Saved for Retirement my Whole Life

by Bob P
(Illinois)

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.

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.

Comments for Saved for Retirement my Whole Life

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Change of focus
by: Sheila

You focused all your life on having enough money for retirement, but didn't take into account what you would do in retirement, and how you would spend that money. Now you are rich but bored. You got what you wanted, but what do you do with it?

The solution: Now is the time to change that focus. Find a charity you can trust, one that helps in ways to which you can relate. Offer your services as a volunteer and, eventually, as a benefactor. There are innumerable folk out there who could use your help.

Enjoy the pleasure that comes from giving. You are in an enviable position, my friend. Take advantage of it.

Retirement Lifestyle
by: Joe W.

Bob,

Hi! Yes, there is a big difference after leaving a corporate job and getting on with choosing a new lifestyle for your retirement life.

I think the key is to decide what's important for you right now and since you have some savings the sky is the limit. My research in this area showed that people had too many choices and they had a hard time deciding which path to take.

Experimenting and self-assessment leading to self-discovery is another process to consider here.

Joe W.

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