Retirement Pros and Cons

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icfrugal1
Posts: 2404
Joined: Fri Aug 28, 2015 12:54 am

Retirement Pros and Cons

Post by icfrugal1 » Wed Jan 20, 2016 5:31 pm

First I have to say that I wake up every day thankful that I am retired.

DH and I are getting along yeah.

by chose we don't travel, we did do a very little traveling but found that it was not for us, to be honest DH is in bad health and travel is not fun.

I spend my time DE cluttering the house (ha ha) and going to lunch with my friends.

Of course at this point we spend time at the Dr apt etc.. but we make a day of it and go to lunch.

I have a friend who is trying to decide to retire or not, could you give me some pros and cons.

IC

clemencia2us
Posts: 4239
Joined: Fri Aug 28, 2015 9:21 am

Re: Retirement Pros and Cons

Post by clemencia2us » Wed Jan 20, 2016 7:37 pm

Make sure you can afford it, of course.

Don't get tied down. You want to be flexible in what you want to do. I am tied down because of all my animals. I love the little boogers, but not taking in more.

Accept that you might get bored. I find myself in that situation now and then and hate it. I hate being bored. Even think of getting a job, but then don't want to be tied down that way either.

Flexibility is key.

littlemiss63
Posts: 2023
Joined: Thu Aug 27, 2015 10:11 pm
Location: Middle Tennessee

Re: Retirement Pros and Cons

Post by littlemiss63 » Wed Jan 20, 2016 8:34 pm

Pros: I found that I didn't spend as much money. It cost a lot of money to work.
Once you get use to being retired you wonder how you had time to work.
I don't spend nearly as much as I use to for clothes
I just love not having to be in such a rush all the time, can take your time and
move at your own pace and leisure.
Sleeping in in the morning and staying up as late at night as you want. (best part) :lol:

Cons: You have to give yourself time to settle in if you've worked a long time.
Some of your social life goes away.
If you haven't done some planning over the years you can't live very well off of
social security.
If you are debt free it makes life so much easier, so pay those credit cards off if
you have them and get rid of your mortgage.

Shelsmiles
Posts: 265
Joined: Mon Aug 31, 2015 9:19 am

Re: Retirement Pros and Cons

Post by Shelsmiles » Thu Jan 21, 2016 12:32 am

While we are not retired, exactly, the time off DH has had the last two years or so has mimicked retirement somewhat IMO so I will chime in a bit

Cons
1. Too much togetherness. I love DH but I miss my own space
2. Other ppl figure you have an over abundance of spare time and will try to take advantage of it or fill it for you. Employ the word NO
3. Less income
4. Less social interaction with peers

Pros
1. My time, my rules - I do what I want :)
2. More time to do frugal things like cook from scratch, etc. which actually lend themselves to a better quality of life IMO
3. Less pressure to Maintain a hectic pace or certain lifestyle (clothes, car, etc)
4. More time to pursue things that are important to you whether it be volunteer work, hobbies, gardening or whatever
5. Less social interaction with peers :)

rinty
Posts: 1395
Joined: Fri Aug 28, 2015 3:54 am

Re: Retirement Pros and Cons

Post by rinty » Thu Jan 21, 2016 10:33 am

icfrugal1 wrote:First I have to say that I wake up every day thankful that I am retired.

DH and I are getting along yeah.

by chose we don't travel, we did do a very little traveling but found that it was not for us, to be honest DH is in bad health and travel is not fun.

I spend my time DE cluttering the house (ha ha) and going to lunch with my friends.

Of course at this point we spend time at the Dr apt etc.. but we make a day of it and go to lunch.

I have a friend who is trying to decide to retire or not, could you give me some pros and cons.

IC
Well. first off can they really afford it ?

Have the got the right car and housing before retiring. I think that's a BIGGY. We downsized which has beent he right decision all round. It freed up cash to give to the kids for the deposit on them buying their own home rather than us sitting in a Big Old Empty Home waiting for them to come over for Big Family parties. They still would rather come over and have big family parties apparently but they have also been able to buy their own homes which they wouldn't have been able to do otherwise..............they would have waited til we died for the cash !!!!

The house we have now is much cheaper to run but still has a garden the same size or bigger with a greenhouse. We successfully raised a good garden last year and hope to do even better this year. Its been a new hobby for DH also.

The car. DH decided to keep his posh company car..........well, they gave it to him when he left and yes, its a nice car but it only seats 4 and we have a load of DGKS. I would have swopped it for a nice reliable people carrier. But whatever, you need a GOOD car you can rely on as with a fixed income you don't have the same freedom to chop and change cars whenever you fancy.

Hobbies. Do they have any ? Or were they too busy at work ? They'll be bored if their only thought is "relaxing ".

Travelling. DH did plan for us to do more travelling than we are going to do. But that's down to the world situation. We aren't sure what to do instead right now........maybe buy a caravan on the coast ?

BeckyO
Posts: 927
Joined: Fri Aug 28, 2015 11:32 am

Re: Retirement Pros and Cons

Post by BeckyO » Thu Jan 21, 2016 3:49 pm

Because of poor health DH and I downsized, thus getting rid of outside work and home maintenance. That was the right decision for us. We also got a place with a set payment that included all expenses except phone and cable. I have since cut the cable, again right for me.

I love the lack of structure, I don't have to meet anyone else's deadlines/time schedule. I had developed many hobbies thru out the years, so I am never bored. I have to push myself out at times. I have enjoyed traveling, by myself and with my late DH, and after his death with friends. I like the freedom to go or do when I am physically feeling like it. I like reading all night if I want to and then sleeping until I am not sleepy any more, LOL

I don't spend nearly as much money in retirement as I did while working, which is good because I have much less now,but I could 'get by' on even much less than I do now.

About the only CON I can think of is trying to explain to my younger DGGC how I can live without working, at this time. LOL, everybody they know works, why doesn't Nana?

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