My Retirement Budget - I Need Your Help!
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- Опубліковано 7 лют 2024
- In this video, I walk you through my retirement budget. I explain what I am doing and why. And I ask for your input on helping me optimize my plan. The idea behind this video came from watching a video about living solely on Social Security income by Buzz's Retirement Garage and the many suggestions offered by viewers in the comments. I hope you will be as generous with your comments as Buzz's viewers were with him.
Non-Affiliated Links:
Buzz's Retirement Garage (@NoPurpleCar)
• Trying to retire on So...
Intro: 00:25
Home-Related Expenses 01:45
Utilities and Communication Services 04:19
Auto and Other Daily Transportation 09:13
Food and Dining 11:07
Personal Care 16:03
Travel and Entertainment 17:29
Life and Long-Term Care Insurance 18:56
Office Supplies 22:55
Tax Software 23:15
Non-Mortgage Debt 24:12
Conclusion 24:57
Disclaimer:
EVERYONE'S FINANCIAL JOURNEY IS DIFFERENT. YOUR PERSONAL FINANCIAL SITUATION IS UNIQUE. NOTHING CONTAINED ON THIS UA-cam CHANNEL NOR ANYTHING CONTAINED IN THIS CONTENT & INFORMATION ARE INTENDED TO PROVIDE FINANCIAL, LEGAL, TAX OR OTHER ADVICE. NO FINANCIAL DECISIONS SHOULD BE MADE SOLELY BASED ON THE INFORMATION PROVIDED ON THIS CHANNEL OR THE CONTENT & INFORMATION PROVIDED THEREIN. THIS CONTENT IS PROVIDED FOR INFORMATIONAL & ENTERTAINMENT PURPOSES ONLY & IS NOT INTENDED TO BE A SUBSTITUTE FOR ADVICE FROM A PROFESSIONAL FINANCIAL ADVISER OR QUALIFIED EXPERT.
We have Verizon Home Internet for $50/Month. Verizon usually has combo deals with phone lines but I have Mint Mobile for $15 a month per line. It's not unlimited data but I hardly use phone data because home wifi covers it. Regarding insurance, my rule of thumb is if I see them on TV commercials they charge too much. In California we have a couple lower cost insurers. Our state's insurance department compares rates for a typical car. Your state may do the same. My car insurance includes roadside assistance for a couple dollars a year. Are you paying for AAA? Regarding cars, it sounds like you have two cars. We only have one car for a while now. You are doing a good job tracking your budget!
Thanks for your comment. I appreciate the feedback.
I am paying for AAA. I get more value from them then just the roadside assistance so its definitely worth it to me. We do have 2 cars (actually my wife has a 2022 SUV and I have a 2007 truck); When we both retire, we may downsize to 1 vehicle - hers; that's what my brother and sister-in-law did as well. I'll check out Verizon Home Internet. I haven't looked at them. I use Visible by Verizon for a flat $25 per month per phone now. It provides the best coverage in my area. We have tried others (such as the T-Mobile Magenta plan) but always end up with dropped calls and traditional Verizon is just too expensive if you are not on their family plan with 4+ phones.
Solid budget. Car insurance & food expenses are the only 2 areas where you might be able to save additional money. We use Amazon subscriptions a lot for household items & food to save on costs. We are not planning on having life insurance upon our retirement. We understand though why you have it. We are planning on having enough money in case one of us passes that the other will be okay. It will make us work a little longer to have that security but its worth it to us.
@OurRetireEarlyJourney Thanks for watching and commenting. I recently shopped my insurance because my homeowners renewal went up by over 70% (not a typo) with no changes or claims and the auto insurance went up by ~13%. I shopped 9 different insurance companies (Amica, Farmer's, Allstate, Travelers, Nationwide, Auto-Owners, State Farm, Progressive, and American Family); I ended up switching to State Farm although it was a toss-up between State Farm and Travelers. The main drawback with Travelers was their IntelliSense app requirement but they were the least expensive on the auto component. To control costs it looks like I will need to shop insurance every year now. Apparently, most insurance companies now offer a new client discount that goes away after the 1st year guaranteeing an increase. Like you, I do use Amazon/Prime for many items but I also comparison shop my local grocers and big box stores before purchasing to make sure I am getting the lowest cost at the time I need the item. And looking back, if I had to do it again, I probably would have bought 20-year level term insurance in my 20's, renewed it in my 40's and invested the savings between the term and whole life costs in the S&P 500 (VOO or SPY). If my wife and I had had the discipline to do this, I am sure I would have come out ahead but we used whole life as a forced savings mechanism with tax free growth.
Best of luck on your life/financial journey!
@@retirementramblings Our car insurance doubled this year and our home insurance went up 70% as well. We switched to State Farm from Stillwater to save money. Everything is so darn expensive these days!
Good information. ❤
Thanks Bryan...any suggestions?
I think you may want to get a Progressive Insurance quote
@richsimon3310 Thanks for the suggestion. I will check with Progressive when my policies come up for renewal in the next couple of months.
Yeah definitely get a quote, they saved me quite a bit.
@kwaichangcaine8234 I will for sure. Thanks for your comment.
Hi Bob I think you need to really look at how much monthly income is going to be coming in compared to what you have now, Things change when you retire , You will have to figure that out first, Too much detail will drive you crazy. As far as household items meaning dish washing, baggies, foil, I buy them a few times a year at my local BJs wharehouse club. I do not have a costco . I watch Buzz's Retirement Garage he gives better imformation as where he located, that matters. I wish you luck
@marymacomber8893 Thanks for stopping by and for commenting. When I first retire the only money I will have coming in is my wife's social security and whatever I withdraw from our savings. I don't plan on taking my Social Security for some time so we will be living off of savings. Given this fact, I have tried to do a very detailed budget to understand exactly what will be going out. I have also tried to account for large ticket items like a new roof or HVAC unit, house painting, a replacement vehicle at some point, etc. within my budget.
Hi Scott, you might want to think about getting a Roku and subscribing to Sling. I am thinking Sling would have the channels you and your wife would both enjoy.
Are you retired now or getting ready to retire? Good luck on your UA-cam channel. I subscribed and liked 👍
@brendabrenda6403 Thanks for the suggestion Brenda. I will check out both Roku and Sling. I have not retired yet. My wife is retiring at the end of April and I am hoping to retire at the end of 2024, 2 years earlier than my original plan if I can work it out. Still crunching numbers and modifying assumptions and cross checking with multiple CFPs before I pull the trigger.
Great detained budget. You know where your money is going. Lots of places you can cut if you want to. I would get rid of the time share. Your HOA dues are high. Looks like you have full coverage on the autos do you really need it and do you need two cars?
Bob: Thanks for the comment. I'd love to unload the time share...know anybody looking (lol)? On the Autos, we have to maintain full coverage to have an umbrella policy. Currently both my wife and I work so we need the 2 cars. Once we both retire (she's retiring in April and I am hoping to retire at the end of this year) we may go down to one car or since my truck is a 2007, I may just dramatically reduce the insurance cost on that vehicle and use it only to haul or tow things or to go grocery/Walmart/Sam's Club/Costco shopping. Its great for bulk grocery shopping. I keep 3 coolers in the covered bed. We will definitely be using her vehicle for any road trips. Her car is a 2022 and we bought it with the expectation that it would be free and clear when we retire and be a reliable, low mileage, comfortable vehicle that we could use for a long time.
Thanks again for stopping by and for commenting. All thoughts appreciated!
Philo,antenna t v works for me
Thanks for the tip. I will check Philo out.
your internet seems high
@Uberforums In my area I only have the option of AT&T for Internet. Currently I use AT&T Fiber (1 Gbps) for a flat $100 per month. I could cut my bandwidth to 500 Mbps and reduce my costs to $65 per month plus taxes or 300 Mbps for $55 per month plus taxes. My wife is a heavy user of the bandwidth for streaming and games. I am not sure the performance would be sufficient on a lower bandwidth plan. Any suggestions for alternatives that don't require physical connectivity to the home such as 5G?