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Old 12-11-2006, 07:21 PM   #1
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Question cost

We are retiring in a few weeks , and wandering about those of you out there . What kind of budget you are on and hows it working ?

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Old 12-11-2006, 07:23 PM   #2
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Originally Posted by njoysrvin
We are retiring in a few weeks , and wandering about those of you out there . What kind of budget you are on and hows it working ?
We'll, I'm not getting any social security, and most likely will never see it, so live it up while the party lasts.

That said, my budget is doing fine....yours?

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Old 12-11-2006, 07:43 PM   #3
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Try the search tool on the menu bar above: maybe some key words like retirement, fulltime, budget. I remember a thread with a fulltimer's budget outlined in great detail that would be good reading. Hope you can find it! ~G
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Old 12-11-2006, 07:51 PM   #4
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Originally Posted by njoysrvin
We are retiring in a few weeks , and wandering about those of you out there . What kind of budget you are on and hows it working ?
Here's a thread on fulltiming which includes a budget discussion.
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Old 12-11-2006, 08:58 PM   #5
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Ahh, Hillsboro -- classic old time Texas downtown! I lived in Temple from '74-'75. Working outside in cool weather I still wear an old flannel-lined jean jacket I bought in West. The store wasn't right in town but it seemed to be a pretty popular farm-country store back then, but I can't come up with a name.

I'm not an organized perfectionist but I did retire 4 months ago at age 57 and am making the best of it. Long years spent in one job and one home have given Susie & me pretty good predictability as far as costs. I don't think many of us will find a lot in common for current situation & financial planning. But I sure reached a point where I had to make the change. I wish you the best njoysrvin -- and come back here for encouragement to keep life and Airstreaming working for you!

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Old 12-11-2006, 09:26 PM   #6
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Hillsboro, Tx ????

Are you located just south of Dallas? we are planning on being at the A/S park in Hillsboro,TX in February. We're (the wife, the dog & myself) all retired and broke. Been home in Minnesota some 8 weeks in 06. Living it up since we joined the SKIP program. What a deal. Budget??? What's a budget???
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Old 12-11-2006, 10:09 PM   #7
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Retired at 60, starting drawing ss at 62, Tennessee is a low cost state to retire in, if you want to talk some specifics, send me a pm message.

Did quite a bit of financial planning years before. There were a few things that I missed and so did the advisors.
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Old 12-12-2006, 04:04 AM   #8
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I took an early retirement 5 1/2 years ago and have never looked back.

Although I have a background in finance/accounting, I have to admit that I have always hated budgets.

Fortunately, from the time I was in my mid-to-late 20's, I saved as much as I was able/allowed in several savings/retirement plans, so we don't now need a budget per se.

I've always said, however, that the financial plan that my wife and I follow is one with the requisite "checks and balances" --she writes the checks, and I fund the balances.

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Old 12-12-2006, 08:17 AM   #9
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I retired at age 60 but had enough of a buyout to pospone the financial reality of being really retired until 61. So, we've been working hard to refine the budget to make sure that our assets last say 30 years. Budgeting is key and it must be realistic. IMHO, the only way to budget realistically is to have a good history of what you actually spend. In that way, you can focus more closely on what will increase and what will decrease.

The usual notions that you need 70%, 80%, etc. of your pre-retirement income are rules-of-thumb (heuristics) that are just too simplistic to use as a benchmark. It's far better to look at actual expenses in detail.

We were rudely shocked by health insurance costs. Because I had lung cancer 3 years ago, I cannot get any insurance from anyone anywhere. So, I had no choice but to accept my company's retirement insurance. What I wasn't told was that that insurance would be nearly 5 times more than it was while I was employed. Clearly, the company wants to eliminate coverage of retirees and price discrimination is their way of doing this. The saving grace was that my wife was able to get a high deductable policy from Aetna so we can put aside pre-tax cash into a Health Savings Account. Also, we were fortunate to get a long-term care policy a few years ago that hit the sweet spot in terms of cost and terms. Age 58-59 seems to be the time to put this important insurance policy in place. It's very complicated so some time and effort will be required to get your arms around this subject.

Paying off all debts is critical, I believe. No mortgage, no consumer debt, no debt at all. When you are retired, chances are your marginal tax rate will fall so the so-called tax advantage of mortgage deductability looses its appeal. What could be worse is that you might have to draw more income from retirement savings to fund the debt payments, which could move you into a higher tax bracket. That shows the double or triple whammy of carrying debt into retirement.

If you have retirement assets in taxable and tax-deferred accounts, the rule is to draw from the taxable accounts first. I also believe that if you run the numbers with enough detail about inflation, tax rates, etc., it makes sense to draw Social Security at 62 as long as you have enough taxable assets to draw upon for 3 to 6 years thereby avoiding the excessive tax hit to Social Security income occasioned by the Clinton tax hike back in the 1990s. Taxes are very hard to calculate until you've been there, but pulling money from your mattress helps postpone the inevitable and gives some extra utility to earlier Social Security income that offsets the higher amount that you'd be entitled to by waiting until age 66 or whatever it is for your age cohort to obtain the full amount.

This is a long post and I could write quite a bit more it seem so I will stop after this one final thought. If you continue to own a home, look into ways to reduce the real estate tax burden. I found, for example, that in our county veterans are allowed a $200,000 reduction in assessed valuation if retirement income falls below $40,000 in any calendar year. We should be able to get this break for 3 or 4 years by tapping our taxable accounts in combination with early Social Security. That's a savings of over $2,000 per year that I hadn't counted on. Not bad for dodging bullets and rockets for a few months in Vietnam.
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Old 12-12-2006, 05:27 PM   #10
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Thanks so much for all the help...I think by reading all the input here and at other sites , that our budget fits in well ....time will tell. And to wayward wind , we bought a villa in the North texas airstream park. We won't be there in Feb. , sorry , we'll be in Mexico.Well ,not too sorry
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Old 12-15-2006, 06:40 PM   #11
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Small Texas Town Country Store

RE: I still wear an old flannel-lined jean jacket I bought in West. The store wasn't right in town but it seemed to be a pretty popular farm-country store back then, but I can't come up with a name.

Wouldnt happen to be the western wear store, in Lott, Texas. Or maybe the one in Belton, "Cochrans" has been in business about 115 years?

cheers, bill b. former central texan, now panhandler texan
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Old 03-03-2007, 08:52 PM   #12
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Budget for full timing

Hey all,

Been full timing since Mid August. I posted a budget article before
I hit the road. Thanks for linking the thread Yukionna.

I took early retirement or requested a lay off package at age 45. I find
that insurance factors heavily in budgets for the forseable future.

Currently I can spend between $3000 to $1200 a month depending
on how close to bare bones I want to go. Staying put saves on
gas and fees. Rates decrease dramatically as you go from daily/

In figuring you budget you may want to consider how willing you are
to do odd jobs. I was surprised to find that I love bussing tables
in a little campground dinner. I was not surprised to find that I loved
parking my trailer on a farm and working 2 hrs a day with cattle for
free parking/water/electric.

Bottom line is if you make the choice you can find a way to make it
fit your budget.

Currently outside of Ocala National Forest on the Okawaha river and
getting ready to head up north.

Take care,

Happy Travels,

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Old 03-04-2007, 02:34 PM   #13
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my husband retired last year and although we'll never be rich, the time and companionship are their own reward. sometimes in life you just must choose what is of more value. even with all the money in the world, you can't buy time. we're rich, just not in the monetary way. live live and love life. blessings and happy airstreaming!

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