Do you keep a budget? Do you stick to it?

[Kozman]

Don't really need to so I guess the answer is no. If I want something I buy it with exception of more Wyndham points.

 

[Quiet Pine]

I seldom admit to detailed Excel budgets because it seems so finicky, but I've been doing them for a long time (since Lotus 1-2-3 in the '80s). I've budgeted since I was 7 and had a 15-cent weekly allowance. Maybe I inherited my frugality from my Granny, who was said to "squeeze a nickel until the buffalo groaned."

We retired 13 years ago, and I trembled at not having a paycheck. Now I'm relaxed about it. Somehow we now have more money than when we initially retired, thanks to DH's obsession with watching CNBC and buying stocks. We've stopped accumulating, so if the year ends with a surplus, we give $ to our kids and landscape the backyard or replace an old car.

My Granny lived to 99, her sister to 102, and I plan for many years ahead. If we no longer can live independently, assisted living will bite into the budget, even with long-term care insurance.

Financial gurus don't grok that you want

Yesterday I finished re-reading Stranger in a Strange Land, first time since 1962.

 

[VacationForever]

Yes- right. But your savings will most likely not continue grow in the same way - especially considering taxes on future withdrawals.

SS does not grow 8%... it is like someone who buys an annuity and says it pays 8%, with annuity it most likely pays about 3% and the other 5% is from the principal. For SS, between 62 to 70, the amount that is not withdrawn is accumulated and divided up into however many more years until around 80 and then pays out when SS payment starts. You can look at it as the amount that is not withdrawn is like the principal amount in an annuity. I would absolutely buy in to your husband starting his withdrawal at 70 but not for you. Women have longer lifespan and since being a little younger, the statistics says when your husband starts his at 70, you will get the full amount as survivor benefits if he goes before you do, and get more years out of the higher benefits.

By drawing on SS earlier, you will not tap into your savings, hence leaving more to your son as SS does not pass on.

 

[easyrider]

I thought we needed a budget but I'm not in charge of that and was told that after 43 years I'm still not in charge of that. It works for me.

Bill

 

[Talent312]

Yesterday I finished re-reading Stranger in a Strange Land, first time since 1962.

Wow, someone else who remembers Robert A. Heinlein. A quote I like:
“To enjoy the flavor of life, take big bites. Moderation is for monks.”
-- from Time Enough for Love

Each month, I show my DW the CC bills and next month's cash-flow.
She looks at 'em briefly, I think to make sure I'm not keeping a G/F.
Otherwise, she can't be bothered. "You're paying the bills, right?"

.

 

[Rolltydr]

Wow, someone else who remembers Robert A. Heinlein. A quote I like:
“To enjoy the flavor of life, take big bites. Moderation is for monks.”
-- from Time Enough for Love

Each month, I show my DW the CC bills and next month's cash-flow.
She looks at 'em briefly, I think to make sure I'm not keeping a G/F.
Otherwise, she can't be bothered. "You're paying the bills, right?"

.

I take care of the finances in our household. My wife tells me I do a great job and just let her know when we’re out of money. I think that means she’ll cut back but I guess it could mean that’s when she’ll find someone else to take care of her finances?


Sent from my iPad using Tapatalk

 

[Talent312]

... My wife tells me I do a great job and just let her know when we’re out of money....

What I say: "The CC bills close in a few days and we're Close to the Edge."
What she says: "Just skim a little from Savings."
,