Trying to retire on our Social Security only. Includes January 2025 changes.
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- Опубліковано 7 лют 2025
- Don't retire on Social Security only if you can help it. It can be done but having a bankroll to fall back on for travel, emergencies and misc. expenses will go a long way to ensure a successful retirement.
buzzretirementgarage@gmail.com
#buzzretirementgarage
#socialsecurityonly
#january2025
#retirement
#earlyretirement
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My system is look at the bills and pay them. I check the monthly checking account and credit card purchases to make sure there are no unauthorized payment charges and the bottom line to see if I'm up or down for the month. Best part of yesterday, I found a billfold when walking my dog yesterday, still had money in it, looked up the location on the driver's licence and returned it to the owner. A young family type guy with small kids and he was very thankful to get it back.... with the money and debit/credit cards.
People like you make me smile. You're A1 in my book! Buzz
A more important act of kindness than you might ever know. Thanks for that, and the example.
I retired on 12/27/2024 at 68, wife has been retired for 8 years due to medical issues. We have had Mint Mobile for two lines with 5GB of data each and it costs me $52.53 got 3 months for 3 lines. ($17.51 per line per month). We never use the full 5GB each month and haven't had a land line in more than 10 years. Just starting to get a grasp on expenses and your videos are a great help and really enjoy them.
Thank you for watching! Mint is a good deal and I'm considering it but I get my internet through T mobile and I believe they'll raise my cost by $10 if I cancel my phone lines with them. Then the savings becomes a bit less. We'll see. Have a good rest of the week! Buzz
"When Mrs. Buzz puts the pillow over my face..." LOL
You never know.....
Buzz , it’s great that you are keeping the retirement train rolling.
I do it for myself anyway so might as well keep going right?
Love your monthly breakdowns. We are also retired and have about $400 more in monthly income, but still have a mortgage. We too try to not touch our savings. After our mortgage, utilities and groceries are paid we take the remainder of money (cash) in a small file and divide it by number of days left until next payday (it’s usually about $50 a day) then just keep moving the money left each day forward so we feel like we can still have a lot of fun money.
That's a good idea. Thanks for watching and commenting! Buzz
We have four cats and we love to feed the birds and squirrels and etc., so we definitely have expenses there -- more than yours! We get our bird seed from tractor supply, too. Completely worth it for the entertainment value! That said, we're also not retired yet. Husband is 65 and I'm 61 ... kind of afraid, esp in re: medical insurance costs for me. We need new windows this year, so maybe after that expense. There's always something I guess! I really love your channel!
Thank you for stopping by! We upgraded some things before retirement too. It makes sense to do that before retirement if you can. We'll have enough expensive surprises after retirement right? Buzz
Love these updates. Your channel is a lot of fun to watch.
I appreciate your kind words!
I cant believe I have already been watching your channel for over a year. I ways liked your personality and hope you can continue to get more views and subscribers so you can stay retired! You're doing great so far!
I can't believe I've been doing videos for over a year! Even in retirement time is moving fast!
Board looks great Buzz! It’s very dreary here too (Michigan). I had to laugh when you said “see you in February!” I was like “wait, what?” Then I realized it is now February. Lol 😊
Happy February 1st!
Looks like you upgraded the white board a little. Looks great 👍🏼
AutoZone striping tape.
... and you've changed the order of months ... succumbed to peer pressure?
@@kelsikennedy6796 Continual improvement. Never stay static.
I was just about to say that. He is checking to see if we are paying attention😀
@@grumpychoi of course we are, he’s our spirit animal 😂
Great to still have the income and outgoing videos for 2025! Doing the same along with you and comparing and tweaking some for 2025!! We have always followed a budget over a 46-year marriage! So we are right at home with most everything you have been showing us! Thank you for spending the time doing this for us!!! As always keep them coming!!!
Thanks for being along for the ride! You know I appreciate you! Buzz
I’m a little over two years from retiring . I like your idea of trying to live on S S . I want to try that .
Everyone's situation is different but in some cases it can be done. I do have some savings as a backup for the inevitable emergencies. Thanks for watching. Buzz
Very good job keeping a lid on spending and not spending too much more than social security. As someone who has an accounting degree, I appreciate the time and effect you must have spent doing that degree of record keeping. One of my best decisions was to wait until age 70 to start my social security while my wife starting on hers at 62. Enjoy your videos.
Thanks! Even though it's manual entry in the Every Dollar app I confirm all entries with my credit card transactions. Helps me to realize where every penny goes. Buzz
@BuzzRetirementGarage interesting.....Dave Ramsey...yes on the every dollar.....no on the credit card.
@@KayCure-k7y Using my Costco credit card for almost everything I'm getting $495 deposited into my account next month.
Buzz, cut the cable and get a Smart TV, zero dollars a month.
I have a smart TV and Roku but Mrs. Buzz likes the channel lineup on the cable. (The on screen channel guide).
GREEN ink is GOOD ink...
Sure is!
Good job Buzz and Mrs Buzz!! I'd suggest keeping UA-cam ads on since it probably helps with UA-cam pushing out your content.
Any time you can live off ss and not other income meaning your living in your means! Not off savings or investments. Great job I’m getting ready to retire at 65 last day work is February 28. Going live life my way not the hamster wheel life
Congratulations on your upcoming retirement! Bet you can't wait. You're going to love it!
Looks like you guys are still doing good and you have a positive sound in your voice. Take care. Don't forget to do some stories from the past every once and a while. Marc C. out
I think I'm over my winter blahs. Snow has been on the ground a long time. Finally warming up a bit. Helps a lot. Thanks for being here! Buzz
27 for gas? You need to take the wife out more 😂. We live in the country, so I doubt ours would ever be that low. Great update 👍
Everything is so close. Within a mile. She's a homebody. Me, I'd fly to Florida today!
Wow. I didn’t think I would see another budget. Thanks Buzz
Back by popular demand.
I think any plus is a real winner. Great job on the breakdown. So helpful.
Thanks for taking a look!
Been watching you a year. Enjoy your updates and sharing your thoughts on things. Thanks for your channel.
Thanks for hanging with me that long! Time moves fast huh?
Good review ... unfortunatly the us politic with Canada should affect our economies.......... will see
Yeah I got an email from a Canadian who left the channel in protest of me, a USA resident. Like I have anything to do with it. Lol
@@BuzzRetirementGaragedepends on how you voted I guess
@@BuzzRetirementGarage We just put 25% on all us product coming to Canada ........ ok we are now not buying any more fresh fruit , they need to come from Mexico or other places , since mexico will have tons of fruit to sell we should be ok , since the usa as to put a 25 % on fruits from mexico ....... its sad that the best economies of the world will be back into recession because of an Idiot ( sorry for the disrespect , but that what your president is ) ps go gaz your car since trump put 10 % tax on Canadian crude and its 35% of what the us use everyday. ( and i tought Putin was bad !!)) sorry just venting ....... nothing to do with you personally.
@@BuzzRetirementGaragewow
Enjoy the weekend, Buzz!
Thanks! You too!
Good to see that you had a surplus. February is going to be an expensive month for us. The marina bill is due and it is a bit over $6K (ouch). That will push our February costs up pretty high. Oh well, I guess I was wrong when I told my wife owning a yacht was going to be cheap.
This is the last year right?
@ Probably. It depends on my wife's health.
and Happy Birthday Buzz!
Thanks!
Really enjoy your videos and your down to earth personality
Thank you! I appreciate you being here. Buzz
I think you're doing great. Hopefully, it'll warm up soon and the gas bill will come down.
Plant some veggies in the spring and that'll knock down groceries. Keep it up!
I'm predicting sales at "Primos Deli" in Akron Oh. are gonna be up. I'm definitely envious of your Auto Insurance premium.
Haven't been there in a while but they're good. They built an Amazon warehouse nearby so I wonder if that helped sales? I'm lucky on the auto insurance and they said I could put a tracker in my vehicle for up to a 30% discount. Not a fan but I may do it.
Hi Buzz! It's been a minute but I'm still here. Been busy with getting our home ready to sell. Nice to see the new board and to hear that everything is moving in positive directions for you. Great to see that positive progress for you and Mrs. Buzz!
I haven't done many videos so you haven't missed much. Winter blahs I guess. Hope everything is working out with the house.
Hey Buzz, I watched all the way through and let all the ads run! You and Mrs. Buzz are doing great.
You don't have to do that but I appreciate it!
@@BuzzRetirementGarage It's no skin off my nose! My way of helping your channel.
Keep up the Great Updates n' Breakdown of everything Buzz'....👍👍👍👍👍
Thanks for being here!
Great video, you are doing ok. Better be nice to Mrs. Buzz or hide your pillows🤣🤣🤣🤣🤣🤣The best to both of you!
Hide the pillows! Good advice.
Thanks Buzz
Thanks for being here.
I don’t see Amazon gift cards on there!😂
That comes from the UA-cam account. Separate white board. Lol
Always interesting to see. I'm glad you had a pretty good year. We had every (!!!!) small kitchen appliance die last year, and we had to replace our car AND a new water well. It was a terrible year, but we had savings and were ok. I'm hoping for a better year. But this also shows how important it is to have back-up (financial). I would hate to think if we didn't have savings..........
Best to you and Mrs Buzz
We MUST have "emergency" savings!
Luckily we too have savings but a few big hits and car replacement would make me nervous. I'll keep bringing in income another 4 or 5 years then maybe I'll feel more relaxed.
Great update, Buzz. Love the detail and all the nice straight lines!
AutoZone striping tape. Lol
@@BuzzRetirementGarageI thought maybe you got a new whiteboard, looks great!
Always appreciate you sharing this Buzz!
Thanks for dropping in.
Thank you for putting lines between the categories. It makes it so much easier to read.
Continual improvement.
Awesome calendar! Lol. I'll be on live stream tomorrow. Finally feeling better. Hopefully inflation will ease up over the coming months. Take care my friend!
You like that calendar? I know a guy....See you tomorrow at 7!
Another great end of month summary, speaking of larger upcoming expenses, I heard you mention the new stair project on the horizon ( I hope your bathroom project is going well) as well as possibly needing a new car in the next couple / few years, wondering what your plan is related to funding these but also staying on track…
Thanks again for your personal insight.
Maybe you could do a video related to your approach to large expenses while on a moderate retirement
So my plan will be a bit different than a "normal" retired person. To preserve my savings, help it grow, and fund large expenses, I'll need to bring in income for the next five years. 2024 brought in $18,000 from my UA-cam efforts which I believe is towards the high end and I doubt I can repeat that number. If I can maintain $10,000 a year with UA-cam or another part time endeavor that should allow me to leave savings alone. We'll see. Thanks for your comment. Buzz
Im a day late in watching your video :( But still great!! I love that you still track all expenses, I do too!! It helps me to stay on top of it all and i think i might have to do it indefinitely 😂 because I've seen my lifestyle trying to creep...
I know I'll have to do it forever. I don't trust myself not too. Lol.
Thanks for sharing I appreciate and enjoy the content Happy belated Birthday 🎉
Thank you! I appreciate you being here.
I always enjoy this presentation Buzz. Helps others see a typical retirement budget. Thanks.
Shows people what not to do! Lol
Great job Buzz! Keep it going!
Thanks! I appreciate you! Buzz
I like your monthly updates!
I’m glad January is over
@@calvinreichelderfer4922 Me too
Great info,and suggestion to get on AARP,they have discounts for restaurants etc.Also we did 2 yrs ago the Homestead exemption and saved $500.00 per half yr. And luv the sweatshirt Primos and if your ever in Akron--Diamond Deli is the greatest,the sandwiches are huge and very good!!!!
We have triple A and AARP but I never remember to ask if they take the cards. I have to do a better job! Diamond Deli is the best! When I worked in Akron boss would always order from there when we had customers etc. come in. The names of the sandwiches change but they're funny as heck! www.diamonddeli.us/
Thanks for responding
Enjoy your weekend….❤️🌵
Everyday is the weekend. Just the nighttime TV shows change. Lol
Your UA-cam income definitely helps the bottom line overall. (I know it’s not included here, but it’s nice to be above water)
Yes but it's so unpredictable that I try not to count on it for anything. Kind of an end of month bonus based on sales.
Thanks for the idea with the pillow 😮
Wear gloves too.
Love your end of month expenses. I was thrilled the Visa bill for January was around 65.00. It usually hits the $100.00 monthly mark. Believe it or not, we still have a landline. Cost is 25.00 a month. I want to get rid of it, he says NO. Happy man, happy life 😛.
I feel there's worse things to worry about than the phone line. Let them have it if it makes them happy. She doesn't use her cell phone so that's probably why she wants an alternate.
Yeah, you’re right. If it makes them happy 😆. Callipari is back in the arena tonight. It will be BLUE all the way at Rupp. Even if you don’t follow UK basketball...wish us the best.
UK Wildcats versus Arkansas.
@@MargaretGSmith-c1q Good luck!
Wow, only 25 bucks a month. I might have kept mine if it was just 25 dollars. They were making me pay almost 90 a month when I disconnected about 15 years ago. Is it true landline (from the pole) or a plugin from a cell phone company?
Ooooh! Investments! Verrry interested to hear take on those! And yeah I like the lines on the whiteboard! Put up an affiliate link for buying whiteboard with lines and I just might pick one up
Basic whiteboard with AutoZone striping tape. Lol
Howdy neighbor! Lyndhurst here. Love the channel, and as usual another great video.
Hello eastsider! Thanks for stopping by! Hope our weather starts improving. I'm tired of looking at snow. Buzz
So far , with me not being able to work anymore because of my double lumbar fusion at 58 , and no disability money yet . Luckily with no income from me , we still haven't touched our savings 🙏 . My wife has a very good job and we watch our money . But definitely no extra spending , unless it's necessary . Thank God we paid off our home at 55 . Good information Buzz 👍 .
Hi Dave!
@BuzzRetirementGarage Hi Buzz ! I hope you are doing well . We definitely need the warmer weather 🌞
Since it's your first full yearly cycle of youtube I'll let you in on a secret. January the monetization goes way down. $800 is still quite high for just making talking videos! Keep it up.
I've been slacking on making videos. Working on bathroom plus this crappy Cleveland weather has me down. We'll see how next month goes.
@BuzzRetirementGarage I'm right there with you in southern Wisconsin. The cold spell finally passed but I've been dragging.
Thanks for another excellent video and you did great on your expenses. Happy birthday to you Buzz, many more happy and healthy days to you!
Thank you my friend!
We tried living on our expected SS income with our current expenses for three months. We learned a lot about what we need to do before hubby retires!!
Always a good idea to track before retirement. In some cases it can be eye opening. Buzz
The whiteboard looks cool and professional. I thought it was new but I saw where you just added the stripes. Looks nice. Your budget is interesting. I probably spend half as much for food (me and son) but we seem well fed. Of course I live on considerably less money also but it’s fine. I’m good. It is just interesting how other people prioritize and spend and of course tracking it is super sensible. I somewhat do, have budget, write it all down. I hope you don’t have a big tax hit, probably not. :)
Hey!! In the black is always a good thing. Posting mid-week videos (ramblings of a lunatic, etc. LOL) would boost your UA-cam income back up, right? And us viewers always look forward to them! 😉 Hope it was a great and productive week on the reno.
Let's see if I can get back in the groove. I need new steps!
I’ve learned so much from you sharing your retirement experience. Thank you!
I'm glad I can show people what not to do. Lololololol. Thanks for watching! Buzz
Great seeing you making things work. The food decrease is 10%! You could turn it into a 10% challenge. If you cut food costs 10% for the year, both of you go out to eat as a reward. Just an idea to make it like a game.
We hope to see some month after month consistency. Time will tell.
Great update! You and your wife will like UA-cam TV a lot. It is now 82.99 a month, but includes unlimited DVR and you can use it anywhere, including on the go on your phone.
Yes, you to need to get UA-cam TV. If I can have my 85 yr old mother using it and liking the savings then I am sure it will work out for you as well. I was using FUBO before UA-cam and it was not meeting expectations. Only the regional sports and local news were working for us. UA-cam TV has much better content and the streaming resolution is better. I watch a UA-cam channel called CordCutters and there is a pretty good update on this space. There is going to be so much change in this service space going forward you are almost guaranteed it will change again.
I follow cord cutters on Facebook. They have good ideas.
We did the trial and I liked it. Still have to figure out Indians games. They need another app for most games.
Good video, Thankyou
Thank you.
Your board is so nice and neat! That must have taken you a while. Great job.
AutoZone striping tape. I wish I would have purchased the thinner tape but this works fine. Thanks for stopping by!
The whiteboard looks cool and professional. I thought it was new but I saw where you just added the stripes. Looks nice. Your budget is interesting. I probably spend half as much for food (me and son) but we seem well fed. Of course I live on considerably less money also but it’s fine. I’m good. It is just interesting how other people prioritize and spend and of course tracking it is super sensible. I hope you don’t have a big tax hit, probably not.
Thanks for being here. We'll keep making changes as we go. Her GF stuff is a killer.
Great video.
Thanks!
Always a pleasure watching your video's. Don't forget 2024 taxes to be filed. Expected money back? or pay? or zero? Especially being on ACA. The rules are so strange it is hard to follow and it can affect your outcome.
Our youtube tv just went up to $92/month. Still better than cable. Plus we went to Quantum fiber for internet. $35/month for life.(supposedly). We also switched to Mint mobile. $30/month 2 lines for 5gb data. So far it's working out perfectly and cut our mobile bill in half. Mrs. Buzz needs to give up the land line. Happy life, somewhat disgruntled wife. She will get over it once it's gone for a few months and she realizes she really didn't need it. Extra $$ to spend on bird seed .LOL
Yes the ACA issue is a real problem. I'll do a video at the proper time discussing my nightmare. Lol. My first year on SS and self employed I have no idea what taxes will look like. I'm sure I'll be paying something. My first goal is to get her off cable. This is start of year 2 that I've been pushing. Then I'll go after phone. We'll keep improving I hope. Buzz
Hey Buzz! Good job with your presentation!
Thank you my friend!
Looking good Buzz….❤️🌵
Thanks!
Bro! Nice job ! Thanks for your channel. Measure what you expect ! Love it
Thanks for stopping by! Buzz
Hey Buzz!
Hi. Thanks for stopping by!
Hello from Virginia: Buzz how is your homeowner's insurance so low is it the area you live in or the value of your home? Also did you say your home was about 1400 sq feet 3 bed 2 bath? Oh, yea how is the bathroom makeover coming along we're still waiting to see the transformation (lol) stay safe
We a 1,573 sq foot home and county says I have to pay property taxes on $216,000. Zillow shows market price from $230-$250,000. I do know area plays an important role.
Great job! New white board Buzz?
Same board but AutoZone striping tape. We had a large whiteboard at work that the ladies put the striping on. That's where I got the idea.
Looking good. I look forward to this breakdown. Very educational for me.
Did I miss you shooting the potato gun?
@@BuzzRetirementGarageI posted it as a short. It’s pretty amazing.
I find this interesting. Keep it up.
Thanks for coming by!
Good video Buzz, I’m a few months from 65 ,still working but the facility I’m at is closing and the transfer doesn’t appear to be appealing. So I’m thinking it’s time to hang it up. Your videos have given me some insight as I plan on a similar setup as you. Using SS for day to day , and not touching pensions etc.
It's doable especially if you're debt free or close to it or have a nice nest egg. No house or car payment really helped me. I know I'll need another car in a few years so I'm hoping the market stays strong.
Happy belated birthday Buzz. I've been watching your past 6 months of videos and enjoy them very much. Perhaps I missed some points that I don't see in today's topic that you may have addressed before and that's dealing with any particular cost related to medical as far as doctor's visits or PT or medicines does that fall into a particular category other than miscellaneous on your board or maybe you guys are super healthy? Also on your car insurance is that full coverage you have or just liability? I too track very like categories and have been since 2018. My wife and I are on social security now - so far it's footing the bills for us for the past 4 years. Of course some extra expenses such as a furniture purchase comes out of savings 😅😅.
Thanks for watching. Medical hasn't been bad. My two pills are free and my wife's are free or very low cost. Dr visits are once a year for both of us. So far we've been lucky. Car insurance is full coverage. Rates are dependent on where you live so they say. Buzz
@@BuzzRetirementGarage Thank you for your reply - I went over my items, and noticed I do NOT see items in your chart and don't recall you talking about them, maybe you have them in MISC. List of of Items: Home Loan, Car Loan, Clothing, money for family and friends gifts, eye checkup, glasses, car taxes if your State has them, Home A/C filters, Fridge water filter, misc hardware items, Pest Control service, Budget for office items such as Computer, USB backup, Software. You are doing a us a GREAT favor for sharing your monthly budget - Thank you Buzz
Oh, I was wondering - actually mentioned to my hubby, and came back to ask. Do you run your cars until they can't run anymore? That's how we do it. Just wondered if you buy a new car (or new used as we do) pre-emptively? The numbers show to fix it until it's too expensive/outrageous to fix - then replace. Just wondered what your thoughts are.
My 2018 Mazda CX-5 has 144,000. My 2002 van was getting electrical issues at 240,000. Yep, I keep them as long as possible. That being said, I'll probably need one more before I croak. A decent used car will be fine.
@@BuzzRetirementGarage
Lol. My Prius has 223k and my Pathfinder has 140k. Use 'em up and wear them out for the win!
Primo's Deli... An Akron landmark. Only does take out these days. Kinda miss the "sit down" dining they used to offer.
That's what I heard. Was always busy when I went and that was before Amazon next door.
Now that we are retired we went with a limited mileage plan with Allstate for auto insurance. You have to put a tracker in your car to track miles driven, but I don't care if they see I went to the grocery store, etc. They would get bored following me, anyway it saved us a lot of money and we really only shop local and don't travel much so we go less than 1000 miles per month between both cars.
That's what my State Farm agent suggested. Actually he's personally opposed to the trackers but his assistant says she has one and it helps reduce her bill. I may go that route too. Like you I don't care that they know I went to Sam's Club. lol
Happy January Birthday 🥳
I love these videos, they are so helpful!! Do you put everything on credit card, then put everything in a category? Can you elaborate on homestead tax please. This is my husband’s last month of working 😮 I’m a nervous wreck. Also excited!!
Most everything is paid with CC. Some bills I pay from checking account because they charge extra for CC payments. In my county in Ohio we get a 25% reduction if you're over 65 and make less than 35,000. They don't include SS. They deduct from the retail value of house and land. Every state probably does it differently. Good luck my friend! Buzz
If you can cross your toes that sounds like a good side hustle at the state fair😂
Anything for a buck!
I hope your YT earnings continue to offset your expenes, so inflation creep doesn't put a squeeze on you down the road. ❤
Either YT or working a PT job. If things go the way I hope I can relax more in 5 years. Hope everything is going good for you. You moved in to the new place yet or still being built?
@BuzzRetirementGarage, still hanging close to the grandson, helping the SiL & Daughter get thru school. We're in no hurry. We did get some T-post driven along the back property line to help fence in the complete perimeter done. Projects are keeping us occupied in retirement!
The misc should probably be reviewed has must be repeat items at that rate
Some are but not making columns for them. Printer ink, subscriptions, rain runoff, haircut etc.
Your auto insurance is very cheap.Also the gas. I assume you don't drive much at all. Great job on expenses.
Most places I go to shop are one mile away. Kind of nice
Buzz we don’t have dental insurance. We have Carrington dental discount plan “500” it gives big discounts for dental. We really don’t get much more than cleanings.
I have some crowns that are old. I know I need one replacement. This year paying the premium will probably work out than not having it. We'll see. Buzz
White board is easy to read!
Better than before I think.
Thanks for the video. What are we going to do for drama once you switch to UA-cam TV?
We still have plenty of drama ahead. Pack rat itis.
@@BuzzRetirementGarage Time for a new shed!
@@dancurran8977 new stairs first
BTW - How’s the bathroom coming along? Will there be a video? Thanks
Slowly. Last bit of teardown but ran into some electrical issues I need to resolve. Eventually it will get done. Luckily we have two bathrooms otherwise I'd hire out. Lol
Your home insurance is out of whack when you look at what you're paying on your property tax. I live in MN in an 1150 sf ft home with a 2000 deductible and paying 242.56 in property tax and my home insurance comes to 164.73 per month, so how can your home insurance be lower @ 58.00 per month and live a nicer home according to what you're paying on taxes? We don't live in a flood zone, fire zone or hurricane area either.
Most people don't check on what they're paying on their monthly home insurance and property taxes because they have a mortgage but after they make their final mortgage payment while now seeing bank withdrawals every month out of their checking acct, it becomes a serious reality.
I can't answer why my rate is the way it is. We've had auto, home and insurance policies with state farm for over 30 years. My auto insurance has a no cancellation clause which my agent says he can't even get. Buzz
@@BuzzRetirementGarage Never heard such a thing. And btw...I have not filed a claim on my home or auto in 21 years and I have State Farm as well.
Do you have taxes withheld on your social security, you said that the figures you give are a gross number, just curious. I find we track pretty close to your numbers, we are located in southern ohio
Thanks for Jan. update, looking forward to Feb. numbers although I bet utilities will be higher due to cold weather here in Ohio
We do have 10% taken out of hers. Nothing from mine. We'll see how things go with the tax man .
Buzz - do you have a video covering your longer term plans? you mentioned living off SS for a little while, so I wondered if you’re doing that as a bridge waiting on a pension to be at the right level for you, or for investments to grow?
I have a goal in mind that will make me feel better about my savings level. Side income, a good stock market and no big emergencies for 4 or 5 years would make me feel more comfortable. Keeping expenses to match SS income will go a long way to making my goal.
Wow! Eighteen grand!?!?!?!? That's fantastic.
Will be hard to duplicate.
What is the reason Mrs Buzz wants a land line that is not a landline but rather internet? Just curious about her reasoning. Enjoy listening to your budget talk.
She still lives in the 1980's.
Looking back would you have been better off to have waited a couple years before drawing SS? You could have gotten $300ish more each month on your check by waiting a couple years.
Yes, but my savings couldn't absorb the hit, and I didn't want to work full time any longer.
After doing the math you will never make up what you didn’t get by waiting. Would take eleven years to make the $42.00 more I would get by waiting two months to take SS
@@sunnykindagal I've done the math, and it depends on how long you live. If I live to 80 I will make $14,000 more by drawing at 66 rather than 62. It's not about making the most money though. Like in Buzz's case he would have been better off to have that extra $300 a month by waiting two years to draw it. That would have paid all his bills with some left over. It's not always feasible to do that though, I get that. SS website has a great calculator to see how much you can get for each year you claim.
Not necessarily better off. Numbers look great on paper, but so many variables come into play. I’m sure we all wish we had that crystal ball to tell us what to do. I retired earlier too. Working 4 more full time years was just not worth it, to get the little extra money in the check. Life can unexpectedly change in a day. If a person doesn’t have their health, any amount of $$ means nothing. Everyone’s situation is different. There really isn’t one right answer.
@@karendjohn8803 Agree health is more important than money. We just have to make a choice and hope for the best. I quit working at 57 and will draw SS someday when it makes sense depending on the variables you speak of.
I had to laugh about your comments on the "land line". You are paying $18 to not answer your phone. We got to that exact same point about 10 years ago, we had a ton of features added to our line so we didn't have to answer the phone (answering machine, caller ID, call blocking, etc.). Finally one day I asked my wife if we could just drop the landline and just use our cell phones that had all of those features included. We did and haven't looked back.
Some day I'll convince her. She's so 1980's. Maybe 70's?
Buzz I have a question about social security payments and federal income tax. If my wife and I had a total of $48,000 is social security for the year with no other income. Would it be true that only 50% of that amount is taxable and that would leave $24,000 as the taxable amount but with the married filing jointly standard deduction of $29,200 that would leave a taxable income of less then zero. I know you are not an expert and I’m only asking for your own personal opinion/knowledge from filing income tax returns only social security alone.
I’m just wondering if I can count on the entire $4,000 a month social security or does federal income tax cut that amount down significantly.
I’m not on social security yet but just thinking of trying to do what you’re doing in the future.
If you don’t mind sharing, did you have to pay any federal income taxes on your social security benefits and if so how much did that cut away at your monthly benefits ?
This will be my first year filing on SS alone. UA-cam income will screw things up considerably. But yes, the research I did matches what you're saying! State tax may be different. In Ohio we don't get taxed on SS. I'm really starting to like the Chat GPT app. It's helped answer a lot of questions for me. Have a good rest of the week! Buzz
@ thanks for the reply. Pennsylvania doesn’t tax SS either.
Do you have property tax freeze there?at 65 tax stays same (could have done when wife made 65) if your state has it?
Nope. Not in my county in Ohio.
are you going to include the steps as an expense like this? I think it’ll skew your numbers. Like the way you keep youtube income off this, I’d consider keeping this to just your regular income/expenses - ‘infrastructure’ spend like home maintenance that is significant I’d consider capital spend from your savings. Worth recording but not worth blowing your monthly numbers IMO
I understand what you're saying. I think I want to record it even if it puts me in a negative position for the year. We'll see. Buzz
what you gonna do for DVR support when you cut the cord?
UA-cam TV has unlimited DVR.
@@BuzzRetirementGarage 👴👍