This is a random post, but I've been thinking (and reading and researching) about this a lot in recent months. Husband turned 60 last year. He got a statement from Social Security saying when he could retire, what his full retirement age is, and how much he'd get monthly depending on when he retires. This is all different from retirement in England. In the US, his full retirement age is 67. He can start receiving his social security (pension) anywhere from 62 to 70. When he retires depends on the amount he will get monthly. It's quite confusing. Let's not even bring medical insurance into that lol.
Anyway, that's only part of the equation. I made the mistake I decided to look up the amount of money you 'need' to retire and - WOW - what a can of worms! The amount of money advised to have is, well, really out of our league. Millions. So, I'm wondering, how much money do we actually NEED to retire?
A lot of what I read about is assuming that you expect to live exactly how you do when you are working. It assumes that you've had a really high standard of living and high expenses. It assumes that you have a mortgage and lots of bills and payments.
I'd like a little input, no numbers and such. I'm not that nosy. But a few generalisations. I'm going to use my Mum as an example. She was pretty frugal. She did buy things when she needed them, and some 'treats' for herself. She didn't have a retirement account. When she retired, she sold the house we grew up in and bought her flat. The difference in what she sold for and bought for was her 'extras'. Her state pension paid her bills and everyday expenses. She had no other payments except household expenses. She used her 'extra' to pay for holidays and her flat upkeep. To me, that's how I see our retirement. We aren't big spenders and we've never had a lot of extra money. Am I wrong in thinking this isn't the norm?
Husband would like to retire sooner rather than later. And I would like him too as well (well, sometimes lol). I'm thinking somewhere in the middle - he can retire at 62 but his full retirement age is at 67, so maybe 65. Our house will be paid off next year and the extra we plan to put away in our savings account. Realistically, and health permitting, we'd like to at least be active (with our Sunday Adventures and camping) for another 10 years after retirement.
Do you take into account lifestyle and monetary value or just taking time (after 45+ years of working including 10 years in the military) to enjoy the last few years of life?
A lot of rambling in this one. It's a big leap to take when there is no 'income'. We both do some things on the side to make extra money, so that will continue, but can't be relied upon.
Thanks for any input.
Hopefully tomorrow's post will be a bit more cheerful!!
Things That Make Me Smile 123/366
Taking time to enjoy the sunrise
124/366
After the Rain