Getting Ready for Retirement

**forHISglory** · 11-18-2007, 03:18 PM

Hi,
Hubby and I were both school teachers: he in a public school and me in a Catholic school. He retired with a pension two years ago. I was pretty worried (I think I'm gifted in worrying

), as his pension was quite a bit smaller than what he had been bringing home. On the bright side, it was for life, and if I outlive him, I will also have it for life. But I would have no pension; my school offered instead a 403b. I maxed it out, put in every penny the law allowed, and contributed to the catch up plan. But worry worry worry..... I didn't know if I could ever really retire or not. We also bought savings bonds on a monthly basis, and saved up regularly to buy CDs. That was the bulk of our savings. We were debt free by this time. Circumstances with kids and our parents led us to strongly consider my retiring also so that we could move and care for these circumstances. But could we make it? I could not take money out of my 403b because I was too young. worry worry worry

So here's what we did. First we prayed that God would take charge of our finances and show us the way. Second, we put a notebook on the dining room table. Every day, we entered every expenditure. At the end of each month we added them up. Our goal was to spend no more than what Hubby's pension check was. After all, that's what we would live on if I retired. We decided that at the end of this year long experiment, if we could do this, then I would retire. Skip forward..... I retired in May at age 58. We are living on the pension, and God even opened up some part time jobs for us that are very flexible. So we can continue to do some saving, even while retired.

OK, friends. Are you thinking ahead to your retirement years? Have you done any experimenting with your finances, or stepping out in faith? If you are retired, what did you do to get ready for the plunge? Retirement is still pretty new to me, so I'm highly interested in your thoughts and tips.

**Buckeye5** · 11-18-2007, 03:24 PM

Congratulations! Sounds like you had a plan and it has paid off with many rewards!!

**Nightshade** · 11-18-2007, 05:48 PM

Retired for medical reasons @ 58 also. Live on pension very OK due
to just mortgage to pay and it's cheap. However, must add that one
must consider medical cost that can blind side even the best laid plans.

STAY HEALTHY OR HAVE GOOD MEDICAL INSURANCE!!

**frugalfriend** · 11-18-2007, 09:01 PM

I'm thinking about it a lot. We need to get serious about it, but I don't know how to save for it the best way. I bet Dave Ramsey has some good advice. I need to look into what he has to say about saving for retirement.

**staceyy** · 11-19-2007, 12:49 AM

I was laid off at 53 and forced into retirement, dh's job supports us. He will retire in 10 years. Our plan for when he retires is to have 1 to 3 years of food stockpiled, have gardening skills, payoff the house with his 401k, I will start social security at 62 and him at 66. We plan on buying a two year old car for cash. Have additional savings, and if we should ever hit hard times, we could always sell the house and downsize or take out a reverse mortgage.

**frugal-fannie** · 11-19-2007, 09:33 AM

We are gearing up for retirement, when my husband retires in 2 years. I think we will do more than ok. We tend to be homebodies, so not much expense.I am just trying to get my kids self sufficient as that is the biggest portion of our outgoing income at this time.College expenses and paying for 5 soon to be 6 on car insurance,cell phones,food and gasoline adds up.

**ilovechocolate** · 11-19-2007, 01:31 PM

I have more than 30 years' teaching experience so I could retire tomorrow, but due to extreme changes in our home situation I have decided to keep on working. It helps keep me sane---school is my support system and where most of my friends are.

I do have enough $$ for just me to live on if I retired, but I got married and had kids later in life and so I have college expenses staring me in the face.

Ah well. God is in control and we aren't starving and the bills get paid every month, so I'm not too worried at this point.

**frugalfarmwife** · 11-19-2007, 01:36 PM

We're very fortunate and know it. At the rate we're going at retirement our farm will have long since been paid off, we do plan to sell and downsize someday. The land is right on the outskirts of a town that continues to grow.

We also have hubbies retirement pension complete with widows benefits, and we contribute to his work 401k program.

We're pretty simple people to keep happy and know what we want in life, so far all is on track for it.

kj

**sdrjeolsen** · 11-20-2007, 12:33 AM

I've thought a lot about retirement, my folks planned well, worked hard and as a result, retired very young.

My dh says he has no plans to ever retire. He wants to work up to the very end. He LOVES his job and can't even think of what he would do if he retired...weird, but he's just like that. I think...hope, someday he will change his mind.

**C@rol** · 01-08-2008, 08:54 PM

We have about 22 more years before dh retires.
I may at some point, (if I get bored) take on a
part-time job if I can find something very flexible.

Up until them we will be frugal and save as much
as we can yearly and live daily while doing it.