Retiring on a literal shoestring: support group (grandparents, weather, spouse)

['M']

[quote=newenglandgirl;8895139]Hi and welcome to a new thread devoted to those retiring without much money!!

I hope to hear from folks in the same boat who are not getting a pension or high investment, just a modest income SS income and maybe some savings.

Seeking a forum of supportive comments, suggestions for survival, tips on saving money, humor, philosophy, cultural finds, cheap trips, great reads, etc.

On this thread I would really like to stay on topic (so easy to go off!)


Great topic. I'll be reading this thread often.

['M']

Originally Posted by knoxgarden

I'm on disability with SS and a small pension. Life in Knoxville is relatively cheap so I'm able to afford a nice condo and a car.
I do pick up odd jobs when I can. SS Disability does allow for some earnings. I make daily trips to the courthouse to do criminal records searches for a company in New York and I've added some probate record searches from a company I found on Craigslist.
Craigslist is a good source for odd jobs if you approach with great caution. I found a great one there checking for burned out lights at local fast food places. Weird, but good pay for minimum effort. But there are also a lot of scams. You've got to read them with a dose of skepticism.
I've got a standing mystery shop at Drive thru Arby's in the area. Get paid $5 and the cost of a meal. Mystery shopping is like Craigslist, they can be rewarding but approach with caution. Some places want a ton of work for little pay.
I plan to start selling some of my stained glass work on consignment in stores or at craft fairs this summer. I really enjoy doing it and it would be nice to get some cash for it.
I'm active in organizing a local Plant Swap. I get lots of great free plants for my garden there.
It's tough sometimes and I battle depression, especially with the hearing loss, but I try to double up on things I enjoy when that happens.

Knox...you are very resourceful and a wealth of information. Sorry to hear about your hearing loss and it sounds like you are also being resourceful about that as well. I am also losing my hearing...minimal now....who can say how much or how little any of us will lose of our hearing?

[elousv]

Originally Posted by Tightwad

Good'o on the download, mate. As to the author......haven't a clue.
The 70's was a looooooooooooooong time ago..no?

I was wondering the same thing:
Granny Miller: Where Are You Dolly Freed? (http://www.grannymillerblog.blogspot.com/2007/05/where-are-you-dolly-freed.html - broken link)

[Aylalou]

I looked up property taxes for those 65 and older. It's a tax deferral program. We have that here in Minnesota also depending on low retirement income. But it still has to be paid back at some point.

More info here: http://www.city-data.com/forum/new-h...-taxes-nh.html

[ylisa7]

Things can be really hard for many retirees who just don't seem like they have enough. I am not fully retired yet but I know how to live cheaply. Here are some ideas.

1. Cut any extras that cost a lot of money.
2. Move to a place where the cost of living is less, if that is possible.
3. Get a roommate. Many people are in the same situation and would love to cut their housing expenses.
4. Volunteer at the movies, library, museums- places where you can get entertainment for free.
5. Use your library. It's a wonderful free source for books, movies, computers.
6. Many areas have senior classes that can be fun and don't cost much.
7. Check out your community centers and see what kind of senior programs are offered.
8. Move closer to town so you can walk, bike, or use public transportation.
9. Keep yourself as healthy as possible. Our biggest expenses in our lives are housing and medical.
10. Plant a small garden and grow some of your own food. Not only will it save you money but you will get some health benefits.
11. If you have a car re check your auto policy. There is a discount if you drive under a certain number of miles. I think it is 7500 but I am not certain.
12. Have a potluck dinner once a month. Meet people and share food.
13. Join a church.
14. Volunteer for things. Get out, meet people, and have fun.
15. Join a walking group. It's free, you get to meet people, and it's good for you.
16. Write down everything that you spend money on. It is easiest to figure out where to cut corners if you know "exactly" how your money is being spent.
17. Get a part time job if possible but make it something you would like and maybe even get a discount.
18. Swap books and magazines with friends and family instead of buying them.

Good luck.

[RiverBird]

Originally Posted by younglisa7

Things can be really hard for many retirees who just don't seem like they have enough. I am not fully retired yet but I know how to live cheaply. Here are some ideas.

1. Cut any extras that cost a lot of money.
2. Move to a place where the cost of living is less, if that is possible.
3. Get a roommate. Many people are in the same situation and would love to cut their housing expenses.
4. Volunteer at the movies, library, museums- places where you can get entertainment for free.
5. Use your library. It's a wonderful free source for books, movies, computers.
6. Many areas have senior classes that can be fun and don't cost much.
7. Check out your community centers and see what kind of senior programs are offered.
8. Move closer to town so you can walk, bike, or use public transportation.
9. Keep yourself as healthy as possible. Our biggest expenses in our lives are housing and medical.
10. Plant a small garden and grow some of your own food. Not only will it save you money but you will get some health benefits.
11. If you have a car re check your auto policy. There is a discount if you drive under a certain number of miles. I think it is 7500 but I am not certain.
12. Have a potluck dinner once a month. Meet people and share food.
13. Join a church.
14. Volunteer for things. Get out, meet people, and have fun.
15. Join a walking group. It's free, you get to meet people, and it's good for you.
16. Write down everything that you spend money on. It is easiest to figure out where to cut corners if you know "exactly" how your money is being spent.
17. Get a part time job if possible but make it something you would like and maybe even get a discount.
18. Swap books and magazines with friends and family instead of buying them.

Good luck.

Nice post, thanks!! Where are you in Eastern Tenn? The pic you posted is beautiful. Would that be the Knoxville area?

[cls88]

Originally Posted by Tightwad

While this may not seem important now somewhere in your middle life
you need to re-focus on downsizing your dwelling place 'cause it will
consume massive amounts of personal energy for upkeep and other
cost. Downsize at no later that 55 to get you in a right sized house and
community for your later less active years.

Thank you for the great suggestion. I hope to be done with the downsizing in a few years when the kids go to college.

Thank you very much for the book link. It is such an inspriration!

[StealthRabbit]

oops, sorry for long post... just note the bold, I'm outta here for awhile... (C-D withdrawal syndrom).

I drive a car that I got for $35 at an 'abandoned' vehicle auction. (I bought a few 'spares' for that same price). It gets 50 mpg and can run or veggie oil or used motor oil. I get tires at the local wrecking yard for $5.00 (They are often like new). Insurance is liability only, so $300/yr in our high insurance rate state (50% uninsured drivers).

I worked the majority of my earning yrs in an income tax free state, while living on the border of a sales tax free state. (In case I needed to buy something, which is rare)

Heat with free wood. Help neighbors with their garden for free produce.

Haul my trash (and neighbors) to the dump once / month ($2.50). Recycle lots of stuff, and still wear clothes (coats mainly) from when I was a kid (40 yrs ago). A couple pair of $6.99 denims will last me for awhile, and I do splurge on quality shoes (when I ever find any...) I bought 2 pair 5 yrs ago, and will need replacements in a couple years.

Currently wearing my socks 'heels-up' ! to prolong their life.

Watch no TV, use little power ($70 / month yr round on a full electric BIG house)
use a whole house fan instead of AC, and wear long johns and wool in winter.

Seriously considering affordable senior housing options (Co-ops, fractional ownership, boarding out rooms, house share / swap, house sitting...)

Taxes will be a crisis at all levels (VERY SOON). Our state offers a property tax deferral of 50% if you make less than $58k (but that would NOT work if you have a mortgage). There is a senior exemption at age 65 if you make less than $30k (only for 'voted' portion of levy (~50%).) By the time I'm 65 my property taxes will be $120k / yr at current rate. (From $800 to $12,000/yr in 12 yrs)

One strategy I have for prop taxes is to own a commercial or income prop that has a little spot for me, and I will only have minimal personal taxes, or pay myself rent and write off the taxes against rental income.

It makes much more sense to have your money working for you rather than against you (which is the case with personal residence equity when you are in 'subsistence' mode)

Plan B is to (very carefully) buy distressed or undervalued props and roll them every 2 yrs for tax free gains.

Tax free earnings will be KING in the future. (As long as they still allow a few sources of that)

Barter is another very important tool. Get a skill or asset and use it to your advantage. (chickens might be easiest, as folks are gonna need some protein, I have a great plan for a backyard coop, not entry required to clean the thing, or collect eggs)

[ylisa7]

Originally Posted by newenglandgirl

Nice post, thanks!! Where are you in Eastern Tenn? The pic you posted is beautiful. Would that be the Knoxville area?

Thank you. I am close to Mountain City TN which is north of Boone NC. No state income taxes and very low property taxes here. We are completely off grid so saving money on our electric.

[Aylalou]

Also if you live near a big city and want to socialize, I found meetup.com to be a lifesaver. (Hope I'm allowed to post this.) It's a no-cost social group with tons of activities, depending on your interests. You apply online.