Retirement Savings: Always lived below my means
by Pat Morgan
Money is not a tremendous issue for me in retirement. Having worked hard all my life but always living below my means meant that I saved a lot of money.
I could have lived in a $3000 or $4000 apartment most of my adult life however I decided to live in a $2000 apartment and save a lot of money each year.
Even when it came to buying things, I would always buy what was necessary and not be extravagant.
I knew that there would come a time when I needed the money. Even at my job I had a retirement fund opened, an IRA. This got money in it every month and when I retired at 70, I had a sizeable amount that would last me through most of the rest of my life if I lived a very basic existence.
However, I had also saved money myself as mentioned above. Therefore, I did not have to scrimp and save as much during my retirement and was able to comfortably buy, through a mortgage, a new home and relocate with my life.
My lifestyle has changed so much because I no longer work. There are days when I feel utterly bored and I sometimes contemplate finding a consulting job or something part time where I can at least keep my brain working and functioning at a good level. I really believe that once the brain stops working so does the body. Therefore I will continue to work in some capacity, but not for the money.
I will do something I enjoy and get something out of. The key to retirement is to make sure you have saved enough so that you do not need to work for money because at this age it becomes very difficult. The motivation is there to work but not to work for money.