bills are nothing if your prepared well.
Have enough to play. If the goal is to pay bills and just sit at the house then dont retire.
Children cost you money all your life. accept it and prepare for it.
Have good health insurance. Have good life insurance. These improve your sleep quality.
Monthly ankle biter bills are nothing if your prepared well.
Have enough to play. If the goal is to pay bills and just sit at the house then dont retire.
Posted on 2/2/25 at 10:46 am to Lakeboy7
Life insurance after retirement is not part of my plan.
Posted on 2/2/25 at 10:55 am to Kingpenm3
Travel will pick up.
Posted on 2/2/25 at 11:44 am to cgrand
quote:
why not? just curious
Wife had a stroke after surgery trying to prevent a stroke. She can barely walk and only very short distances. She's not interested in any travel. It's too difficult to get around/go to the bathroom, etc. She wouldn't be able to enjoy it. Hell, I don't think she could stand an hour ride in a vehicle before her back and neck would have her wanting to lay down.
Posted on 2/2/25 at 12:04 pm to KWL85
Thanks for the information. You investments must be doing very well for IRMAA to affect you. It's not a terrible situation to be in. 
I expect to be able to stay below the income level for IRMAA. Even if we choose to pull out an amount to top us off at $150k a year we are still well below the $212000 threshhold.
I expect to be able to stay below the income level for IRMAA. Even if we choose to pull out an amount to top us off at $150k a year we are still well below the $212000 threshhold.
Posted on 2/2/25 at 8:50 pm to tigersnipen
I've used Boldin for over a year. Once I developed my model and got comfortable with it, I haven't fooled with it much. It just confirmed that I could retire which is what I was after (multiple sources of confirmation). It's probably the best product I've used and is much more user friendly than something like the Pralana Retirement Calculator.
Posted on 2/3/25 at 11:43 am to TigerAlum1982
quote:
If you are in EBR Parish, constant increase in property taxes a
Louisiana has the 5th lowest property taxes in the country. I guess you don’t really get anything for the money, but it’s not a lot of money.
In Florida we have the 25th highest property taxes, but we also don’t get much from them either. In Colorado we have the 4th lowest nationally and I’m amazed at how much nice stuff we have for that price.
Posted on 2/3/25 at 11:45 am to 98eagle
quote:
Everything you want to do because you now have more time, cost more. So any hobbies or things that you want to buy are
When I was young and worked all the time, I used to joke that I couldn’t afford a day off because I would spend too much money.
Posted on 2/3/25 at 1:56 pm to Lakeboy7
quote:
All mortgages and loans zeroed or you arent ready to pull the pin
While nice this isn't really great advice. Someone who has invested well won't really mind if they're still carrying a mortgage. I'd rather retire somewhere and take a mortgage on a house than pay cash and deplete my money.
Posted on 2/3/25 at 9:15 pm to VABuckeye
quote:
While nice this isn't really great advice.
In actuality in can be excellent advice for some people and not for others. There isn't a one size fits all retirement income plan.
Posted on 2/3/25 at 9:31 pm to La Place Mike
Agreed. Just like when to take social security.
Posted on 2/3/25 at 10:32 pm to Motownsix
quote:
In Colorado we have the 4th lowest nationally and I’m amazed at how much nice stuff we have for that price.
You're omitting the > 10+% sales tax in CO.
Posted on 2/4/25 at 3:59 pm to VABuckeye
Agree on both your advice that payoff off mortgage isn't a huge factor, and that it isn't a one size fits all. I am carrying a 3% mortgage, but actively investing to get much higher returns. I am not paying it off early. I have no problem with those that want to pay off their mortgage, especially if it gives them piece of mind. But it certainly is not a high priority for everyone.
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