Down to one day a week of paid work

[kally]

A big transition. I turned 60 and my dh 61. We both work only 1 day a week. So we are going to be living on this plus cpp and then digging into savings. It seems so weird, after saving money for so many years to actually have to part with it.

I created a new budget and am looking for the wastage and the holes. What is becoming apparent is that owning a home has a lot of costs associated with it, more than I thought. So I think we should parcel out the projects over the year and do a biggish task every 2 months or so.

Any tips on what you did when you got to this stage? Thanks

[cdttmm]

Congratulations, kally on this new stage of your life!!!

I don't have any tips off the top of my head, but if I think of something I'll stop back and share them with you.

[Teacher Terry]

We tried to make our home as maintenance free as possible. WE also downsized into a 1 story smaller home.

[SteveinMN]

I created a new budget and am looking for the wastage and the holes. What is becoming apparent is that owning a home has a lot of costs associated with it, more than I thought. So I think we should parcel out the projects over the year and do a biggish task every 2 months or so.

Any tips on what you did when you got to this stage?
We're not quite there (I'm kind of retired; DW has 4+ years to go). But I have to say that creating a budget was a great move. It really cemented what we were spending for things, especially those areas which are spread out (car fuel/insurance/maintenance, groceries [that one's bad for us] gifts, etc.) A house certainly is an expense, but, honestly, renting something equivalent or even somewhat smaller would not be much cheaper here and we don't have to live with a landlord's half-***ed idea of quality or repairs. There aren't many houses which are much cheaper and in areas I'd want to live in, either, and this area is finally catching on, so we'd like to stay to maximize our profit, if possible. Anyway, a budget does give you real aggregate numbers you can use to determine if you're getting what you're paying for.

We do have some maintenance due on the house. All the windows are original and 40+ years old and they could use replacing before we move out someday. So we're tackling a few windows at a time (hired out) so we don't stove in our savings. The appliances are all 10+ years old, so we have to figure at least some of them will need to be repaired expensively or replaced in the next few years. Ditto with the A/C and furnace, though those should be several years from now. We're just trying to make sure we set aside money because it's hard to know just how much it's all going to cost. Kind of like the old car-payment scheme where you finish making the loan payments and you keep setting aside the money anyway because someday you'll need to buy another car.

[Tussiemussies]

Congratulations Kally! I can understand though your mixed emotions about being just about retired now. Think over time it will all be something you have grown used to!

[awakenedsoul]

I made a list of what needed fixing in the home, and which appliances needed to be replaced. I found a used O'Keefe and Merritt stove in the PennySaver for under $200. It was worth it to me to have it brought up to code. Now it's worth $5,000. and the repairman told me that it won't need to be replaced. I found a window unit air conditioner that was only $35.00 at the Salvation Army. It looked new. It works really well. I budgeted $3,000. a year for home repairs and knocked those out over about three years. I cut out television, most eating out, and pretty much stopped buying clothing. I spend one to three dollars a week with my knitting group at Panera. If I need something to wear , I shop at the Salvation Army. I knit most of my clothes, and I read and watch Youtube instead of t.v. You sound like you're doing well. For me, the main thing is to track my expenses and be very disciplined about what I spend. I'm also forecasting the cost of my upcoming surgeries and new cost of the PPO for health insurance. (I will probably switch back to the HMO in Nov.)

[kally]

Update: well now I am down to no days a week,as that contract suddenly ended.
I am going to pick up some training work with my old group and the college has asked me to do a small course. Apart from that I get cpp from the government. A bit shocked in the beginning, but I think we can still do it. We have savings and are just more frugal and simple living all the time.

[SteveinMN]

Good luck, kally!

[pinkytoe]

Almost retired but I plan to work part-time (20 hours max) for who knows how long as not having income makes me nervous. I do have a pension but want to keep the suppelmental income going as long as I can and then take social security. We plan to find a small, low maintenance house in our new city and pay cash. We will have a stash for home maintenance. Not having a mortgage will be wonderful.