Debt free is the key to retiring comfortably in my opinion. Been debt free since 2013 and I have never been happier for it. I love how you break everything down Buzz. Really great job. Thanks for sharing!
Yeah debt is a big deal. I’m 57 and carry no debt at all. I have an emergency 300 credit card that maybe has 100 on it generally for internet purchases
I live on a very low SS payment. I’m technically at the poverty level. But I’m divorced and after struggling go to raise my kids, there was no house, no savings accounts, no nothing. I did get a respectable job with an adequate pay, but after all that aggravation all my life I decided I’ll live on my SS and retired at 65. I live in a seniors apt complex with rent control. I don’t own a car and I had to change my lifestyle to be even more frugal than i was before. But I walk everywhere and I’m in good shape, my bills are paid and I have food on the table. I can’t ask for anything else at 71. And I have Medicare with Medicaid flex. And if no one likes that, too bad. I worked since i was 16 and paid into it.
You're doing well because you're tough and you worked hard. You are are good example that you can have the basics of you put your mind to it. Great job. Buzz
Don't know why anyone should feel guilty about medicare. My wife is on extended medicaid and it's the least they can do. She's been diagnosed with severe peripheral neuropathy caused by a progressive hereditary illness with no cure and no treatment. I had to retire at 62.5 because we worked as a team and she couldn't do the job anymore, but they say she's not disabled. We are living at 111% of the poverty level. Check into all the programs available, sounds like you might be eligible for a refund of your medicare premium. I was counting on it and because WV denied me on the basis of my wife's age, we have to borrow around 2k a year to get by. Her age and not working is also the reason we can't get SNAP benefits ... Just a no good lay about in leg braces ..smh
@@BuzzRetirementGarage To be eligible for Medicare at age 65 or older, you don't need to have worked hard or earned a lot. You only need to have paid Medicare taxes for 40 quarters, which need not be consecutive. If you worked part-time at McDonald's at minimum wage for 10 years, you'd meet the earnings requirement. The Medicare eligibility bar is really quite low. I don't know what he means by "Medicare with Medicaid flex." According to what I read on the internet, "Those enrolled in Original Medicare do not get a Flex card-the Flex card is a benefit only available from certain Medicare Advantage plans." I think he means that he has a Medicare Advantage plan that provides a preloaded debit card that can be used for certain expenses. Maybe he had to qualify for the card based on income. Maybe that's what he meant by "Medicaid flex." If he had original Medicare he'd probably also need a gap plan, which would cost around $200/mo. on top of the Medicare Part B premium. He's doing OK at this time because he lives in rent-controlled housing, has no car expenses, and has a Medicare Advantage plan with a flex card.
Thank you Buzz! I think you are doing a great service for people who are "on the line" and you have a good down to earth personality. Who would have ever thought things would go this way. Im working at 67 and started collecting social security in January. Just trying to save more like the squirrels for winter. Hopefully Ill reach an acceptable number soon. I feel for people that are unable to work for heath reasons and are really strapped just trying to survive. Good work. Look forward to more videos.
@@BuzzRetirementGarage What about TAXES!! if you have any dividend income from your Etrade account or other investments and interest payments ...that makes your social security fully taxable if above certain TOTAL income levels. ALSO You say you have interesting expenses . ONLY $30 for gasoline while Restaurants $340 and grocery $587 ? Health care ...if below 65 and no Medicare...how much for you alone?
@@johnj4094 Don’t see how they make it on $587 groceries, even with $340 for restaurants. I would definitely stop throwing away the $1,200 per year on the lottery.
@@johnj4094 dividend income does not make your SS taxable until you reach a certain amount. A small amount of dividend income isn't going to effect it very much. if you get 2,000 in SS and 1.000 in dividends a month yes it will impact it some, but the max is 85% of your SS will count as taxable income you will pay your tax bracket amount for that SS money.
Hey, Buzz. Thx for the shout out! Love your channel. We need more people like you in the retirement genre to tell people you definitely DON'T NEED $1 million in the bank to retire.
I really enjoyed this video. I actually was watching another one a couple weeks ago and was enjoying it so much I subscribed then. I am in Louisiana. I mention that because in the other video you mentioned the Browns. I started laughing and told myself (You should be a Saints Fan). My son and his wife actually went to the Browns/Saints game in Cleveland December of 2022. I remember it well because it was Christmas eve and my wife was not happy about it lol. I will comment more moving forward as I watch the videos. Great Job!
Hi Buzz, I took SS at 63. I am debt free and live an uncomplicated life. I am able to live on my SS. I have goog savings that is growing at a very good rate. I tell folks, the SSI allows me to live within my budget. Mentally, living within my income and watching my investments grow is exciting. We worked so hard to build our investments, it is difficult to use this money for ordinary living. I encourage folks to not wait for your SSI. Having money continually coming in, and watching your money grow is good for your soul. We worked to hard to dip into savings . The economy is good and money can grow quickly. Enjoy your SS now while you can.
That's how I'm doing it and it feels like I'm living off free money and watching my savings grow. I know the market will go the other way a bit but right now I'm enjoying the increases. Forcing myself to live within the confines of SS payments makes me scrutinize everything I buy. I could spend less but why? Lol
@@leesh2684 I don't know why this free way to watch TV (OTA/Broadcast TV) isn't common knowledge by now. Who can watch hundreds of channels on cable TV? It takes 30 minutes just to scroll through all the channels. "Cut the cable" -- it's getting TV the way we did in the 1950s/60s/70s. All I really need from a cable provider is a decent Internet connection (e-mail, UA-cam videos, etc.), but I get OTA/local TV free. -- BR
This video was perfect timing for us I’m retired and my wife turns 62 next may and our goal is for live on our SS and my small pension and only use savings for the occasional vacation etc. We don’t want to touch our 401k until it’s mandatory at age 71. We are debt free and that certainly makes a huge difference.
Buzz I think you have had another successful month. I am inspired to keep better track of my spending after watching all of your videos. Thanks for sharing and your honesty
Get an air fryer .They cook great and they do not heat up the house .Unless we are cooking for a large number of people me and my wife rarely turn on the oven!!
We have a Ninja Grill that grills but also bakes and air fries. We rarely use anything else nowadays. The grill is smokeless, huge plus, and generates little heat.
I love these updates. I’ll be 30 next year and my wife and I have been really buckling down for retirement. Also love that you’re from Ohio. We’re from Wooster!
Glad to read that you're focused on the next 30 years of your life. You're in a great position to do very well for yourself. Focus on saving as much as you can. But you still have to live your life so do your best. Max out your companies 401K if you have one. I'm rooting for you! Buzz
I think I need to scrap my financial market subscriptions and just listen to Buzz. He has me beat on auto insurance, health insurance, and gasoline. It makes sense to me as well to sell a little off the top of the stock market given general equities have done well. Jay Powell said they were not going to lower rates just yet. With all the inflation eating away at our income, it doesn't hurt to have a cash reserve and maybe a $5K "I" bond here and there. I am inspired Christmas lights are a priority for Buzz, even to have the old "C" types we remember as kids. Given apparent Christmas priorities, I think there is a big heart under that thick skin. Brightens my day, and looking forward to Christmas too!
Always fun to see what other people buy at the grocery store. You've inspired me to track mine - have a plastic shoebox full of July receipts. Now I need to compile them and see how I do. BTW, occasional splurges are a good thing!
I know you think of yourself as some Ohio guy with just a bit to offer but what you do is so important to folks wondering if they can retire on just SS. You show that with a bit of planning and some savings, it can be done without dipping too deeply into savings. Pointing out your house is paid for and you have a garden and do a lot of maintenance yourself, no car payment or credit card debt helps round out the picture. PPS. I was born in Youngstown.
Whether you can retire on SS alone really depends on how much SS you receive. Not every SS retirement beneficiary gets the $2523/mo. Buzz gets. As of July 2024, the average SS benefit of retired workers was $1919/mo. I know someone who's 78 and only gets about $1200/mo. from SS. He has no wifey. He supplements his meager SS paycheck by renting out a room in his house for $500/mo. His two sons, who expect to inherit the house some day, cover the $1500/mo. mortgage. But he has to scramble to cover property taxes and insurance by taking on temp jobs. Not so easy when you're 78.
@@herrickinman9303 That's true. Some get more, some less. The important thing, and I'll reemphasize this for August, is to have savings and don't rely on SS alone especially if you're single and you may not get that much. Good point. Thanks for sharing. Buzz
I always like hearing these month end reports to see how things are going. And when the unexpected pops in. Great job. The food is always a bit more. Restaurants are high then you have to tip, too.
My wife made me go grocery shopping. Picked up a 5 pack of small pork chops for 5 bucks (4 meals). Picked up thin rib eye steaks for 11 bucks (will get 4 meals). 2 packages for chicken breasts half off. Bought 3 lb hamburger and divided into 1 lb packages and put into freezer.
@@ejeanroh377 They were small quantities but did get that many meals out of them. The hamburger was 15.99 for 3 lbs. The chicken was 11 bucks and 2nd one free.
This is a very useful real world example of living only on SS. Most vids about this subject use the average SS payment, and are thus totally useless for an individual trying to plan. Thank You, and good luck.
I talked with my State Farm agent last month and he told me many people who have paid off their houses in Florida are foregoing insurance and rolling the dice. Scary thought. Buzz
Oh, how I love the "Karl Rove" whiteboard! I'm embarrassed to say that I cannot do this because I've run the math and we cannot live only on Social Security, but fortunately, we must tap the RMDs (Required Minimum Distributions)! In terms of taxes, you'd have to add another zero to your monthly taxes and we're still not close to this one. You've done a great job of focusing your channel on the retirement angle!
Thanks. Everyone's situation is different and nobody will have the same numbers that I do but it's important when getting ready to retire to understand your monthly expenses and look for ways to reduce those expenses if one chooses.
i retired at 55 kinda bored just puttering around house i remember having fun at work but still haven't forgotten the real pain in the but stuff of working
I'm glad you added the blurb on the youtube income at the end - that was to be my question. Good job! Although, you eat out a lot. Just throw some meat on the grill, limited heat inside!!!
I am retired 13 years . . . and would not survive on just social security. However, I play a game. The SS goes into the same bank account each month. The credit card is issued by the same bank. I check the credit card every morning and pay it off. I pay the periodic bills out of the same account. This is my form of restraining my spending or budgeting. My secretary is retired even longer. She has made her pin money by taking care of older ladies. A friend, since deceased, was a disabled USMC medic. He got by living in a trailer home out of town. He would drive the retired women to the grocery stores in their cars and be paid. He also did not have to own a car.
Great break down! We have about 17 years until retirement so focused on being debt free while making sure our kids set up their retirement accounts as each moves out. Thank you for sharing your budget!
Nice to see your food budget dropping. Mine dropped from $135 for the month to $98. My changes have saved money on food. I make frozen fruit bars in the summer from frozen mixed fruit and white grape juice. I use a blender stick. 10-20 cents a bar. The garden helps reduce the cost of food. Water bill tips. I watered off rain water all but 2 days this year. I have a 250 gallon tank. I wash the car with rain water. Keep up the great work. You should set a goal for example of $500 extra saved by the end of the year and do something together to celebrate all the hard work meeting the goal! You can eat out or take them dirty dancing dance lessons you always wanted to do! 😄
@@BuzzRetirementGarage I ended up gifting food I canned and 3d print family pictures. My Christmas gifts are more time than money. Thanks for the great videos!
Interesting logic on the eating out vs. cooking. I'll say though that I have a Ninja Pizza Oven that also functions as a regular oven, along with a gas grill and Gozney Pizza oven that gets to 900 degrees. So I can cook anything and everything outside without heating the house. Making seafood risotto tonight using all three. 😊😊 I do LOVE to cook and spend a lot on groceries. Like you I take advantage of credit card cash back, 6% via AmEx. But we do still go out to eat of course, and spend too much there as well. One dinner can be over $200.00 - but we enjoy it. We all have our pleasures!! Thanks for the post. Enjoyable and informative as always. Loved the information on the Christmas bulbs. And congrats on continuing to keeping your savings intact!!
@@BuzzRetirementGarage They are both great in their own way, but not a need for sure. Neighbors got an Ooni on sale and love it. More cooking area than my Gozney as well. And P.S. - congrats on the incredible upswing in subscribers. Well-deserved and happy to see it!!!
Buzz, I’m turning 68. We upgraded to the T-Mobile 5g5plus senior plan. $130 for 2 lines and internet, includes taxes. Also, it includes Apple and Netflix. Pluto tv is free. I get ~250 megs download speed. Much cheaper and more reliable than Spectrum. I installed an outdoor antenna to get local channels, it includes many sub channels. Your $100 a month lottery obsession is silly. My wife and I haven’t been to a restaurant in years. Frozen food is our fast food. The variety is incredible nowadays. If your wife doesn’t have ongoing medical problems. Medicare Advantage is a gem, includes a lot of benefits. New government regulations starting next year, are making specialist visits easier. We have had our share of electric vendors here in Illinois, where they give you a starter rate, then raise in a few months, not worth the hassle of switching every few months and if you forget, you may be locked into higher rate for a year. Air cleaner, huh? I have a 1960 built house, change your air filter regularly.
Both fake parties and puppet politicians are controlled by the same syndicate. I am surprised you haven’t figured this out. Socialist Insecurity is a Ponzi racket where you are actually just paying your money forward into a system where the money does not grow, is already spent and can be changed at any time without your consent.
I started taking SS when I was 68 1/2 to try and maximize the amount which has paid off. I'm single, own my house and car, live in a somewhat not too pricey area. I use my 401K for property taxes, insurance and emergencies. So far, doing ok with some months of spending too much.
$587 for groceries is good. You should be able to fit into that, 2 steaks. And have leftovers for the both of you for the next day. For two of us in July I spent $290 on food. Our restaurant total was very high. We rarely go out but we had birthdays to celebrate and friends who asked us out. We went out 9 times. Like I said, that is unheard of for us.
Great video and congrats on the big increase in subscribers. So many videos saying you need $1 million or more to retire which is not true if you're debt free and have moderate monthly expenses. Glad for you & your wife that you're making it work!
63 -I like that number was thinking 62 but you know a thing happened and our Country isn't what it used to be to be . But anyway , who needs food and gasoline . Hoping I can make it and actually retire , worked a hard physical job for a long time . I'm just spent
Recommendation: If you happen to be near a Kroger grocery store pharmacy, they offer a Kroger pharmacy plan for around 35 a year which gives access to a multitude of prescription medications at very low prices. My three generic prescriptions run 3 dollars each. It also helps to have your dr. write prescriptions at a higher dose for breakable medications. Example: have doc write a .25 med at .50. Costa about the same. Break them in half and you have twice as much. I appreciate your videos.
@@BuzzRetirementGarageKroger is buying Albertsons and all of the chains they own. Maybe you’ll have something in your area soon. Not sure how they’ll compare to Costco on pharmacy prices. I find Costco to be pretty low on meds; sometimes low enough that I pay out of pocket there instead of using insurance.
We have Kroger here in California...Food4less and Ralph's. I love their digital coupons and boy I snap the deals. I average about 100. To 120.00 a week on groceries for 3 adults and I'm a stocker upper 👍
Buzz, .. thanks for the report. Interesting stuff. Yeah nice, .. "tracking green" .. :) You mentioned beef. We used to eat more beef, than we have, in last years. Sometimes, we used to buy it in a 1/4 animal quantity. Anyway, recently .. we've been doing more poultry, and fish. Poultry = cheaper, .. fish = not cheaper .. but, I think I can tell, by cutting down on beef, .. I feel better, physically (circulation). But every once in awhile, .. a good ol hamburger, or steak on the grill, still hits the spot.
I criticize myself for not catching my own fish since I'm only a few miles from Lake Erie. I just saw a bist advertise to take 15 people out and it used to be $35 a few years ago. Now they want $85 for six hours of perch fishing. No thanks. Shore fishing for me!
@@BuzzRetirementGarage mmm, .. I live around lakes, too .. and seldom get out fishing. I think I would more, if trout streams were closer, .. but alas .. Back to health benefits, .. so, sometimes we do splurge on a salmon, or trout .. at Sam's .. & started taking fish oil pills (less time than fishing for them, .. or less money, than buying fish) .. again, it's supposed to be healthier. .. :)
My gas bill drives me crazy too. I turn the pilot off to my furnace here in Texas so my actual use per month is zero most of the year and my monthly bill is similar to yours. That’s the only gas I use.
California here..I haven't had my gas heat on in 4 years. We blew out the pilot and bought electric heating units. Love them. Our gas bill is like 15 to 20.00. The key with anything electric is to find out your area high price time of day. Here between 4pm and 9pm it's more costly. So first go unplug all those lamps and things your not using at the moment. Then do your laundry and drying during low time. High time for us the TV goes off and we are eating and doing you tube cell phone stuff. I saved 35.00 first month. Make sure to unplug the coffee maker too! 😁👍
I appreciate your transparency. Showing what you spend is more reality than I have seen on many channels. I make a budget BEFORE I spend for the month. That way I can stick to my 300 dollar grocery budget. I do have a 50 dollar restaurant/junk food allocation, but don't usually spend it at restaurants. They have gotten to be more expensive, and the food isn't nearly as good as it used to be. Plus the service has gone WAY downhill since everyone has their nose in a phone 24/7.
Agree with you on restaurant prices - many have gone up much faster than the overall inflation rate. My wife and I went to Outback for the first time in a couple years yesterday. All but the sirloin steak (which was excellent) were $32-$38! These are prices I'd expect from a higher end - white tablecloth type place. Eating out is rapidly becoming even more of a luxury. Soon they won't need to advertise, they can just email their 10 or 12 remaining customers.
@@kentschrader3900 yep. I have been out to eat ONCE in the past year. I picked the least expensive thing on the menu at a mom and pop. Spent 15 dollars with the tip. Before the inflation boom, this would have been about 8 dollars.
Buzz those numbers seem tight still, I get it that your not touching your other stuff. It just points to , we all need to keep track of what we use . Its a good lesson for us all. Thanks , enjoy your vids. Good Stuff!
@@BuzzRetirementGarage up here most have a side hustle into retirement unlees you had a big job with pensions. Uber, Home depot and driver are some of the side hustles for the old folks, LOL
Buzz thanks for all the great information. I can totally relate to the gas bill but here in Phoenix Arizona area it's the water bill though my water bill without using a drop of water is already over 48.00 and that's for the Wastewater even if I didn't use a drop of water unbelievable with all the fees and everything.
My social security is less than yours, so I've streamlined my expenses. I got rid of cable, netflix etc. All I watch is what I can stream, so no traditional TV. I have Amazon Prime, so I do watch videos through them. No restaurants anymore. For health & money I no longer drink sodas or alcohol. I enjoy herbal tea & drink it hot and cold.
@@BuzzRetirementGarage Sounds like your wife has a spending problem that her $1200 SS doesn't quite cover 🤔 ..maybe she can buy you a steak for Christmas! 😄 In fact, I'd think her cable bill every month warrants you having at least one steak every month! No cable here, and about to cut the wifi.. I've been telling the hubby that we need to 'pull in the purse strings' for the last six months, knowing that l was going to retire
Hi Buzz, just subscribed to your channel. I will turn 65 in January, have been weighing my options as far as retirement. Being eligible for Medicare is a necessity as I am single. My full retirement age is 67, still trying to decide if the additional SS is necessary. The way you break down your expenses is very helpful. I think I will try to do something similar to get a better understanding if it is feasible. Looking forward to your progress. Best regards, Bob.
If it's possible to live on SS and not touch savings except for repairs and emergencies, sometimes it makes sense. A lot of inputs should be considered. Liking your job, health status, financials etc. I can tell you that in my case, I'm loving every minute of it! Thanks for subscribing! Buzz
Thanks, Buzz! I just came across your channel and love it! I'm just starting to look at these things now to get an idea of what my retirement might look like. I greatly appreciate your approach to your videos and content.
One of the big advantages of retiring to Thailand is we have no property or sales taxes here. I don’t pay any income tax on my US pension income as well. Utilities are cheaper here as well. Water runs about $10 a month and utilities run me $150 a month but that’s running AC 24/7 every day. As my wife and daughter are both Thai and American citizens they get lifetime free health care here and it’s also very cheap for me as well at the government hospitals which are very good where we live in Hua Hin. Doesn’t make paying for health insurance here worth it as I’m very healthy and only go for check ups. I do keep my Medicare A and B though. I also get an additional $700 a month from social security for having a minor child. So I get about $3000 a month there. No house payment, car payment or credit card debt. Totally debt free. As a family of 3 we live very comfortably on around $3000 a month. I have a few rental properties valued at over a million, all paid for, that kick off an addition $4000 over and above their carrying costs a month in rent and my 401k which now has several million in it after 33 years of being a lawyer and faithfully contributing to which I’m not taking anything from yet as I don’t need it. That money is for my wife’ s future as she is 30 years younger than me. Our grocery bill runs around $400 a month. I have a full time driver as it’s too dangerous to drive myself here and she runs about $200-300 a month depending on how much we go out. Mostly we get around on our motorbike which my wife drives. Our child never goes on the motorbike. About $10 a month for gas there. My phone plan with unlimited internet runs about $10 a month. House internet runs about $20 a month. Insanely cheap here but great service. I do have a gardener and pool guy both of whom come twice a week and cost combined about $100 a month but that also includes the cost associated with one of my rentals here as well they also service. My wife and I each take $300 as an allowance we can spend on whatever we want. The rest is basically for clothing, entertainment, travel and fun. All in all a great and easy life!
Thank you for your detailed breakdown. Most definitely cheaper to live there. You have what sounds like an excellent situation! I'm happy that you've done well and that you're enjoying your days! Buzz
I don't know if I could live with just one vehicle in a smallish town property at this time. Perhaps in 20 years. You must have made pretty decent money to get 2500 bucks in SS at age 64. I have to wait until 65 to get that money. Haven't pulled the SS trigger yet. I'm 62.
Who would want to go back to work if you are making it on SS. Go for it with the channel, you’ve got what it takes. Tax is a lot less when you are self employed.
From personal experience, prices will go up due to inflation. Might want to rethink a part time job for extra money for saving. Stuff happens that will cost $$$. Cars wear out and houses need to be repaired. Unexpected medical expense happens. That has helped us to bulk up savings. We don't want to just exist.
I retired at 56. Last march. We went to Cleveland for our 36th Wedding anniversary and had such a great time! My husband has generalized myasthenia gravis, so spending time together is so important right now. I love that you are doing this. We don't draw SS yet, so it's interesting to me.🎉
Yikes! That's scary! I started collecting Social Security at 62, so did my wife which amounts to about $5000 total take home for both of us. Social Security alone cannot begin to cover our lifestyle and expenses.
Congrats on the rapid channel growth! Well deserved. Love the breakdown as always. Big drop on groceries... you both are doing great staying to budget!
We just retired in May this year 2024. And we took our 401 out and found a financial advisor and put it in a mix of bonds, money market and some other safe things . It's keeping us afloat hopefully things change soon.
I retired in August 2018 with zero debt. My wife and I both receive social security, we have no IRAs or 401k accounts, but I do have a pension. Be both have Medicare advantage plans which cost us $34/mo. In the six years since retirement, we have not touched our stock portfolio and the only thing we have done with our savings is add to it - a lot, close to six figures. Our retirement income exceeds our expenses by $1500 or so each month.
Excellent comment. Love reading how people are making it after retirement. You have a good situation. It took hard work, but you did it right! Good job. Buzz
I enjoyed seeing your update AND the wonderful comments. What a nice bunch of followers you have. As for the steak---get a good one on your birthday. No restaurant meal can compare with a great steak on the grill. Thanks again for your update.
Thank you for your video. There is a lot of similarities with where I am .... retirement this January. Husband already retired. I have been so anxious about budgeting and could we make it on the SSA check. You are providing a ministry and may not be aware of. 😊
Glad you're taking some gains off the table in the market. I keep a hard line phone at home because cell service is not 100% reliable at my house. It's bundled with internet wifi and I had trouble with the phone a few years back. Verizon sent a repairman out to deal with it and I asked him if I should bundle cable TV into my package. He looked at me and said, "Hell no!" You need to keep Mrs. Buzz happy but cable just isn't worth the money anymore. Happy wife, happy life I guess. Keep the vids coming Buzz!
Just found your channel. ( and subscribed ! ) really appreciate that detailed breakdown of expenses and your living on SS experiment. Since I am just tuning in, you said you were not yet 65. When did you start collecting SS? My wife and a I are 18 months out and are really trying to learn as much as possible from folks like you. Keep up the great work!
Elected early retirement from a company I no longer enjoyed working for. Planned to supplement income by working part time because I had $0 retirement savings, a DB pension plan and government pension. That didn’t pan out so budgeting, paying off mortgage and all other debt became my new full time job and priority. Now I am debt free, stress free and happy!
Debt free is the key to retiring comfortably in my opinion. Been debt free since 2013 and I have never been happier for it. I love how you break everything down Buzz. Really great job. Thanks for sharing!
Thank you. I appreciate your comment. Buzz
Living debt free is so liberating it’s amazing.
Yeah debt is a big deal. I’m 57 and carry no debt at all. I have an emergency 300 credit card that maybe has 100 on it generally for internet purchases
I live on a very low SS payment. I’m technically at the poverty level. But I’m divorced and after struggling go to raise my kids, there was no house, no savings accounts, no nothing. I did get a respectable job with an adequate pay, but after all that aggravation all my life I decided I’ll live on my SS and retired at 65. I live in a seniors apt complex with rent control. I don’t own a car and I had to change my lifestyle to be even more frugal than i was before. But I walk everywhere and I’m in good shape, my bills are paid and I have food on the table. I can’t ask for anything else at 71. And I have Medicare with Medicaid flex. And if no one likes that, too bad. I worked since i was 16 and paid into it.
You're doing well because you're tough and you worked hard. You are are good example that you can have the basics of you put your mind to it. Great job. Buzz
@@BuzzRetirementGarage thank you, Buzz. God bless you.
Good job!!!
Don't know why anyone should feel guilty about medicare. My wife is on extended medicaid and it's the least they can do. She's been diagnosed with severe peripheral neuropathy caused by a progressive hereditary illness with no cure and no treatment. I had to retire at 62.5 because we worked as a team and she couldn't do the job anymore, but they say she's not disabled. We are living at 111% of the poverty level. Check into all the programs available, sounds like you might be eligible for a refund of your medicare premium. I was counting on it and because WV denied me on the basis of my wife's age, we have to borrow around 2k a year to get by. Her age and not working is also the reason we can't get SNAP benefits ... Just a no good lay about in leg braces ..smh
@@BuzzRetirementGarage
To be eligible for Medicare at age 65 or older, you don't need to have worked hard or earned a lot. You only need to have paid Medicare taxes for 40 quarters, which need not be consecutive. If you worked part-time at McDonald's at minimum wage for 10 years, you'd meet the earnings requirement. The Medicare eligibility bar is really quite low.
I don't know what he means by "Medicare with Medicaid flex." According to what I read on the internet, "Those enrolled in Original Medicare do not get a Flex card-the Flex card is a benefit only available from certain Medicare Advantage plans."
I think he means that he has a Medicare Advantage plan that provides a preloaded debit card that can be used for certain expenses. Maybe he had to qualify for the card based on income. Maybe that's what he meant by "Medicaid flex."
If he had original Medicare he'd probably also need a gap plan, which would cost around $200/mo. on top of the Medicare Part B premium.
He's doing OK at this time because he lives in rent-controlled housing, has no car expenses, and has a Medicare Advantage plan with a flex card.
Thank you Buzz! I think you are doing a great service for people who are "on the line" and you have a good down to earth personality. Who would have ever thought things would go this way. Im working at 67 and started collecting social security in January. Just trying to save more like the squirrels for winter. Hopefully Ill reach an acceptable number soon. I feel for people that are unable to work for heath reasons and are really strapped just trying to survive. Good work. Look forward to more videos.
Thank you. I agree that there are people who, because of health, can't work to help out their income stream. Good luck to us all! Buzz
I just turned 65 and going to give it a shot just on SS. Great videos that you are putting out.
Thank you!
@@BuzzRetirementGarage What about TAXES!! if you have any dividend income from your Etrade account or other investments and interest payments ...that makes your social security fully taxable if above certain TOTAL income levels.
ALSO You say you have interesting expenses . ONLY $30 for gasoline while Restaurants $340 and grocery $587 ?
Health care ...if below 65 and no Medicare...how much for you alone?
@@johnj4094 Don’t see how they make it on $587 groceries, even with $340 for restaurants. I would definitely stop throwing away the $1,200 per year on the lottery.
Share your experiences, also!
@@johnj4094 dividend income does not make your SS taxable until you reach a certain amount. A small amount of dividend income isn't going to effect it very much. if you get 2,000 in SS and 1.000 in dividends a month yes it will impact it some, but the max is 85% of your SS will count as taxable income you will pay your tax bracket amount for that SS money.
Living beneath your means is actually empowering! New to your channel!
Thanks for checking in. We have a great group of subscribers. Are you retired yet?
@@BuzzRetirementGarage -Actually, I got put out to pasture after 26 yrs in the banking sector (layoffs). I ended up retiring at 54 & loving it!
@@Practice_Kindness-1st Glad you're enjoying!
Hey, Buzz. Thx for the shout out! Love your channel. We need more people like you in the retirement genre to tell people you definitely DON'T NEED $1 million in the bank to retire.
Thanks for coming by. You are the Godfather!
$1Million in the bank sure helps though.
😊😊
I really love these monthly breakdowns, thanks!
You're welcome.
Awesome video! I am 63, planning to retire at 65. Great info... Thank you!
I hope it shows you what to do or what not to do. lol
Aside from the finances of retirement, you seem happier and more relaxed from your earliest videos. Can’t put a price on that!
Absolutely true! People seeing me smile everywhere I go must think I'm nuts!
@@BuzzRetirementGarage It could be just gas! j/k 😀
@@stevegorkowski3246 you're not wrong!
@@BuzzRetirementGaragethanks for sharing your expenses after retirement. You are very trueful, your list is very detained.
@@moy9022 Thank you for watching!
I really enjoyed this video. I actually was watching another one a couple weeks ago and was enjoying it so much I subscribed then. I am in Louisiana. I mention that because in the other video you mentioned the Browns. I started laughing and told myself (You should be a Saints Fan). My son and his wife actually went to the Browns/Saints game in Cleveland December of 2022. I remember it well because it was Christmas eve and my wife was not happy about it lol. I will comment more moving forward as I watch the videos. Great Job!
Well done Buzz. Another month within budget. Always enjoy your videos. Cheers from Calgary!
Thank you so much for watching! Buzz
Hi Buzz, I took SS at 63. I am debt free and live an uncomplicated life. I am able to live on my SS. I have goog savings that is growing at a very good rate. I tell folks, the SSI allows me to live within my budget. Mentally, living within my income and watching my investments grow is exciting. We worked so hard to build our investments, it is difficult to use this money for ordinary living. I encourage folks to not wait for your SSI. Having money continually coming in, and watching your money grow is good for your soul. We worked to hard to dip into savings . The economy is good and money can grow quickly. Enjoy your SS now while you can.
That's how I'm doing it and it feels like I'm living off free money and watching my savings grow. I know the market will go the other way a bit but right now I'm enjoying the increases. Forcing myself to live within the confines of SS payments makes me scrutinize everything I buy. I could spend less but why? Lol
I’d cut that cable immediately, only pay internet and buy an antenna at Walmart for 12.88. You can probably get 50 channels for free for in your area.
Yes. I do digital antenna. .
@@leesh2684 I don't know why this free way to watch TV (OTA/Broadcast TV) isn't common knowledge by now. Who can watch hundreds of channels on cable TV? It takes 30 minutes just to scroll through all the channels. "Cut the cable" -- it's getting TV the way we did in the 1950s/60s/70s. All I really need from a cable provider is a decent Internet connection (e-mail, UA-cam videos, etc.), but I get OTA/local TV free.
-- BR
Yes, Internet only. You'll never run out of things to watch.
Buzz you are doing well on social security!!!
Trying hard.
This video was perfect timing for us I’m retired and my wife turns 62 next may and our goal is for live on our SS and my small pension and only use savings for the occasional vacation etc. We don’t want to touch our 401k until it’s mandatory at age 71. We are debt free and that certainly makes a huge difference.
Hope it helps or at least shows you what not to do. Lol
I appreciate seeing your progress! It gives me hope. Best of luck!
My husband and I are retired 8 years and yes you can do it on social security if you are debt free. We are doing it in NJ!
Excellent! It's not always easy but we all adapt as we go. Buzz
I'm a single 70-year-old woman living on social security in Illinois so it can be done but I agree you have to be debt free no mortgage or rent
Buzz I think you have had another successful month. I am inspired to keep better track of my spending after watching all of your videos. Thanks for sharing and your honesty
We're trying! Love to stay green. Buzz
Me too! Newly retired and concerned about losing my income.. and trying to make it on SS
Get an air fryer .They cook great and they do not heat up the house .Unless we are cooking for a large number of people me and my wife rarely turn on the oven!!
We have a Ninja Grill that grills but also bakes and air fries. We rarely use anything else nowadays. The grill is smokeless, huge plus, and generates little heat.
Get a kamado joe
We have one and also an insta pot. We use both.
Love my instant pot!!
I think it's really great that you track and share your data. Doing good!
Thank you. Hope it helps.
Congratulations on the channel growth you're doing great!
Thank you sir!
@@BuzzRetirementGaragego get you a steak this month and celebrate! 😂
I love these updates. I’ll be 30 next year and my wife and I have been really buckling down for retirement. Also love that you’re from Ohio. We’re from Wooster!
Glad to read that you're focused on the next 30 years of your life. You're in a great position to do very well for yourself. Focus on saving as much as you can. But you still have to live your life so do your best. Max out your companies 401K if you have one. I'm rooting for you! Buzz
I wish you and your wife have a wonderful golden time in retirement. Enjoy while your health still good. Good luck to you. 👍👏
Thank you. Day by day and grateful for everything.
Duane’s videos are great also. Great video buzz. Very detailed. Love the positive vibes. ❤️🌵
I call Duane my Godfather. Watching his videos gave me the initiative to create my own. Him and Steve at Steve's retirement corner.
I think I need to scrap my financial market subscriptions and just listen to Buzz. He has me beat on auto insurance, health insurance, and gasoline. It makes sense to me as well to sell a little off the top of the stock market given general equities have done well. Jay Powell said they were not going to lower rates just yet. With all the inflation eating away at our income, it doesn't hurt to have a cash reserve and maybe a $5K "I" bond here and there. I am inspired Christmas lights are a priority for Buzz, even to have the old "C" types we remember as kids. Given apparent Christmas priorities, I think there is a big heart under that thick skin. Brightens my day, and looking forward to Christmas too!
I love your thinking but don't stop your financial subscriptions! Appreciate your kind thoughts! Buzz
I would like to know who he has for car insurance!
@@MoneyMindsetCoach3 State Farm over 30 years.
Buzz I am glad you had another good month. You are helping many people out there with your videos.
Staying green makes me happy.
Always fun to see what other people buy at the grocery store. You've inspired me to track mine - have a plastic shoebox full of July receipts. Now I need to compile them and see how I do. BTW, occasional splurges are a good thing!
Thanks! I use the free version of Every Dollar app to enter all of my purchases. Buzz
I know you think of yourself as some Ohio guy with just a bit to offer but what you do is so important to folks wondering if they can retire on just SS. You show that with a bit of planning and some savings, it can be done without dipping too deeply into savings. Pointing out your house is paid for and you have a garden and do a lot of maintenance yourself, no car payment or credit card debt helps round out the picture. PPS. I was born in Youngstown.
Thank you your kind words. Buzz
Having NO debt and keeping it that way is the key.
Whether you can retire on SS alone really depends on how much SS you receive. Not every SS retirement beneficiary gets the $2523/mo. Buzz gets. As of July 2024, the average SS benefit of retired workers was $1919/mo.
I know someone who's 78 and only gets about $1200/mo. from SS. He has no wifey. He supplements his meager SS paycheck by renting out a room in his house for $500/mo. His two sons, who expect to inherit the house some day, cover the $1500/mo. mortgage. But he has to scramble to cover property taxes and insurance by taking on temp jobs. Not so easy when you're 78.
@@herrickinman9303 That's true. Some get more, some less. The important thing, and I'll reemphasize this for August, is to have savings and don't rely on SS alone especially if you're single and you may not get that much. Good point. Thanks for sharing. Buzz
Doing great. Thanks Buzz!
Thank you sir!
I always like hearing these month end reports to see how things are going. And when the unexpected pops in. Great job. The food is always a bit more. Restaurants are high then you have to tip, too.
Thanks. Appreciate your comment. Buzz
My wife made me go grocery shopping. Picked up a 5 pack of small pork chops for 5 bucks (4 meals). Picked up thin rib eye steaks for 11 bucks (will get 4 meals). 2 packages for chicken breasts half off. Bought 3 lb hamburger and divided into 1 lb packages and put into freezer.
@keithwiebe1787 We had to stop eating meat and could not afford it. I make soup and chili and casseroles. I use less meat that way. You are blessed.
Prices aren't anywhere near that for chops, steaks or ground beef here in Albuquerque...that is some good buys... You're a good shopper...
@@ejeanroh377 They were small quantities but did get that many meals out of them. The hamburger was 15.99 for 3 lbs. The chicken was 11 bucks and 2nd one free.
This is a very useful real world example of living only on SS. Most vids about this subject use the average SS payment, and are thus totally useless for an individual trying to plan. Thank You, and good luck.
Thank you for watching! I appreciate you. Buzz
If I didn’t cook when the AC was running here in Houston I would have to eat every meal out for about 10 months of the year 😂😂
Right? The west would starve. Lol
Thank you for the video. I'm envious, here in Florida, my homeowner's insurance surpassed my property taxes and keeps on going.
I talked with my State Farm agent last month and he told me many people who have paid off their houses in Florida are foregoing insurance and rolling the dice. Scary thought. Buzz
Oh, how I love the "Karl Rove" whiteboard! I'm embarrassed to say that I cannot do this because I've run the math and we cannot live only on Social Security, but fortunately, we must tap the RMDs (Required Minimum Distributions)! In terms of taxes, you'd have to add another zero to your monthly taxes and we're still not close to this one. You've done a great job of focusing your channel on the retirement angle!
Thanks. Everyone's situation is different and nobody will have the same numbers that I do but it's important when getting ready to retire to understand your monthly expenses and look for ways to reduce those expenses if one chooses.
i retired at 55 kinda bored just puttering around house i remember having fun at work but still haven't forgotten the real pain in the but stuff of working
I'm glad you added the blurb on the youtube income at the end - that was to be my question. Good job! Although, you eat out a lot. Just throw some meat on the grill, limited heat inside!!!
Couple good steaks is $40. Fish is high too.
I am retired 13 years . . . and would not survive on just social security. However, I play a game. The SS goes into the same bank account each month. The credit card is issued by the same bank. I check the credit card every morning and pay it off. I pay the periodic bills out of the same account. This is my form of restraining my spending or budgeting.
My secretary is retired even longer. She has made her pin money by taking care of older ladies.
A friend, since deceased, was a disabled USMC medic. He got by living in a trailer home out of town. He would drive the retired women to the grocery stores in their cars and be paid. He also did not have to own a car.
Interesting. I think there is a need for people to drive others to appointments etc. Could be a good side job. Buzz
Buzz, you're winning the game! Keep up the great work, both you and Mrs. Buzz!
And having fun playing!
Buzz. My wife and I enjoy your content a great deal. You are an awesome person and have a great sense of humor. Carry on Sir.
Thanks to both of you! I appreciate the kind comment. Buzz
Great break down! We have about 17 years until retirement so focused on being debt free while making sure our kids set up their retirement accounts as each moves out. Thank you for sharing your budget!
Well, I'm either showing you what to do, or showing you what NOT to do! Lol
You're doing great with the budget. Congratulations!
Thanks for your long time support!
What a great show!!! AS ALWAYS!!! Really trying to break ours down like you do!!! Almost have it down!! Keep them coming Mr. Buzz!!!!
Thank you! I appreciate you watching. Buzz
Nice to see your food budget dropping. Mine dropped from $135 for the month to $98.
My changes have saved money on food. I make frozen fruit bars in the summer from frozen mixed fruit and white grape juice. I use a blender stick. 10-20 cents a bar. The garden helps reduce the cost of food.
Water bill tips. I watered off rain water all but 2 days this year. I have a 250 gallon tank. I wash the car with rain water.
Keep up the great work. You should set a goal for example of $500 extra saved by the end of the year and do something together to celebrate all the hard work meeting the goal! You can eat out or take them dirty dancing dance lessons you always wanted to do! 😄
Thank you for commenting. When my wife starts Christmas shopping all my small gains will be shot to hell. Lol
@@BuzzRetirementGarage I ended up gifting food I canned and 3d print family pictures. My Christmas gifts are more time than money. Thanks for the great videos!
@@stevegorkowski3246 That's a good idea.
Love this Buzz I am hooked on your videos
Cool! Thanks for watching! Buzz
Interesting logic on the eating out vs. cooking. I'll say though that I have a Ninja Pizza Oven that also functions as a regular oven, along with a gas grill and Gozney Pizza oven that gets to 900 degrees. So I can cook anything and everything outside without heating the house. Making seafood risotto tonight using all three. 😊😊
I do LOVE to cook and spend a lot on groceries. Like you I take advantage of credit card cash back, 6% via AmEx. But we do still go out to eat of course, and spend too much there as well. One dinner can be over $200.00 - but we enjoy it. We all have our pleasures!! Thanks for the post. Enjoyable and informative as always. Loved the information on the Christmas bulbs. And congrats on continuing to keeping your savings intact!!
Thanks for sharing your cooking appliance information. I've been looking at pizza ovens but seeing $400 tags I shy away. Glad you're enjoying.
@@BuzzRetirementGarage They are both great in their own way, but not a need for sure. Neighbors got an Ooni on sale and love it. More cooking area than my Gozney as well. And P.S. - congrats on the incredible upswing in subscribers. Well-deserved and happy to see it!!!
@@lindab2323 one viral video. Lol
Buzz, I’m turning 68.
We upgraded to the T-Mobile 5g5plus senior plan. $130 for 2 lines and internet, includes taxes. Also, it includes Apple and Netflix. Pluto tv is free. I get ~250 megs download speed. Much cheaper and more reliable than Spectrum. I installed an outdoor antenna to get local channels, it includes many sub channels.
Your $100 a month lottery obsession is silly.
My wife and I haven’t been to a restaurant in years. Frozen food is our fast food. The variety is incredible nowadays.
If your wife doesn’t have ongoing medical problems. Medicare Advantage is a gem, includes a lot of benefits. New government regulations starting next year, are making specialist visits easier.
We have had our share of electric vendors here in Illinois, where they give you a starter rate, then raise in a few months, not worth the hassle of switching every few months and if you forget, you may be locked into higher rate for a year.
Air cleaner, huh? I have a 1960 built house, change your air filter regularly.
Thank you for sharing your numbers. It helps me validate my findings and gives me more confidence in my retirement.
Staying green is good.
I certainly hope everyone who is reliant on Social Security for their retirement is paying attention to upcoming election.
Whomever wins will have to increase the age I'm afraid. Probably anyone in their 40's or 50's won't be impacted but who knows? Buzz
Both fake parties and puppet politicians are controlled by the same syndicate. I am surprised you haven’t figured this out. Socialist Insecurity is a Ponzi racket where you are actually just paying your money forward into a system where the money does not grow, is already spent and can be changed at any time without your consent.
What does that mean? You b😢laming the orange man for wanting to kill S S? He’d never do that. The other fool would though.
@@BuzzRetirementGarageNO ONE already in their 50s would get their FRA raised. The 6.2% EE/ER tax rate MUST be RAISED!!
Personally I feel one guy can help the economy 😊
Great content again. Thanks and God bless
Thanks for watching!
For the first time since taking SS, I existed on it plus pension. I took nothing from savings - first time ever in 8 years!
Great job!
Excellent. I do not touch my savings either, I do have a RMD but that is put back into CDs.
Buzz, I went to Tractor Supply this month for pet supplies. Bought me an animal trap and so far re-homed 2 squirrels.
Squirrels are cool. They don't bother me.
How much do you charge, they are digging to get under my house and it attracts the skunks.
@@leisure057blank3Have a Heart trap baited with peanutbutter and you're in business.
@@leisure057blank3 If they get to be too much of a problem remember they are very good eating.
I need to re- home some chipmunks who keep digging up my potted flowers !
Go Buzz go. You plan is working! Rich
So far....
Great job Buzz! Simple life is better. Hang in there and hope the politicians don’t touch our Social Security income!
We'll be fine. Thanks for watching!
I really enjoy your videos Buzz! I'm 58 and hoping to retire at 60.
Won't be long now! Buzz
@@BuzzRetirementGarage Was just over your way this past weekend at Lehman's and enjoying wineries along the Lincoln Highway!
I started taking SS when I was 68 1/2 to try and maximize the amount which has paid off. I'm single, own my house and car, live in a somewhat not too pricey area. I use my 401K for property taxes, insurance and emergencies. So far, doing ok with some months of spending too much.
You guys have prepared well. Congratulations. Stay the course my man.
Thanks! Month by month.
I love Dwayne and his updates, tomorrow should be his, 1 August.
I'll be watching.
$587 for groceries is good. You should be able to fit into that, 2 steaks. And have leftovers for the both of you for the next day. For two of us in July I spent $290 on food. Our restaurant total was very high. We rarely go out but we had birthdays to celebrate and friends who asked us out. We went out 9 times. Like I said, that is unheard of for us.
Thanks for sharing! Buzz
Great video and congrats on the big increase in subscribers. So many videos saying you need $1 million or more to retire which is not true if you're debt free and have moderate monthly expenses. Glad for you & your wife that you're making it work!
63 -I like that number was thinking 62 but you know a thing happened and our Country isn't what it used to be to be . But anyway , who needs food and gasoline . Hoping I can make it and actually retire , worked a hard physical job for a long time . I'm just spent
Things will get better just in time for your retirement.
Buzz, no Browns season tickets line item? I'm over in Twinsburg, love the channel!
Just the PSL's are out of my price range. I was fortunate though, saw many games in both stadiums.
Your home insurance rate is great. We are paying $2,200 per year here in Texas. It is a duplex so even if you split it, it is $92/ month.
Recommendation: If you happen to be near a Kroger grocery store pharmacy, they offer a Kroger pharmacy plan for around 35 a year which gives access to a multitude of prescription medications at very low prices. My three generic prescriptions run 3 dollars each. It also helps to have your dr. write prescriptions at a higher dose for breakable medications. Example: have doc write a .25 med at .50. Costa about the same. Break them in half and you have twice as much. I appreciate your videos.
Unfortunately, no Kroger near me.
@@BuzzRetirementGarageKroger is buying Albertsons and all of the chains they own. Maybe you’ll have something in your area soon. Not sure how they’ll compare to Costco on pharmacy prices. I find Costco to be pretty low on meds; sometimes low enough that I pay out of pocket there instead of using insurance.
We have Kroger here in California...Food4less and Ralph's. I love their digital coupons and boy I snap the deals. I average about 100. To 120.00 a week on groceries for 3 adults and I'm a stocker upper 👍
Rite aid and CVS are all cheap on the low meds. I use their pharmacy discount card.
@@lisalee2885 $120 week for 3 is really good!
Buzz, .. thanks for the report. Interesting stuff. Yeah nice, .. "tracking green" .. :)
You mentioned beef. We used to eat more beef, than we have, in last years. Sometimes, we used to buy it in a 1/4 animal quantity. Anyway, recently .. we've been doing more poultry, and fish. Poultry = cheaper, .. fish = not cheaper .. but, I think I can tell, by cutting down on beef, .. I feel better, physically (circulation). But every once in awhile, .. a good ol hamburger, or steak on the grill, still hits the spot.
I criticize myself for not catching my own fish since I'm only a few miles from Lake Erie. I just saw a bist advertise to take 15 people out and it used to be $35 a few years ago. Now they want $85 for six hours of perch fishing. No thanks. Shore fishing for me!
@@BuzzRetirementGarage mmm, .. I live around lakes, too .. and seldom get out fishing. I think I would more, if trout streams were closer, .. but alas ..
Back to health benefits, .. so, sometimes we do splurge on a salmon, or trout .. at Sam's .. & started taking fish oil pills (less time than fishing for them, .. or less money, than buying fish) .. again, it's supposed to be healthier. .. :)
Oh man I love those old big Christmas bulbs!
Hey Buzz, Just subscribed. . Love the channel. Keep up the good work Sir
Thank you! I appreciate you. Buzz
Really enjoyed the video and subscribed
Thanks!
Amazing! Thank you so much! Very much appreciated!
@@BuzzRetirementGarage Maybe you can slightly upgrade that steak dinner you were planning.😀
@@theoh6260 Well, my wife wasn't getting one but now she can eat too! You people are so cool!
My gas bill drives me crazy too. I turn the pilot off to my furnace here in Texas so my actual use per month is zero most of the year and my monthly bill is similar to yours. That’s the only gas I use.
$7 in actual gas and the rest delivery charges and BS. There outa be a law. Lol
California here..I haven't had my gas heat on in 4 years. We blew out the pilot and bought electric heating units. Love them. Our gas bill is like 15 to 20.00. The key with anything electric is to find out your area high price time of day. Here between 4pm and 9pm it's more costly. So first go unplug all those lamps and things your not using at the moment. Then do your laundry and drying during low time. High time for us the TV goes off and we are eating and doing you tube cell phone stuff. I saved 35.00 first month. Make sure to unplug the coffee maker too! 😁👍
@@lisalee2885 It's strange how the high prices are changing our lifestyles.
One of our local restaurants has a terrible ac and refuse to go there until the weather cools off!
I appreciate your transparency. Showing what you spend is more reality than I have seen on many channels. I make a budget BEFORE I spend for the month. That way I can stick to my 300 dollar grocery budget. I do have a 50 dollar restaurant/junk food allocation, but don't usually spend it at restaurants. They have gotten to be more expensive, and the food isn't nearly as good as it used to be. Plus the service has gone WAY downhill since everyone has their nose in a phone 24/7.
Thank you. I agree. Buzz
Agree with you on restaurant prices - many have gone up much faster than the overall inflation rate. My wife and I went to Outback for the first time in a couple years yesterday. All but the sirloin steak (which was excellent) were $32-$38! These are prices I'd expect from a higher end - white tablecloth type place. Eating out is rapidly becoming even more of a luxury. Soon they won't need to advertise, they can just email their 10 or 12 remaining customers.
@@kentschrader3900 yep. I have been out to eat ONCE in the past year. I picked the least expensive thing on the menu at a mom and pop. Spent 15 dollars with the tip. Before the inflation boom, this would have been about 8 dollars.
Buzz those numbers seem tight still, I get it that your not touching your other stuff. It just points to , we all need to keep track of what we use . Its a good lesson for us all. Thanks , enjoy your vids. Good Stuff!
Yes, it's tight and I'm still on the fence about working again. But, if i don't touch savings much and bank the UA-cam income, i might be, ok?
@@BuzzRetirementGarage up here most have a side hustle into retirement unlees you had a big job with pensions. Uber, Home depot and driver are some of the side hustles for the old folks, LOL
Buzz thanks for all the great information. I can totally relate to the gas bill but here in Phoenix Arizona area it's the water bill though my water bill without using a drop of water is already over 48.00 and that's for the Wastewater even if I didn't use a drop of water unbelievable with all the fees and everything.
Thanks for watching! Buzz
My social security is less than yours, so I've streamlined my expenses. I got rid of cable, netflix etc. All I watch is what I can stream, so no traditional TV. I have Amazon Prime, so I do watch videos through them. No restaurants anymore. For health & money I no longer drink sodas or alcohol. I enjoy herbal tea & drink it hot and cold.
I think it’s safe to say, you can live on your ss and don’t have to go look for a job. Thanks for your videos Buzz.
If I run into big expenses, I might get nervous. Like when my wife starts shopping for Christmas on Amazon. I get real nervous.
@@BuzzRetirementGarage
Sounds like your wife has a spending problem that her $1200 SS doesn't quite cover 🤔
..maybe she can buy you a steak for Christmas! 😄 In fact, I'd think her cable bill every month warrants you having at least one steak every month!
No cable here, and about to cut the wifi..
I've been telling the hubby that we need to 'pull in the purse strings' for the last six months, knowing that l was going to retire
Excellent presentation sir
Thanks for watching and commenting! Buzz
Thanks, this helps. I didn't know aca had gap plans. I'm retiring in 10 months.
ACA doesn't specifically have them. They are add ons that your insurance agent can do,
Hey, Buzz…eating out is one of joys of retirement. I eat out 3-4 times a week. No pans and dishes to wash, lol.
Paying to much money
If you worked all your life and saved your money you do the last 1/3 of your life any way you want!
Nothing wrong with that!
Hi Buzz, just subscribed to your channel. I will turn 65 in January, have been weighing my options as far as retirement. Being eligible for Medicare is a necessity as I am single. My full retirement age is 67, still trying to decide if the additional SS is necessary. The way you break down your expenses is very helpful. I think I will try to do something similar to get a better understanding if it is feasible. Looking forward to your progress. Best regards, Bob.
If it's possible to live on SS and not touch savings except for repairs and emergencies, sometimes it makes sense. A lot of inputs should be considered. Liking your job, health status, financials etc. I can tell you that in my case, I'm loving every minute of it! Thanks for subscribing! Buzz
Thanks, Buzz! I just came across your channel and love it! I'm just starting to look at these things now to get an idea of what my retirement might look like. I greatly appreciate your approach to your videos and content.
Thank you for watching. I appreciate you. Buzz
Cool video. I liked the bulb monologue.
Glad you liked it!
One of the big advantages of retiring to Thailand is we have no property or sales taxes here. I don’t pay any income tax on my US pension income as well. Utilities are cheaper here as well. Water runs about $10 a month and utilities run me $150 a month but that’s running AC 24/7 every day. As my wife and daughter are both Thai and American citizens they get lifetime free health care here and it’s also very cheap for me as well at the government hospitals which are very good where we live in Hua Hin. Doesn’t make paying for health insurance here worth it as I’m very healthy and only go for check ups. I do keep my Medicare A and B though. I also get an additional $700 a month from social security for having a minor child. So I get about $3000 a month there. No house payment, car payment or credit card debt. Totally debt free. As a family of 3 we live very comfortably on around $3000 a month. I have a few rental properties valued at over a million, all paid for, that kick off an addition $4000 over and above their carrying costs a month in rent and my 401k which now has several million in it after 33 years of being a lawyer and faithfully contributing to which I’m not taking anything from yet as I don’t need it. That money is for my wife’ s future as she is 30 years younger than me. Our grocery bill runs around $400 a month. I have a full time driver as it’s too dangerous to drive myself here and she runs about $200-300 a month depending on how much we go out. Mostly we get around on our motorbike which my wife drives. Our child never goes on the motorbike. About $10 a month for gas there. My phone plan with unlimited internet runs about $10 a month. House internet runs about $20 a month. Insanely cheap here but great service. I do have a gardener and pool guy both of whom come twice a week and cost combined about $100 a month but that also includes the cost associated with one of my rentals here as well they also service. My wife and I each take $300 as an allowance we can spend on whatever we want. The rest is basically for clothing, entertainment, travel and fun. All in all a great and easy life!
Thank you for your detailed breakdown. Most definitely cheaper to live there. You have what sounds like an excellent situation! I'm happy that you've done well and that you're enjoying your days! Buzz
In the positive every month, you can't beat that.
I'd like to get a higher green number because Christmas is coming and I'll probably have another bad January. Buzz
I don't know if I could live with just one vehicle in a smallish town property at this time. Perhaps in 20 years. You must have made pretty decent money to get 2500 bucks in SS at age 64. I have to wait until 65 to get that money. Haven't pulled the SS trigger yet. I'm 62.
Great Job on the budget. Enjoy your videos. Keep up the good work. 🎉
Thank you!
Who would want to go back to work if you are making it on SS. Go for it with the channel, you’ve got what it takes. Tax is a lot less when you are self employed.
Thank you for your support! Buzz
From personal experience, prices will go up due to inflation. Might want to rethink a part time job for extra money for saving. Stuff happens that will cost $$$. Cars wear out and houses need to be repaired. Unexpected medical expense happens. That has helped us to bulk up savings. We don't want to just exist.
@@lynnhensley4326 For me, UA-cam is good for now.
@@lynnhensley4326 Yes, prices will go up but with SS that should for the most part be compensated for.
I retired at 56. Last march. We went to Cleveland for our 36th Wedding anniversary and had such a great time! My husband has generalized myasthenia gravis, so spending time together is so important right now. I love that you are doing this. We don't draw SS yet, so it's interesting to me.🎉
Cleveland for your anniversary? Tell us more? Thanks for watching. Buzz
MARRIED for 36 YEARS, and never spent time together! Nice!!
@@BuzzRetirementGarageFIRE UP that Lake!!!
@@BuzzRetirementGarage we went to the rock and roll museum and the nfl museum in Akron. Took a walk at the lake
@@Tryp-j9d we both worked a lot
Yikes! That's scary! I started collecting Social Security at 62, so did my wife which amounts to about $5000 total take home for both of us. Social Security alone cannot begin to cover our lifestyle and expenses.
You have good numbers. Super job! Buzz
Congrats on the rapid channel growth! Well deserved. Love the breakdown as always. Big drop on groceries... you both are doing great staying to budget!
Thank you. One viral video. Crazy.
We just retired in May this year 2024. And we took our 401 out and found a financial advisor and put it in a mix of bonds, money market and some other safe things . It's keeping us afloat hopefully things change soon.
I took some profits just in time it seems.
I retired in August 2018 with zero debt. My wife and I both receive social security, we have no IRAs or 401k accounts, but I do have a pension. Be both have Medicare advantage plans which cost us $34/mo. In the six years since retirement, we have not touched our stock portfolio and the only thing we have done with our savings is add to it - a lot, close to six figures. Our retirement income exceeds our expenses by $1500 or so each month.
Excellent comment. Love reading how people are making it after retirement. You have a good situation. It took hard work, but you did it right! Good job. Buzz
Fun, interesting and down to earth. Keep up the great videos!
Thank you!
I enjoyed seeing your update AND the wonderful comments. What a nice bunch of followers you have.
As for the steak---get a good one on your birthday. No restaurant meal can compare with a great steak on the grill.
Thanks again for your update.
We do have a great community here. I say it all the time! Thanks for watching. Buzz
Enjoying the monthly updates! Congrats on the increasing number of subscribers!
Thank you for being here. Buzz
new subscriber, I'm closing in on a low budget retirement in a few years.
Excellent. Save some money for those hummingbirds!
Thank you for your video. There is a lot of similarities with where I am .... retirement this January. Husband already retired. I have been so anxious about budgeting and could we make it on the SSA check. You are providing a ministry and may not be aware of. 😊
Congratulations on your upcoming retirement! You're going to love it! Buzz
Listen Folks " It's ALL the BUZZ! "
Amen! 😊😊😊
You guys.....
Glad you're taking some gains off the table in the market.
I keep a hard line phone at home because cell service is not 100% reliable at my house. It's bundled with internet wifi and I had trouble with the phone a few years back.
Verizon sent a repairman out to deal with it and I asked him if I should bundle cable TV into my package. He looked at me and said, "Hell no!"
You need to keep Mrs. Buzz happy but cable just isn't worth the money anymore. Happy wife, happy life I guess.
Keep the vids coming Buzz!
Thank you for your comment!
Yea.. that cable bill bites! 😬
Just found your channel. ( and subscribed ! ) really appreciate that detailed breakdown of expenses and your living on SS experiment. Since I am just tuning in, you said you were not yet 65. When did you start collecting SS?
My wife and a I are 18 months out and are really trying to learn as much as possible from folks like you. Keep up the great work!
My wife took hers at 62 because she wasn't working and I took mine at 63 and 10 months. Thanks for tuning in! Buzz
Elected early retirement from a company I no longer enjoyed working for. Planned to supplement income by working part time because I had $0 retirement savings, a DB pension plan and government pension. That didn’t pan out so budgeting, paying off mortgage and all other debt became my new full time job and priority. Now I am debt free, stress free and happy!
Great job. You did it! Congratulations 🎉