We tried to figure thinks out the best we could and got lucky. The cushion helped plus actually bringing home more than we needed was a comfort. Thanks and take care. Steve
Hi Steve! Great Video. My Favorite Quote from you: "And I just can't see spending for the sake of spending, because it's there it don’t mean I'm going to spend it, don’t mean or I should, or need to, ya know what I mean? As long as we're fine, Happy & Healthy with it, we're not going to change anything. " Much appreciated! Steve 😊
Just doesn't make sense to us. We've known plenty that lived right to the max over the years and it didn't appeal to us as a life we wanted. There was a time when we were younger that's the way it was, just like anybody else but we were able to change it around. Thanks and take care. Steve
This is just ours and yours will be different but maybe you can get an idea. Remember we are pretty much homebodies and do very few costly things. The more you want to do the more it costs. Just plan accordingly. It really doesn't cost a lot for us to enjoy life. Thanks and take care. Steve
Congrats Steve - don't you love it when the numbers work out!! I started tracking spending in 2014. Overkill I guess but I just had to know if the numbers were right or if I needed to continue working. I retired the 3rd of February '23. My budget was 2300mo and I finished the year at 1850mo. That is not counting the 12k hvac replacement that happened in May. Those dollars came out of the "Life Happens" fund. That issue put a halt to the new flooring I wanted to put in LOL. If several of those problems happen in a row, I will need to get a job, but based on the history, giant expenses should calm down at least for a while. Over the year, I saved about $5000 to put back into the "Life Happens" fund. It was a great past year. I hung out in Idaho with a childhood friend last Summer. We went to Yellowstone and drove the Oregon/Washington coast. It was a blast! In day to day life at the house, I don't spend much on extras, but i do get to visit with family and friends that I never had time to do while working. I don't mind cutting back on going out if it means I can run up and down the road to places I've never seen before. I think that I live a luxurious life on very little. I appreciate your channel especially because nobody I know is in to discussing retirement finances and priorities. I admit it - I'm a financial geek LOL I hope this doesn't come off as bragging. I'm just tickled.
Sounds like a fantastic first year in retirement. I remember you mentioning your travels but never realized the extent of your adventures. Working on something similar for this year maybe I actually do it this time. We'll see. You look back over the past year and realize all that you did and were still able to put a little back into your life happens fund. You should be proud and tickled. I am for you. That's where that little buffer comes in handy for us. Some years we need it all and then some. Some years we don't need any at all. Thanks for the great comment. Take care and enjoy yourself. Steve
Our killer month is December - proptax, insurance (cars, house, LTC, etc.) all hit at one time! Makes my hair stand up but it's a known set of items. So far, so good... We're in the same range as you are, and haven't noticed any need to change lifestyle. Keep up the good work!
My wife hates to write those checks. When I worked I always tried to get some OT to pay them but now it's all on us. Ain't fun but like you said it's a known set of items.So far so good and we'll adjust if and when we need to. Thanks. Steve
@@jwall62 I do the exact same thing. Put it back in a second savings account I refer as my escrow account. So, when the vehicle or home insurance is due as well as property taxes the money is there to pay the bill so no surprises.
Simple concept but hard to put into practice is what I always say. We tried to figure our expenses as best we could before I retired and got lucky. Thanks and take care. Steve
Fantastic job staying within your budget Steve. The average matters more than the month-to-month in my opinion. And it sounds like your cushion did a great job covering the hiccups. I'm glad to say I also stayed within my first-year retirement budget even though we had some unexpected expenses...but that's what the cushion is for. The really cool thing is that, despite inflation the last couple of years, our personal cost of living hasn't gone up much at all. I sincerely believe much of retirement success is keeping expenses under control - without sacrificing any more than necessary. By the way, my two biggest expenses are food and property taxes. But I live in California so you can figure taxes are going to be high. 🙄
Our personal cost of living doesn't change much from year to year either. It's the little fun we do or the little hiccups that fluctuate but the cushion usually handles those. You said it perfectly. Keeping expenses under control without sacrificing any more than necessary. My Tuesday lady is from San Diego and still has a nephew there so I have a little idea of the differences. Take care. Steve
I guess we did and jut didn't realize it because I got paid every week. We had just gotten used to living off a certain amount and spending more didn't really bring any more comfort or enjoyment to our lives so we didn't. Just carried it on into retirement. We spend what we need or want within reason. Just don't need much at this stage of our lives. Thanks. Steve
Those big months are rough but at least they're a known item and we can plan for them. Don't make it any easier to write the check though. Take care. Steve
It's not rough if you actually budget for them. Every month, every year. You just pay the bill. But it makes your monthly expenses higher but it's the reality, else you're surprised every year like you are.
Congrats on your one year budget goals! You’re right about the big three items on the monthly budget, especially the medical insurance. It is by far the highest item on the budget! In spite of that our budget and what we can save from our monthly draw is doing fine. Take care! Robert
Insurance I always figured would be a big one. It's kind of a necessary evil. Sounds like Y'all are doing great on your budget. Congrats. Take care. Steve
Congratulations on successfully navigating your 1st year of retirement and staying under budget 🎉. I'm trying to figure if I can stop working earlier than my current plan (2026). I gave the wife the green light to retire this year if she wants. I want her stress level to decrease. Waiting to see what she decides to do. If she does retire, I'll be looking to use all my vacation days this year without leaving any roll over like I always have.
Thanks. We tried to plan the best we could and got lucky. 2026 was the year I had planned to retire till I figured out I could leave a little early. Took all my vacation the last year I retired also even got all the boots I was allowed. Best of luck and take care. Steve
Just our situation and yours will be different but it might give you some idea of what to expect. Not having a mortgage really makes a difference for us. Thanks. Steve
The regular month to month expenses(water, electric ,trash etc.) aren't bad and don't change much from year to year. The personal extras and hiccups are what adds up for us. Thanks and take care. Steve
We still adjusting our budget. Retired in 2021. My goal is to save a little more. This year our medical co-pays were high. Set aside $300 month and ended with $250. Was hoping to spend only $1,500. We stayed within budget but didn't save our goal. We did save a few grands and didn't touch our emergency funds. 😊 I actually don't have co-pays It's all my wife.
We'll be constantly adjusting I believe. See how last year went then adjust if anything has changed. Had a good year last year so not changing a thing.Thanks. Steve
Thanks for the input Steve. It's settling to hear what is most peoples retirement. It seems to be that way in reality but not so much with those putting out youtube videos. I'm happy for those getting almost as much in one month as some others do in a year but their trails don't always translate well. I've got my finances set up pretty much the same way, with guaranteed income taking care of everything I need, with plenty enough left over for fun stuff too. I really don't need my savings, unless something really big comes up, otherwise it's just fun money. I live modestly but comfortably below my means. I keep my basic costs as low as possible, so I can easily cover them. It makes life easier that way.
I couldn't find many I could relate to either. Most "Average Steve's" live quite, comfortable and content lives in retirement you just don't hear about them. The ones I know anyway. Once I get to SS we shouldn't need any from our savings to make out just fine. Plan to use it just like you. Personal fun and extras. Simple and easy works for us. Thanks and take care. Steve
I'm always amazed at the low budget amounts people say they live on. I budget based on real expenses and that includes pet food, monthly pet medicine, yearly pet vet visits, car maintenance, tire replacement for cars, Christmas, Thanksgiving meals, etc, etc. These are real expenses. You can take them from savings but you'll eventually deplete your savings. I just doubt that people are really budgeting based on real expenses and not just going off of what they spent last month.
Everybody's cost of living is different, What might be low to you might be massive to others. I agree people should have a pretty good idea of their cost of living for a year. We do and so far we're fine. Take care. Steve
Retired 18 months ago , by far my biggest expense was health insurance, I have retiree insurance thru my company. The second was food , I enjoy cooking so we rarely eat out , I can cook far better than you can get at s restaurant. Taxes are my next biggest expense . Outside of that expenses were minimal. Thanks for sharing your experience, it is good to compare myself to someone else going thru the same experience.
Those 2 account for a little more than 40% of all our monthly costs. Just gives people an idea of actual retirement spending. Kind of hard to get a real picture when your planning for retirement. It was for us anyway. Thanks and take care. Steve
I read and listened to your program. My wife wanted to travel so we traveled a lot between me being 68 -77. My health declined after that so traveling for her not so much for me. We also were able to travel with the kids making memories rather than stuff.
Traveling is a big thing for a lot of people when they retire. Not so much for us. It's good that you were able to enjoy your travels while you were still able. Take care. Steve
Wasn't bad here. Upper 40's to about 50 but we had a lot of rain and expecting more on Tuesday. Been a mild winter so far. Just that little spit of snow before Christmas. Hope it didn't get too bad at your place. Been checking it out on here and some places looked like they got nailed pretty good. Take care. Steve
I moved cross country and bought a house for cash and became debt free. However, there were repairs to the house that needed to be done and my truck ended up being stolen, so I had to buy a used car. So , had some major unexpected bills for the first year. Now, I can live comfortably on about 1,400 a month. Will be getting a pension next year, when I turn 65, so my income will double.
Saving on razor blades.😁 Got to cut where we can. Usually have one during the Winter but last year I cut it off earlier. Last of Feb. - first of March it goes away.Thanks . Steve
Heck my health insurance alone is $1509 a month. My initial budget was $4200. Now it is around $4700. The two part time jobs have helped because inflation has increased so much. Figuring my taxes, I slipped into the 22% rate by $2000. Not starving but not living high off the hog. It sounds like you are doing well. So are you still happy that you hung it up? Working part time isn't bad as long as you are happy what you are doing. Take care Steve, Happy New Year to you and your wife.
You still driving at the auction place? That's a great gig. They shut our auction place down, going to put up apartments I believe. We're somewhere between the hog and starving also.Very glad I made the decision to retire and wouldn't change it now. It's been better than anything I could have figured. A part-timer isn't out of the question especially with the minimum wage as high as it is now. A few hours a week doing something I enjoy wouldn't be a bad thing. Take care. Steve
@@retirementcorner Yes the auction is a fun gig but you won't get rich. I do that one more for the people. Made just under $5k diving part time for them for 9 months. The different cars are interesting too and the auction is only .2 mile away from my house. The other part time job pretty much pays for the health insurance.
I could live on a tight budget like that, but would probably have to give up the expense of my collector car hobby. Since that’s the LAST thing I would ever want to do, I’m not retiring until I’m confident I can bring home $5k a month (net) between SS and my 401(k). So far, still on track to be able to bail when I hit 62……….🤞
Totally understand that and don't blame you for a second. If it was me I'd do the same thing. There is a car show down the road every Saturday during the Summer I checkout once in awhile. Got some pretty neat ones that show up now and again. Take care. Steve
Having those things really drives up the monthly average. The month to month regular bills aren't bad it's all the once or twice a year things we save for a little every month. The bank account takes a big hit those months. Take care. Steve
You did a good job of budgeting! Californian here. We spend about the same amount per month. It's not that bad here if your house and car are paid for.
Having those 2 clear and free means a lot in retirement. It does for us anyway. Got no personal experience with California just you always hear how expensive it is is there and elsewhere. Hard for me to imagine. Thanks and take care. Steve
@@retirementcorner To give you and idea about what we pay on big ticket stuff: Property tax on a 1400 sq ft ranch $2800/year, Home insurance $1400/yr, Car insurance on a 2017 Camry, less than 7K miles per year $1000/yr. Gas is now $4.30 a gallon. Good thing we don't drive much!
I tried to plan not to have to do any trimming and got lucky. We did start trimming last year and have a little more to do this year. Should give us a little more room in the budget once we finish. Thanks. Steve
Your a great example for younger folks Steve. It's not about what you make but what you save and spend. A pay yourself first mentality during your working years is required to get to a good retirement. Unfortunately in todays world more than 50% of people making 100k can't come up with $1,000 for an emergency.
It always amazes me when I hear a stat like that. Sure there were times we struggled like that over the years but we always tried to fix it. I had heard years ago to work the first hour of the day for yourself so I always tried to. Saving 5 hours pay per week ain't much to start with but eventually it grows. Just something we did anyway. Thanks and take care. Steve
Surrounded by them. I never been to one myself. I usually just run down to the the quickstop and get a lottery ticket. If Rosie's treats me as well as the lottery has I'll be going back to work.🤣 Take care. Steve
Love the vid Steve!! Honest and very well done on the budget!!! I use Quickens and I see what we spend every month down to the penny!!! Sounds like you do that as well.. Glad everything worked out for you and the wifey during your first year in retirement!! So, let me ask you a question if you had $127,000 in credit card debt could you make those numbers work??? Just joking bro and referencing my vid!!!! DEBT KILLS RETIREMENT!!! Take care.... JT
We tried to figure things so our lifestyle wouldn't have to change once I retired. Any fat trimming we do this year just adds to our financial security in retirement. It's easy to get into debt but very hard to get out. Best thing is not to get in that position in the first place if you can. Thanks. Steve
Best of luck on your journey. You're doing right by starting early and trying to figure things out. The more prep you can do the easier everything will be. Take care. Steve
Congratulations, Steve! Unfortunately, cost of living in New Jersey is about double what you're spending. I track a useful figure, annual expenses minus federal taxes, because in retirement, you decide how much federal taxes you want to pay due to strategic withdrawals from tax-deferred accounts and Roth conversions. Comparing that figure with prior year gives you a personal inflation rate. Property taxes, medical costs, and groceries are my top three categories. Federal taxes is a close fourth.
Northern Virginia is the same way. Couldn't afford to live there with my spending rate. Put this formula in my retirement black book. Right now I'm subject to mandatory withholding 20% for a couple more years. Should come in handy when I get to pick my actual taxes. Thanks for the help. Take care. Steve
From where I stand, Im in awe. I would imagine its you and your wife, hopefully. Get those kids out. If I told you how little I live off of you'd be shocked. I can always find ways to pinch pennies and Im constantly building on my life skills. I practice holistic health, which works. Keep physically moving. Sitting will kill you. I can food, and I'm a prepper. I find hobbies for enjoyment. A few friends is a good thing. I can't stand football, but I did enjoy watching the Lions game with others this past week. They're winning, which amazes me. Just have a plan forward once the money starts to dwindle. Continue to enjoy all you have, but as we know, things change. I think the You Tube channel was a good idea. How about looking into bee keeping? Seriously. You have a nice, large backyard. It's not just the honey. There's wax and propolis, which makes amazing medicine. Keep your immune system strong. Stay away from doctors, youll live longer.
Trust me doc your financials wouldn't shock me. Known plenty that couldn't rub two nickles together. Fortunately we aren't in that situation so I don't see the point of not spending what we worked had for all those years.We don't blow it but we do live a comfortable life. Sure we could cut way back but why? Pretty much live a simple lifestyle. A little fishing some squirrel hunting, gardening, reading, a video now and then and plenty of walking and exercise. What's not to love? A few plans to improve this coming year. Bird feeder station, maybe a garden train, a trip or 2 and a few small projects I never got around to last year. The future looks great from here. Thanks for your help and take care. Steve
Would you be willing to give us your exact bills? Utilities, internet, prop tax, homeowners, health insurance, car insurance, not necessary food since technically, you could almost live off of rice and beans or grow it. You may want to consider growing food. It won't save $ at first but if you can find 3 crops you can grow well, then join the garden club, then trade. Here's what we do. I volunteer at the food bank. I take home the just expired organic milk. I make cheese out of it. I grow potatoes for free, it was $30 initial investment but otherwise, toss in a compost pile and one potato grows into 3-5 potatoes. These we grow almost 100% free and boy do those potatoes taste good! Home-grow. You can also grow fruit trees which turn out to be free unless you have expensive water. We also take home old expired organic veges for our compost pile and now have chickens which feed 95% off of that. We supplement with a little layer pellets. 2x a month, we trade our homemade cheese, eggs and potatoes for raw milk, homemade bread, and some vegetables. Anyhow some crops are almost free and very easy to grow. I do not have a green thumb but do grow 3 kinds of potatoes and cherry tomatoes. Thank you for spelling most of this out, I love your videos!
Yes I agree. And for us, it's very therapeutic. It's been proven dirt is a natural anti-depressant, google it. I believe we were made to grow our own food (think Adam & Eve) and to know where it comes from 100%, I feel great about it. We love it but I wish we were better at it. Happy Friday to you :) @@swilliams2575
You mean $ amounts or the names(mortgage,gas etc.). We don't line item budget so I have no idea the amounts except a few. As for gardening. I enjoy it but we couldn't live off the little that we grow. It's just something we've always done. Got a few raised beds and plan to add a couple more this year. Had fresh collards for new years. Tomatoes,peppers,onions,potatoes,squash etc. Just messing around in the yard a little. Thanks. Steve
Your dad didn't have a nickname did he? Went to school with a fellow with a name similar to yours. Heck of a ball player. Don't put to much stock in my ramblings. Just words for thought. Thanks and take care. Steve
No wrong Troy. His name was Troy Williamson and I didn't know if you shortened it for youtube. He went to Thomas Dale graduated maybe a year before you. I was an '84 TD grad. His dad's nick name was "Whimpy" after the cartoon character on Popeye.@@troywilliams8659
I no troy Williamson, chipper Frazier, Tim Walter's, they played on my cbc baseball all star team every year.i remember his dad to.ricky,Ronnie, Rhonda barker,played ball with Scott rash.Im 56.small world, I probably know alot more people that you know, nice talking with you,I worked for J.H Martin & sons contractors for 24 1/2 Years and they went out of business, now work at H.W.blankenship & sons contractors, just in case we might no the same people.
I think you did really well. If you’re taking $3,800 home a month and spent less that $3,300, that’s really good! If you have investments, and it sounds like you do, you shouldn’t feel bad if you don’t want to save anymore. But it’s hard to change habits if you’ve kept those expenses under control for so long. I’m similar to you in that regard.
Yeah our finances turned out like I figured just hoped to have a little more left after expenses. Some years we do and some years we don't. Just they way it works out. We always try to save a little but in retirement it's not a priority for us right now. As long as we have what we need or for the most part we want we're fine with it. Thanks. Steve
Would be a heck of a pizza party. Haven't lived anywhere else for the past 38yrs. so I don't know how it fits anywhere else. You hear about how hard it is all over and the high cost of living it's hard to tell. I think we have a good income and live pretty good. Thanks . Steve
That's great. Good for you. Maybe you should teach a finance class at Ohio State. A lot of people could use your financial knowledge. Especially me. Thanks. Steve
@@retirementcorner hahahaha not hardly. You’re actually doing it and I’m a wanna be. My wife will still be working for a few yrs and she has the insurance at her job. That really helps out. And I’m figuring her paycheck, trust me it ain’t much, will hopefully cover gas and food.
Yeah go figure. I always get worried when I get more than 1k views. Hate for people to think I know what I am talking about. I guess it's a question a lot of people have about retirement. Thanks and take care. Steve
$700 in November it went to $740. Covers health insurance, eye care, and a life insurance policy. Same coverage I had while working just carried it over into retirement. One of the benefits I had where I worked. Thanks. Steve
I think it just went to $12 in 2023. If they don't do anything to change things in 2025 it will be $15/hr. Might get a part-timer at that pay rate. A few hours a week and clear $100 is hard to beat. A couple years ago they started incremental raises till it got where it's at now. Thanks. Steve
My first year was about $3500/mo in 2001. But for the past 15 years average has been $600/mo. Biggest change was sell my San Jose CA house and buying in Phoenix with no mortgage. Phoenix has been surprisingly inexpensive. I don't need to run the heat at all in winter. Summer I only AC one room and I've insulated walls to 8" and attic 18". Hot water heater off on summer. No need for a clothes dryer. I live in central Phoenix, walk 2 hours a day so all food shopping on foot. I fill my car 10 gal gas tank 2 or 3 times per year. Most of my income has come from flipping homes with the cap gain being tax free. That's made my income low enough to get free health insurance (Medicaid), smartphone (LifeLine) and home internet (ACP). But the best thing about these plans is they're so simple. I never understood health insurance and dealing with insurance companies is painful. But the company that manages Medicaid here is non-profit so the people are super nice and helpful. I don't have to try and figure out which plan. Never get a bill. The only bills I get are electric, water/trash, property tax. I think that's it. Electric is $22-29 for 7 months and $50-75/mo for the 5 AC months. Water is my highest $50-100 because I have a Japanese style garden and I water...a little too much maybe. I eat low carb so that's about $100/mo. I need to check 2023 numbers, maybe under $600/mo. Haven't taken SS yet. No need. Would get $3032/mo today, but lose Medicaid, phone, internet and I don't need the money. It's absolutely crazy but my savings account has $9000 and checking $1000 and to me that's like a whole year and then some of living. 22 years ago those balances would have panicked me. Today I feel secure. So odd.
No and probably never will. Like where we live and it's a pretty good place to live. Fairly safe, family close by, less expensive than a lot of places etc. Thanks for watching and the comment. Steve
That's a killer mortgage. Ain't no way I could have payed that much and saving anything would have been out of the question. Luckily our mortgage has been payed off for some time now. Doesn't really take that much for us to live and enjoy ourselves now that I'm retired. Thanks for watching and commenting. Steve
🤣 I didn't understand this comment till I punched it into google. Funny skit. Due to life and swing shift I quit watching SNL in the early 80's. Looks like I missed a lot. Thanks. Steve
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You lived within your means for the first year of retirement. Awesome! Not easy to do. That’s a lot for you both to be proud of. Congratulations 🎉
We tried to figure thinks out the best we could and got lucky. The cushion helped plus actually bringing home more than we needed was a comfort. Thanks and take care. Steve
Hi Steve! Great Video. My Favorite Quote from you:
"And I just can't see spending for the sake of spending, because it's there it don’t mean I'm going to spend it, don’t mean or I should, or need to, ya know what I mean? As long as we're fine, Happy & Healthy with it, we're not going to change anything. "
Much appreciated!
Steve 😊
Just doesn't make sense to us. We've known plenty that lived right to the max over the years and it didn't appeal to us as a life we wanted. There was a time when we were younger that's the way it was, just like anybody else but we were able to change it around. Thanks and take care. Steve
Thanks for the info. I'm a year from retiring at 62 and looking at other folk's stories to help me get through mine.
This is just ours and yours will be different but maybe you can get an idea. Remember we are pretty much homebodies and do very few costly things. The more you want to do the more it costs. Just plan accordingly. It really doesn't cost a lot for us to enjoy life. Thanks and take care. Steve
Congrats Steve - don't you love it when the numbers work out!! I started tracking spending in 2014. Overkill I guess but I just had to know if the numbers were right or if I needed to continue working. I retired the 3rd of February '23. My budget was 2300mo and I finished the year at 1850mo. That is not counting the 12k hvac replacement that happened in May. Those dollars came out of the "Life Happens" fund. That issue put a halt to the new flooring I wanted to put in LOL. If several of those problems happen in a row, I will need to get a job, but based on the history, giant expenses should calm down at least for a while. Over the year, I saved about $5000 to put back into the "Life Happens" fund.
It was a great past year. I hung out in Idaho with a childhood friend last Summer. We went to Yellowstone and drove the Oregon/Washington coast. It was a blast!
In day to day life at the house, I don't spend much on extras, but i do get to visit with family and friends that I never had time to do while working. I don't mind cutting back on going out if it means I can run up and down the road to places I've never seen before. I think that I live a luxurious life on very little. I appreciate your channel especially because nobody I know is in to discussing retirement finances and priorities. I admit it - I'm a financial geek LOL I hope this doesn't come off as bragging. I'm just tickled.
Sounds like a fantastic first year in retirement. I remember you mentioning your travels but never realized the extent of your adventures. Working on something similar for this year maybe I actually do it this time. We'll see. You look back over the past year and realize all that you did and were still able to put a little back into your life happens fund. You should be proud and tickled. I am for you. That's where that little buffer comes in handy for us. Some years we need it all and then some. Some years we don't need any at all. Thanks for the great comment. Take care and enjoy yourself. Steve
Our killer month is December - proptax, insurance (cars, house, LTC, etc.) all hit at one time! Makes my hair stand up but it's a known set of items. So far, so good... We're in the same range as you are, and haven't noticed any need to change lifestyle. Keep up the good work!
I budget those every month and put XX aside every month for it.
My wife hates to write those checks. When I worked I always tried to get some OT to pay them but now it's all on us. Ain't fun but like you said it's a known set of items.So far so good and we'll adjust if and when we need to. Thanks. Steve
We do very similar. Have a little left over each month that gets held till they come due. Take care. Steve
@@jwall62 I do the exact same thing. Put it back in a second savings account I refer as my escrow account. So, when the vehicle or home insurance is due as well as property taxes the money is there to pay the bill so no surprises.
Nice job, Steve! As they say, living below your means is simple but its not always easy. You're living proof discipline is the key.
Simple concept but hard to put into practice is what I always say. We tried to figure our expenses as best we could before I retired and got lucky. Thanks and take care. Steve
Steve is Great!! So glad you share your life with me
Honestly this is just a hobby I started for retirement. Never thought about it much but I'm glad you enjoy it. I sure do. Take care. Steve
Thanks!
Much appreciated. Thanks for your support and hanging around. Take care. Steve
Fantastic job staying within your budget Steve. The average matters more than the month-to-month in my opinion. And it sounds like your cushion did a great job covering the hiccups. I'm glad to say I also stayed within my first-year retirement budget even though we had some unexpected expenses...but that's what the cushion is for. The really cool thing is that, despite inflation the last couple of years, our personal cost of living hasn't gone up much at all. I sincerely believe much of retirement success is keeping expenses under control - without sacrificing any more than necessary.
By the way, my two biggest expenses are food and property taxes. But I live in California so you can figure taxes are going to be high. 🙄
Our personal cost of living doesn't change much from year to year either. It's the little fun we do or the little hiccups that fluctuate but the cushion usually handles those. You said it perfectly. Keeping expenses under control without sacrificing any more than necessary. My Tuesday lady is from San Diego and still has a nephew there so I have a little idea of the differences. Take care. Steve
Well done my friend! Congratulations for the win! Dennis
Thanks Dennis. It ain't much but I take my wins when I can get them. Take care. Steve
Sounds like you had a tight budget before retirement. I would call year 1 a success if I were you.
I guess we did and jut didn't realize it because I got paid every week. We had just gotten used to living off a certain amount and spending more didn't really bring any more comfort or enjoyment to our lives so we didn't. Just carried it on into retirement. We spend what we need or want within reason. Just don't need much at this stage of our lives. Thanks. Steve
Great job! Our killer month is May. Auto & house insurance due, Spring property taxes due, all our vehicle license renew….shew….all at once
Those big months are rough but at least they're a known item and we can plan for them. Don't make it any easier to write the check though. Take care. Steve
It's not rough if you actually budget for them. Every month, every year. You just pay the bill. But it makes your monthly expenses higher but it's the reality, else you're surprised every year like you are.
@@DJ-nw2ql we actually do budget for those but just hate paying out all that $$$ in one month all at once 🤣👍
Congrats on your one year budget goals! You’re right about the big three items on the monthly budget, especially the medical insurance. It is by far the highest item on the budget! In spite of that our budget and what we can save from our monthly draw is doing fine. Take care! Robert
Insurance I always figured would be a big one. It's kind of a necessary evil. Sounds like Y'all are doing great on your budget. Congrats. Take care. Steve
Congratulations on successfully navigating your 1st year of retirement and staying under budget 🎉. I'm trying to figure if I can stop working earlier than my current plan (2026). I gave the wife the green light to retire this year if she wants. I want her stress level to decrease. Waiting to see what she decides to do. If she does retire, I'll be looking to use all my vacation days this year without leaving any roll over like I always have.
Thanks. We tried to plan the best we could and got lucky. 2026 was the year I had planned to retire till I figured out I could leave a little early. Took all my vacation the last year I retired also even got all the boots I was allowed. Best of luck and take care. Steve
Thanks for sharing - median for personal comparison appreciated. Staying out of savings is essential to me at 63.
Just our situation and yours will be different but it might give you some idea of what to expect. Not having a mortgage really makes a difference for us. Thanks. Steve
That's one thing I'm keeping a real close eye on being new to this retirement gig. Bob
Love your channel Bob. Just trying to learn something from you guys before I make the leap.
The regular month to month expenses(water, electric ,trash etc.) aren't bad and don't change much from year to year. The personal extras and hiccups are what adds up for us. Thanks and take care. Steve
We still adjusting our budget. Retired in 2021. My goal is to save a little more. This year our medical co-pays were high. Set aside $300 month and ended with $250. Was hoping to spend only $1,500. We stayed within budget but didn't save our goal. We did save a few grands and didn't touch our emergency funds. 😊 I actually don't have co-pays It's all my wife.
We'll be constantly adjusting I believe. See how last year went then adjust if anything has changed. Had a good year last year so not changing a thing.Thanks. Steve
Thanks for the input Steve. It's settling to hear what is most peoples retirement. It seems to be that way in reality but not so much with those putting out youtube videos. I'm happy for those getting almost as much in one month as some others do in a year but their trails don't always translate well. I've got my finances set up pretty much the same way, with guaranteed income taking care of everything I need, with plenty enough left over for fun stuff too. I really don't need my savings, unless something really big comes up, otherwise it's just fun money. I live modestly but comfortably below my means. I keep my basic costs as low as possible, so I can easily cover them. It makes life easier that way.
I couldn't find many I could relate to either. Most "Average Steve's" live quite, comfortable and content lives in retirement you just don't hear about them. The ones I know anyway. Once I get to SS we shouldn't need any from our savings to make out just fine. Plan to use it just like you. Personal fun and extras. Simple and easy works for us. Thanks and take care. Steve
I'm always amazed at the low budget amounts people say they live on. I budget based on real expenses and that includes pet food, monthly pet medicine, yearly pet vet visits, car maintenance, tire replacement for cars, Christmas, Thanksgiving meals, etc, etc. These are real expenses. You can take them from savings but you'll eventually deplete your savings. I just doubt that people are really budgeting based on real expenses and not just going off of what they spent last month.
Everybody's cost of living is different, What might be low to you might be massive to others. I agree people should have a pretty good idea of their cost of living for a year. We do and so far we're fine. Take care. Steve
Retired 18 months ago , by far my biggest expense was health insurance, I have retiree insurance thru my company. The second was food , I enjoy cooking so we rarely eat out , I can cook far better than you can get at s restaurant. Taxes are my next biggest expense . Outside of that expenses were minimal. Thanks for sharing your experience, it is good to compare myself to someone else going thru the same experience.
Those 2 account for a little more than 40% of all our monthly costs. Just gives people an idea of actual retirement spending. Kind of hard to get a real picture when your planning for retirement. It was for us anyway. Thanks and take care. Steve
I read and listened to your program. My wife wanted to travel so we traveled a lot between me being 68 -77. My health declined after that so traveling for her not so much for me. We also were able to travel with the kids making memories rather than stuff.
Traveling is a big thing for a lot of people when they retire. Not so much for us. It's good that you were able to enjoy your travels while you were still able. Take care. Steve
Have a great weekend. Stay warm!
Wasn't bad here. Upper 40's to about 50 but we had a lot of rain and expecting more on Tuesday. Been a mild winter so far. Just that little spit of snow before Christmas. Hope it didn't get too bad at your place. Been checking it out on here and some places looked like they got nailed pretty good. Take care. Steve
I moved cross country and bought a house for cash and became debt free. However, there were repairs to the house that needed to be done and my truck ended up being stolen, so I had to buy a used car. So , had some major unexpected bills for the first year. Now, I can live comfortably on about 1,400 a month. Will be getting a pension next year, when I turn 65, so my income will double.
$1400. That's amazing. Good for you. Having no mortgage really makes a difference. Take care. Steve
Loving your Santa beard, Steve! Besides the video, of course :).
Saving on razor blades.😁 Got to cut where we can. Usually have one during the Winter but last year I cut it off earlier. Last of Feb. - first of March it goes away.Thanks . Steve
Heck my health insurance alone is $1509 a month. My initial budget was $4200. Now it is around $4700. The two part time jobs have helped because inflation has increased so much. Figuring my taxes, I slipped into the 22% rate by $2000. Not starving but not living high off the hog. It sounds like you are doing well. So are you still happy that you hung it up? Working part time isn't bad as long as you are happy what you are doing. Take care Steve, Happy New Year to you and your wife.
You still driving at the auction place? That's a great gig. They shut our auction place down, going to put up apartments I believe. We're somewhere between the hog and starving also.Very glad I made the decision to retire and wouldn't change it now. It's been better than anything I could have figured. A part-timer isn't out of the question especially with the minimum wage as high as it is now. A few hours a week doing something I enjoy wouldn't be a bad thing. Take care. Steve
@@retirementcorner Yes the auction is a fun gig but you won't get rich. I do that one more for the people. Made just under $5k diving part time for them for 9 months. The different cars are interesting too and the auction is only .2 mile away from my house. The other part time job pretty much pays for the health insurance.
I could live on a tight budget like that, but would probably have to give up the expense of my collector car hobby. Since that’s the LAST thing I would ever want to do, I’m not retiring until I’m confident I can bring home $5k a month (net) between SS and my 401(k). So far, still on track to be able to bail when I hit 62……….🤞
Totally understand that and don't blame you for a second. If it was me I'd do the same thing. There is a car show down the road every Saturday during the Summer I checkout once in awhile. Got some pretty neat ones that show up now and again. Take care. Steve
January is property taxes & annual HOA. June is all the cars, home, life and RV insurance.
Having those things really drives up the monthly average. The month to month regular bills aren't bad it's all the once or twice a year things we save for a little every month. The bank account takes a big hit those months. Take care. Steve
Steve, great video! You are so intune with the...retirement syndrome! Take care!
Took me a little while to get there but now we're dancing in rhythm and loving it. Take care. Steve
You did a good job of budgeting! Californian here. We spend about the same amount per month. It's not that bad here if your house and car are paid for.
Having those 2 clear and free means a lot in retirement. It does for us anyway. Got no personal experience with California just you always hear how expensive it is is there and elsewhere. Hard for me to imagine. Thanks and take care. Steve
@@retirementcorner To give you and idea about what we pay on big ticket stuff: Property tax on a 1400 sq ft ranch $2800/year, Home insurance $1400/yr, Car insurance on a 2017 Camry, less than 7K miles per year $1000/yr. Gas is now $4.30 a gallon. Good thing we don't drive much!
We need to trim our budget, that's for sure!!!
I tried to plan not to have to do any trimming and got lucky. We did start trimming last year and have a little more to do this year. Should give us a little more room in the budget once we finish. Thanks. Steve
Your a great example for younger folks Steve. It's not about what you make but what you save and spend. A pay yourself first mentality during your working years is required to get to a good retirement. Unfortunately in todays world more than 50% of people making 100k can't come up with $1,000 for an emergency.
It always amazes me when I hear a stat like that. Sure there were times we struggled like that over the years but we always tried to fix it. I had heard years ago to work the first hour of the day for yourself so I always tried to. Saving 5 hours pay per week ain't much to start with but eventually it grows. Just something we did anyway. Thanks and take care. Steve
If things start getting tight, you gotta take your cash and head to a Rosie's.
That way you can parlay it into a big score. 🤪
Surrounded by them. I never been to one myself. I usually just run down to the the quickstop and get a lottery ticket. If Rosie's treats me as well as the lottery has I'll be going back to work.🤣 Take care. Steve
Love the vid Steve!! Honest and very well done on the budget!!! I use Quickens and I see what we spend every month down to the penny!!! Sounds like you do that as well.. Glad everything worked out for you and the wifey during your first year in retirement!! So, let me ask you a question if you had $127,000 in credit card debt could you make those numbers work??? Just joking bro and referencing my vid!!!! DEBT KILLS RETIREMENT!!! Take care.... JT
We tried to figure things so our lifestyle wouldn't have to change once I retired. Any fat trimming we do this year just adds to our financial security in retirement. It's easy to get into debt but very hard to get out. Best thing is not to get in that position in the first place if you can. Thanks. Steve
good job steve, hope to be you in about 6 years.
Best of luck on your journey. You're doing right by starting early and trying to figure things out. The more prep you can do the easier everything will be. Take care. Steve
Health care and groceries are budget killers for sure.
I figured they would be the largest expenses. We could always quit eating then we wouldn't need the health insurance.😁 Take care. Steve
Congratulations, Steve! Unfortunately, cost of living in New Jersey is about double what you're spending. I track a useful figure, annual expenses minus federal taxes, because in retirement, you decide how much federal taxes you want to pay due to strategic withdrawals from tax-deferred accounts and Roth conversions. Comparing that figure with prior year gives you a personal inflation rate. Property taxes, medical costs, and groceries are my top three categories. Federal taxes is a close fourth.
Northern Virginia is the same way. Couldn't afford to live there with my spending rate. Put this formula in my retirement black book. Right now I'm subject to mandatory withholding 20% for a couple more years. Should come in handy when I get to pick my actual taxes. Thanks for the help. Take care. Steve
From where I stand, Im in awe. I would imagine its you and your wife, hopefully. Get those kids out. If I told you how little I live off of you'd be shocked. I can always find ways to pinch pennies and Im constantly building on my life skills. I practice holistic health, which works. Keep physically moving. Sitting will kill you. I can food, and I'm a prepper. I find hobbies for enjoyment. A few friends is a good thing. I can't stand football, but I did enjoy watching the Lions game with others this past week. They're winning, which amazes me. Just have a plan forward once the money starts to dwindle. Continue to enjoy all you have, but as we know, things change. I think the You Tube channel was a good idea. How about looking into bee keeping? Seriously. You have a nice, large backyard. It's not just the honey. There's wax and propolis, which makes amazing medicine. Keep your immune system strong. Stay away from doctors, youll live longer.
Trust me doc your financials wouldn't shock me. Known plenty that couldn't rub two nickles together. Fortunately we aren't in that situation so I don't see the point of not spending what we worked had for all those years.We don't blow it but we do live a comfortable life. Sure we could cut way back but why? Pretty much live a simple lifestyle. A little fishing some squirrel hunting, gardening, reading, a video now and then and plenty of walking and exercise. What's not to love? A few plans to improve this coming year. Bird feeder station, maybe a garden train, a trip or 2 and a few small projects I never got around to last year. The future looks great from here. Thanks for your help and take care. Steve
Have a great week 😊
It was. Hope yours was as well.Thanks. Steve
Would you be willing to give us your exact bills? Utilities, internet, prop tax, homeowners, health insurance, car insurance, not necessary food since technically, you could almost live off of rice and beans or grow it. You may want to consider growing food. It won't save $ at first but if you can find 3 crops you can grow well, then join the garden club, then trade. Here's what we do.
I volunteer at the food bank. I take home the just expired organic milk. I make cheese out of it. I grow potatoes for free, it was $30 initial investment but otherwise, toss in a compost pile and one potato grows into 3-5 potatoes. These we grow almost 100% free and boy do those potatoes taste good! Home-grow. You can also grow fruit trees which turn out to be free unless you have expensive water. We also take home old expired organic veges for our compost pile and now have chickens which feed 95% off of that. We supplement with a little layer pellets. 2x a month, we trade our homemade cheese, eggs and potatoes for raw milk, homemade bread, and some vegetables. Anyhow some crops are almost free and very easy to grow. I do not have a green thumb but do grow 3 kinds of potatoes and cherry tomatoes. Thank you for spelling most of this out, I love your videos!
As I enter retirement in a year, a garden seems like a very good thing. More time to tend to it, and reap the benefits.
Yes I agree. And for us, it's very therapeutic. It's been proven dirt is a natural anti-depressant, google it. I believe we were made to grow our own food (think Adam & Eve) and to know where it comes from 100%, I feel great about it.
We love it but I wish we were better at it. Happy Friday to you :) @@swilliams2575
You mean $ amounts or the names(mortgage,gas etc.). We don't line item budget so I have no idea the amounts except a few. As for gardening. I enjoy it but we couldn't live off the little that we grow. It's just something we've always done. Got a few raised beds and plan to add a couple more this year. Had fresh collards for new years. Tomatoes,peppers,onions,potatoes,squash etc. Just messing around in the yard a little. Thanks. Steve
Hello from Chesterfield, interesting videos, thanks.
Your dad didn't have a nickname did he? Went to school with a fellow with a name similar to yours. Heck of a ball player. Don't put to much stock in my ramblings. Just words for thought. Thanks and take care. Steve
Hammock is his nickname, which is me ,Meadowbrook high school 1987 ,grew up in bensley area, Salem middle school. Played baseball.
No wrong Troy. His name was Troy Williamson and I didn't know if you shortened it for youtube. He went to Thomas Dale graduated maybe a year before you. I was an '84 TD grad. His dad's nick name was "Whimpy" after the cartoon character on Popeye.@@troywilliams8659
I no troy Williamson, chipper Frazier, Tim Walter's, they played on my cbc baseball all star team every year.i remember his dad to.ricky,Ronnie, Rhonda barker,played ball with Scott rash.Im 56.small world, I probably know alot more people that you know, nice talking with you,I worked for J.H Martin & sons contractors for 24 1/2 Years and they went out of business, now work at H.W.blankenship & sons contractors, just in case we might no the same people.
I know Mike Murray the wrestling king at dale.
I think you did really well. If you’re taking $3,800 home a month and spent less that $3,300, that’s really good! If you have investments, and it sounds like you do, you shouldn’t feel bad if you don’t want to save anymore. But it’s hard to change habits if you’ve kept those expenses under control for so long. I’m similar to you in that regard.
Yeah our finances turned out like I figured just hoped to have a little more left after expenses. Some years we do and some years we don't. Just they way it works out. We always try to save a little but in retirement it's not a priority for us right now. As long as we have what we need or for the most part we want we're fine with it. Thanks. Steve
40k is pretty good in many parts of US. Throw a huge pizza party with that leftover $400 lol.
Would be a heck of a pizza party. Haven't lived anywhere else for the past 38yrs. so I don't know how it fits anywhere else. You hear about how hard it is all over and the high cost of living it's hard to tell. I think we have a good income and live pretty good. Thanks . Steve
Holeeeecow! I’m planning on just 1500.00/month when I call it quits in a few months. Maybe I’d better sharpen my pencil hehehehe
That's great. Good for you. Maybe you should teach a finance class at Ohio State. A lot of people could use your financial knowledge. Especially me. Thanks. Steve
@@retirementcorner hahahaha not hardly. You’re actually doing it and I’m a wanna be. My wife will still be working for a few yrs and she has the insurance at her job. That really helps out. And I’m figuring her paycheck, trust me it ain’t much, will hopefully cover gas and food.
Wow, this video blew up!
Yeah go figure. I always get worried when I get more than 1k views. Hate for people to think I know what I am talking about. I guess it's a question a lot of people have about retirement. Thanks and take care. Steve
I totally feel your pain I hope you didn’t vote for the problem I sure didnt
I didn't and can't understand how anybody could have. Take care. Steve
Steve, what was the monthly cost for medical insurance?
$700 in November it went to $740. Covers health insurance, eye care, and a life insurance policy. Same coverage I had while working just carried it over into retirement. One of the benefits I had where I worked. Thanks. Steve
property taxes is definately in my top three.
Small, inexpensive rancher. No land to speak of 1/2 acre lot so not much value. Thanks for watching. Steve
Heck minimum wage in GA is only 7.25
I think it just went to $12 in 2023. If they don't do anything to change things in 2025 it will be $15/hr. Might get a part-timer at that pay rate. A few hours a week and clear $100 is hard to beat. A couple years ago they started incremental raises till it got where it's at now. Thanks. Steve
I'm just thankful I'm retired. I was making a lot more than that. I draw great retirement.
My first year was about $3500/mo in 2001. But for the past 15 years average has been $600/mo. Biggest change was sell my San Jose CA house and buying in Phoenix with no mortgage. Phoenix has been surprisingly inexpensive. I don't need to run the heat at all in winter. Summer I only AC one room and I've insulated walls to 8" and attic 18". Hot water heater off on summer. No need for a clothes dryer. I live in central Phoenix, walk 2 hours a day so all food shopping on foot. I fill my car 10 gal gas tank 2 or 3 times per year.
Most of my income has come from flipping homes with the cap gain being tax free. That's made my income low enough to get free health insurance (Medicaid), smartphone (LifeLine) and home internet (ACP). But the best thing about these plans is they're so simple. I never understood health insurance and dealing with insurance companies is painful. But the company that manages Medicaid here is non-profit so the people are super nice and helpful. I don't have to try and figure out which plan. Never get a bill.
The only bills I get are electric, water/trash, property tax. I think that's it. Electric is $22-29 for 7 months and $50-75/mo for the 5 AC months. Water is my highest $50-100 because I have a Japanese style garden and I water...a little too much maybe. I eat low carb so that's about $100/mo. I need to check 2023 numbers, maybe under $600/mo.
Haven't taken SS yet. No need. Would get $3032/mo today, but lose Medicaid, phone, internet and I don't need the money. It's absolutely crazy but my savings account has $9000 and checking $1000 and to me that's like a whole year and then some of living. 22 years ago those balances would have panicked me. Today I feel secure. So odd.
What’s your food bill?
That's great. Good for you. Take care and I appreciate your comment. Steve
Have you considered moving to a state with lower state taxes or no property tax?
No and probably never will. Like where we live and it's a pretty good place to live. Fairly safe, family close by, less expensive than a lot of places etc. Thanks for watching and the comment. Steve
🤘🏻
Thanks. Steve
thats my costs for a week with this mortgage
That's a killer mortgage. Ain't no way I could have payed that much and saving anything would have been out of the question. Luckily our mortgage has been payed off for some time now. Doesn't really take that much for us to live and enjoy ourselves now that I'm retired. Thanks for watching and commenting. Steve
Mella. Simmer down nah. Simmer. 😅
🤣 I didn't understand this comment till I punched it into google. Funny skit. Due to life and swing shift I quit watching SNL in the early 80's. Looks like I missed a lot. Thanks. Steve