Retiring and living on a Shoestring?

Interesting thread Holly, I'ts also interesting how talking about your income and what your financial situation is varies, depending on your culture. When I first started going to India, I was often asked how much my income was by virtual strangers, and when staying with Indian families, they would often start rummaging around in your handbag or backpack and asked what various things were, privacy in certain areas didn't exist.

In the UK it was considered rude to inquire about salary and personal finance,, but I think that is changing a bit these days.

Regarding my finances I am not bothered who knows what they are, I have alternated between been very comfortable, to being penniless and living on credit cards. This was usuallyself inflicted by leaving a relationship and any business or property with the remaining partner.
I also noticed that my happiness had no connection with how wealthy I was, apart from short periods of time with no income.

Currently I get a state pension of £6K and income from various property rentals a further £12K, so £18K ($28K) in total. By current standards its quite modest for the UK, but I find its more than enough, and find these years are the happiest and easiest ones. My biggest expenditure is travel at £4K ($6K) inclusive of flights to Russia which is easily affordable.
A couple of advantages I have are of course no medical bills because of the NHS, :) and the three months or so I am in Russia I spend less than a £100 ($230) a week.

Talking about travel I am off to the airport now catch up with you later. :eek:nthego:
 

We are all quite different re: what makes us happy, secure & content in our retirement years. One person's living on a Shoestring could be Poverty to another. I think it's safe to say that most of us want and expect our retirement years to have a similar quality to what we enjoyed in our working years. I personally would not be happy to settle for less than that.
 

hooters said:
I am new here but this thread has my attention. Although I am few years away from retirement I am always looking at what my financial picture will be like. For my entire career I have made a fairly good living but the majority of my income has always gone my children. They were both highly competitive athletes and as with most sports it was quite expensive. Then once they finished that, then came their educational costs. Then once they graduated I was able to get back on track and started putting some extra money away for myself and my retirement.
However, my health issues put a damper on that. In 2013 I had heart attack and being self-employed I wasn't eligible for any financial assistance and there went my savings. So my retirement picture is not looking too good. Although I have made a considerable change in my lifestyle due to my heart attack my ability to earn income has also had to change. I'm looking at other alternatives to supplement my income so when I do have to retire, we'll be able to live at some sort of comfort level.
I guess what I'm trying to say is that it is not only the people that gave already retired that have a difficult time financially, there are people like myself (pre-retirees) that have trouble at times as well.
Click to expand...

Sorry about the medical issues and loss of savings. That must have been devastating. I hope you can figure something out so your retirement will be comfortable.
 
I am debt free and own my own home. Living in Montgomery, Alabama is less expensive than living in California, Maine and some other states I would find more people with my political views (liberal) if I live Mass, Maine, or any of the northern areas. There are some liberal thinkers here; whereas, there are prejudiced people up North as well as here. All of my family are very liberal thinkers. Getting back to subject of having to live frugally. Because I have not had any costly health problems, I live comfortably with my pension and s. s. I have also been fortunate in that I inherited enough money to not have a mortgage. I am so grateful that I have the family that I have and had.
I will say that many of you would be shocked at what a small amount of money I bring in each month, but I am able to save and travel some. If a had a sudden heart attack or cancer, I am not sure I would have the easy life I have. So for now, I am quite comfortable and
grateful. I had a career that I loved, but was not good paying.
 
True it is a desire to retire and live on as if you still held that 100K a year job but the reality is a bit different. Besides the wants and desires as one grows older is not nearly as aggressive or needy as when we are a younger person are they? Maybe it's different from person to person but for me and mine things have become simpler.
 
Charlotta it makes such a huge difference if you have no rent or mortgage to pay out, and if you're a good manager of money which you sound as tho' you are, and providing you have no serious health issues it can be quite comfortable in old age to live on much less than you may have been able to do in the past. I'm glad you're enjoying your life still on a much reduced income. :)
 
hollydolly said:
Is 100k per year an average income in the USA.. surely not?
Click to expand...

No, it is definitely not the average income. Certain professional jobs though pay a LOT more than they do in the UK. University professors is one of those.

Charlotta, glad you are doing well and hope it continues.
 
Thanks AC and Annie...I thought not... and yes Annie I did know that certain professions do get paid far more in the US than they do here.

I have a friend who is a Nucelar fusion scientist who was born and raised in England. After leaving University he had an opportunity to go and work in the USA. he's been there over 20 years now, has a lovely home , a lovely wife and family, and a good living.He would love to come home again to live with his family but he said he couldn't possibly consider returning and earning what would amount to a 1/4 of what he earns in the US.
 
hollydolly said:
Yes Nona that is about the same as the basic state pension for pensioners here as well
Click to expand...
Luckily, there is socialized medicine there. As people age that makes an extremely large difference in how much of that pension is available for everyday living. In the states, even with Medicare, the co-pays can destroy most budgets.
 
ndynt said:
Luckily, there is socialized medicine there. As people age that makes an extremely large difference in how much of that pension is available for everyday living. In the states, even with Medicare, the co-pays can destroy most budgets.
Click to expand...

Very lucky that money and healthcare are not an issue here. No prescription fees in Scotland or Wales and in England once you hit 60 (I think).
 
hollydolly said:
Thanks AC and Annie...I thought not... and yes Annie I did know that certain professions do get paid far more in the US than they do here.

I have a friend who is a Nucelar fusion scientist who was born and raised in England. After leaving University he had an opportunity to go and work in the USA. he's been there over 20 years now, has a lovely home , a lovely wife and family, and a good living.He would love to come home again to live with his family but he said he couldn't possibly consider returning and earning what would amount to a 1/4 of what he earns in the US.
Click to expand...

My brother worked in London on sabbatical for 6 months a few years ago (he's a professor) and loved it. He even looked into working for one of the universities and buying a house in London. He was shocked at how little the pay and how expensive the houses. He would have earned about 1/5 of what he makes in the US. And the house would have cost at least 2 - 3 times as much as his current home.
 
Ameriscot said:
My brother worked in London on sabbatical for 6 months a few years ago (he's a professor) and loved it. He even looked into working for one of the universities and buying a house in London. He was shocked at how little the pay and how expensive the houses. He would have earned about 1/5 of what he makes in the US. And the house would have cost at least 2 - 3 times as much as his current home.
Click to expand...
So even though health costs are covered, the cost of living/housing outweighs the benefits?
 
ndynt said:
So even though health costs are covered, the cost of living/housing outweighs the benefits?
Click to expand...

London is one of the most expensive cities in the world, so not really a fair comparison. For us I'd say costs are about equal. We get very inexpensive NHS dental care as well. Petrol is very expensive compared to the US, but I find much of the food is cheaper, especially fruit and veg. And for us as retirees in Scotland we get a bus pass at 60 for all of Scotland and free on local ferries. We get a winter fuel allowance but I think we might lose that as it could become means tested.
 
No 100K is not what most people make. Much much less. For those, like me who are going to be living on a lot less with retirement, it's a huge concern and worry.

I owned a house for 7 years and even at first considered I could pay it off and then live there. But nasty neighbors, harassment and feeling overwhelmed with a house 1100 square feet and yard I hated to keep up, was more than enough. I sold it as the housing market took the down turn. I wish I had sold it a year earlier, I would have walked away with a lot more money.

I had an appointment to look at some mobile homes in parks today but cancelled. I'm going to have to reschedule. I think my anxiety and worry about having enough money made me cancel. The agent was very kind about it.

So yeah that budget matters. I was so tired after this work week I was physically ill with a headache and nausea my first day off and into the night. I work over 8 hours a day and have to clock out and finish my charting and writing up incidents for free. Or I can't get it all done. (and I'm not slow, I just want to do things right) I don't know what I'm going to do and worry about things working out.
 
Kitties said:
So yeah that budget matters. I was so tired after this work week I was physically ill with a headache and nausea my first day off and into the night. I work over 8 hours a day and have to clock out and finish my charting and writing up incidents for free. Or I can't get it all done. (and I'm not slow, I just want to do things right) I don't know what I'm going to do and worry about things working out.
Click to expand...
Kitties...several of the nurses I worked with retired after me. They continued working, after retirement, at other jobs. Still using their nursing background.
Two at large health insurance companies and three doing medical transcribing. All for the same reasons that you are anxious to leave nursing for. When I was working I met several retired nurses that worked as private duty sitters. They did not have to lift or do any hands on nursing. Basically, just being there for the patient...to call a nurse, if the patient needed something.
I chose to do something completely different. I worked editing reports for a Detective Agency. And, selling books and my art work. Until I became too ill to keep up.
Once you retire, as long as you remain healthy, you can always find something part time to supplement your SS.
 
ndynt said:
Kitties...several of the nurses I worked with retired after me. They continued working, after retirement, at other jobs. Still using their nursing background.
Two at large health insurance companies and three doing medical transcribing. All for the same reasons that you are anxious to leave nursing for. When I was working I met several retired nurses that worked as private duty sitters. They did not have to lift or do any hands on nursing. Basically, just being there for the patient...to call a nurse, if the patient needed something.
I chose to do something completely different. I worked editing reports for a Detective Agency. And, selling books and my art work. Until I became too ill to keep up.
Once you retire, as long as you remain healthy, you can always find something part time to supplement your SS.
Click to expand...

Not necessarily true. Many companies can't hire the elderly due to insurance problems. Liability.
 
AZ Jim said:
Not necessarily true. Many companies can't hire the elderly due to insurance problems. Liability.
Click to expand...
Probably true for main stream employment, Jim. I know retired nurses that work part time as an On Call Triage nurse, Senior Companions for Council on Aging, at a Senior Day Care, as well as those at the other positions i mentioned before. I even know a couple that still do Private Duty, for nursing agencies, that are almost as old as I am.
 
If I hadn't met my DH and stayed in the US and was single, I would have worked until at least 65 but probably would have worked part-time after retirement.
 
I retired 2 years ago with a reduced pension do to my age (56). My wife was going to continue on working and retire at the time my SS kicked in at 62.
Well best laid plans and all that. She had some health problems and had to take a disability retirement, so the money we were planning on just wasn't there.
I went back to work driving a non emergency medical transport livery. Pays 10 dollars per hour, I get around 30 or so hours a week, and surprise surprise, I find I really enjoy the job.
Most of our clients have drug abuse problems and at least some level of mental illness or handicap. Every day I am reminded to be grateful for my lot in life, and but for the grace of God, I am driving instead of sitting in the back!
 

You must log in or register to reply here.

Back
Top