<p>UCLAri…I really like what you are doing and what you are planning to do.</p>
<p>You are going to be in great financial shape…</p>
<p>Don’t lock up anything with annuities with these interest rates…</p>
<p>You are young…rates will be higher some day…</p>
<p>“I grow mine (dug up the front lawn), but it has been so cold and wet, it is only this weekend that I can put in the peas.”</p>
<p>I like this. I haven’t done this. I should have though.</p>
<p>Ok. UCLAri, I didn’t see your edit…about your finances…Good. I dislike annuities.</p>
<p>We grow a lot of fresh veggies, too. but even so, I can’t imagine 18K for food. We eat good quality food, but I rarely spend more than 100 in a week. Do you eat out a lot?</p>
<p>mini, you lucky southerner, you were able to put peas in the ground? The soil in my raised beds is like thick pea soup. :)</p>
<p>Here, it is the slugs and the baby bunnies that we have to watch for. The dog takes care of the raccoons even at his ripe age of 12.</p>
<p>Gardening is a cheap retirement hobby. I religiosly keep my gardening skills in top shape 
It helps that we have a horse acre and zero CCRs!</p>
<p>I employed some unemployed folks to build some great raised beds for me, out of cedar so they’ll last 20 years. I have seeds from around the world, and my garden is like the United Nations. (though I can’t grow okra)</p>
<p>We do eat out a lot…</p>
<p>Right now we are spending more than 50 a day because we are fixing up the house for sale and we are not using the kitchen much…</p>
<p>But normally we do average about 50 a day…and we do eat out a lot…</p>
<p>We had dinner at the Cheesecake factory today…nothing extravagant…no dessert… 70 bucks…3 people…</p>
<p>A good piece of fish or meat is 20 bucks…even if you cook it at home…</p>
<p>We only have meat a couple times a week, and the only time I’d spend that much is for a holiday (like my non-factory-farmed corned beef, for instance.) When we do buy meat, it tends toward the organic, but I still couldn’t spend that kind of bucks for a single meal. I find plenty of good stuff for much, much less than that.</p>
<p>I’ll have to visit the dstarks sometimes–you guys eat well! :)</p>
<p>My H catches a lot of fish and clams.</p>
<p>dstark,</p>
<p>Where are you at? Because even here in NY, I can pick up decent fish at Trader Joe’s for about $6 for two. </p>
<p>I don’t know what I’d do without them, honestly.</p>
<p>Nor Cal…</p>
<p>Really…when we go out…we choose middle of the road places…I don’t like to pay up…</p>
<p>Right now…my favorite place is Napoli’s in San Rafael…a nice family run Italian-pizza restaurant…we can get out of there for around 70 bucks for 3…including tip…</p>
<p>That’s the most I like to pay…</p>
<p>A pound of fresh fish…i don’t know of any for 6 bucks…</p>
<p>We buy meat mostly from whole foods, fruit from Costco and veggie from shoprite, for three persons, we spend about 700 a month. Eat out once a week but not fancy food, I use groupon a lot for restaurants, save some bucks. We don’t buy Starbuck or even dunkin, $2.5 for a drink seems too much for me.</p>
<p>Costco has great deals on fresh fruit…</p>
<p>All these posters spending less on food…obviously…some day I can cut back on food costs…</p>
<p>I hope you posters besides arling are counting your Starbucks…</p>
<p>Garland…not everybody has access to close by fishing areas…:)</p>
<p>dsatrk, a serving of meat is the size of a deck of cards! I buy a chunk of fillet mignon at Costco for $50 ($9/lb), cut it into steaks, and it makes 5-6 superb dinners a month for the two of us (and the dog gets spoiled as well). Most of the time we eat chicken and fish ($1-12/lb depending on oranic-ness and fanciness). I do think that we really splurge on food -we spend about the same as UCLAri. We also splurge on travel, but I tend to cook even when we are in HI and shop for specials and off-season bargains. I’m on the lookout for the radiation scare/tsunami specials to HI right now (post-September 11 specials were unbelievable, and “swine flu specials” weren’t that bad).</p>
<p>(We recently REALLY splurged and went wine tasting in CA. If you ever happen to visit Napa, eat at Angele’s. Yummy brunch. Their $12 wild mushroom omelette/side salad is to die for. Do not go to Michelin-rated Sante in Sonoma - very pretentious and not that great!)</p>
<p>bunsenBurner…I am obviously wasting money on food…</p>
<p>We am going to move closer to a Costco…so…maybe we will shop there more…</p>
<p>We usually go to Mollie Stone’s and it looks like the prices are double compared to those at Costco’s.</p>
<p>I will look up Angele’s…</p>
<p>I think I would spend less than what I spend now. I definitely can survive on $30K but $50K would be plenty without paying for a mortgage. I keep track of my budget and I know I can definitely make it on that income. In retirement, I don’t have to contribute to 401K, pay Social Security tax, pay less income tax, no college tuition, etc…</p>
<p>Health insurance costs big part from our budget and we are worry about how much we need to pay for health care when we retire. And the cost of moving into a nursing home when we are really really old and not active anymore. How much will the health care cost ? How much we need to pay for nursing home?</p>
<p>Some of our friends move to other countries after retire, like south Asia or Mexico. Is it a good idea? Some move to nevada, because the cheap house and property tax. Here in NE, property tax is high, in our neighborhood 10,000 - 15,000 is normal, it’s always a “pain” for us.</p>
<p>Annuities are getting better. The one we bought have a guarantee increase for ten years starting from the initial investment. Variable. Don’t need to annuitize. Thinking about moving the 401k to this annuity. Since I let the term life expire, I needed some guarantee of funds for DW and something that will a insurance benefit even if the market is down. You to really shop and tolerate salespeople before you find the one that’s good.</p>
<p>
Sorry to be so late in addressing this (it goes way back to page 2), but I wanted to say that people in their 70s can indeed, with a bit of luck or good DNA on their side, expect to work if they take care of their health in middle age. I work with seniors, and there is often surprisingly little difference between people aged 70-75 and people ten years younger. Many of the women I know in their early 70s have part-time jobs, at least. They’re either continuing in the careers they had as younger people, or work as secretaries, senior care companions, cashiers, substitute teachers, etc. I know more than one 75 y/o with more than one part-time job.</p>
<p>Professionals often have to be dragged out kicking and screaming. My stepfather (mid-70s) is a retired prof of engineering who still goes in to his campus office every day and still serves on a number of boards and as a paid consultant. Several pediatricians we know worked long into their 80s. (!) </p>
<p>So, although you can’t count on working into your 70s, I think you can have a reasonable expectation of doing so, as long as no serious health issues arise - and they usually don’t in previously healthy seniors in their early 70s. I’ll work as long as I can - why not? My dream retirement job is to be on the complaint desk at Walt Disney World - I would be awesome at it! (Lots of experience with disgruntled people.) :D</p>
<p>LOL! this thread has taken many entertaining turns.
I just did a big shopping yesterday-- and saved over 30% of the total bill with coupons…</p>
<p>Fendergirl-
Absolutely agree that SS pays very little. My late dad’s monthly ss payment was about $1850/mo. But hopefully most people won’t be living on SS alone. Hopefully many people are like UCLAri and put money into savings, regardless of how much they earn. As hard as it is, people should try to put 10% of their income into savings.</p>
<p>SS sends out a statement every year or so that shows my earnings back to 1971 (when I earned $200 for the entire summer working at a summer camp) to present, and it shows what the benefits woud be if I retire at 62 ($1659/mo) 66 ($2226/mo) or 70 ($2,939/mo), or was disabled ($2,239/mo). Then there are survivor benefits also listed. Don’t think anyone can collect at this point, since the kids are grown (anyone know??)</p>
<p>No one is, I don’t believe, suggesting that people can easily live on SS retirement benefits alone. </p>
<p>This form also shows that I and and my employers (and I’ve been self employed for the last 20 years so I’ve paid all of this for a good part of my working life) have paid over $176K to SS and over $45K to Medicare – thats pretty eye-opening too.</p>
<p>Tangential question, but am really interested in opinions. which is better-- to start collecting the SS at 62 and invest as much of it as possible elsewhere (assuming one doesnt need it to live on) or wait til 66 or 70, hoping for longevity, and take the higher monthy benefit. Thoughts??</p>