If I thought advice would cease once I turned in my notice at work, I was mistaken. Everybody, it seems, has expert advice on what I should do, where I should go, how I should maximize my Social Security, etc.
Here’s some of the well-meaning advice I’ve gotten.
On my 401K: Leave it alone and let it grow; pull it out and invest in an IRA; cash it out and buy a house so you won’t have a mortgage.
On all the free time: take up a hobby; travel (did they miss the part about my Social Security being about half of what I’m currently making?); get a part-time job (what was the point of retiring?); make a bucket list and then start going down the list; take a gardening class (that works really well on my apartment balcony); spend more time cooking; take up bicycling.
On extending my money: Become a vegetarian; take the bicycle to the store to save gas money; walk to the store; give up Starbucks (not a chance); move to a cheaper apartment (already on my exploration list); get all your doctor/vision/dental appointments done before you leave work so you don’t have to use Medicare; use as little air conditioning as possible (that’s a real winner in Vegas’s 116 degree heat); read only free online books; drop everything except basic cable; pay extra on all credit card payments (I actually agree with that one); cut out the monthly family dinner (not likely since it may be the only socialization I’ll have left).
I’m kind of tired of it. Ultimately, I’ll make the decisions that fit my personality and lifestyle and, right or wrong, I’ll either be fine or I’ll learn from the mistakes.
Last night I could’ve easily taken half a bottle of Maalox and still needed more. Even though I’ve weighed all the pros and cons – at least a bazillion times – they ran on a continual loop in my mind. Should I retire? Should I not retire? Would everything work out for me financially or would I be as destitute as it looked on paper? Would I find lots of new hobbies to keep me busy or find myself staring out the window every day? Could I find a part-time job if I needed one or would any of my writing aspirations pan out? Could I revamp my independent business so that it would make enough money to keep me comfortably afloat? Yes, this all led to lack of sleep.
This morning, I tweaked my resignation letter for the umpteenth time to get the tone just right, the language just right, the insinuations just right. And then I forwarded them to my work email, got dressed feeling like I was headed toward the guillotine and headed in to the office.
I pulled up an email, input four relevant individuals, said something inane and slightly lame, attached the resignation letter, paused – one, two, three – and then resolutely hit “Send.” I fully expected to lunge for the keyboard, trying to retrieve the email and replay that mental loop just one more time. Didn’t happen. I actually felt totally comfortable and, dare I say it, a bit elated and relieved. I knew I’d made the right decision a few minutes later when my first problem correspondence arrived in the in-box and it didn’t bother me like it usually does.
I eventually got nice replies from all four recipients. That’s not to say that once they’ve had to time to think about it, they may change their minds and decide to boot me right away. But the truth is – – I don’t care. I’m comfortable with that one, too. I suppose what I finally realized yesterday was that I was always going to be scared whether I retired today, 2 years from now or 10 years from now. I’m always going to have to scramble for extra money to supplement the Social Security. So if that’s the case, why not get out while I still have my health? That’s exactly what I’m doing and here’s how I felt today:
This picture shows exactly how I feel about the budget I just drew up – about to be buried under it. You’d think I’d have tackled this subject a long time ago. You’d be wrong. It’s sort of like going to the doctor when you suspect you might have a problem but you feel pretty good. You put it off, telling yourself you couldn’t possibly have something wrong when you feel good. But deep down inside, you know the truth. It’s a not so simple matter of buckling down and facing it.
So I found an Excel spreadsheet that lets me input all my income once I retire, any savings and then list every expense. I was relentless, coming back to it several days in a row with all the little things I tend to forget – and, of course, they’re the ones that add a bazillion dollars to the total. I put in things like the trash bags I order because they fit the particular brand and shape of the garbage can in my kitchen; my weekend Starbucks coffees and treats; my annual car registration (easy to forget when you’re inputting monthly expenses); my company’s annual fee; the donation to Women For Women International; Sirius XM in my car so I can listen to CNN or Broadway showtunes as the mood strikes me; birthday gifts for family and friends; and family dinners.
I anticipated that my current expenses would probably exceed my Social Security income by about $500-$750. Much to my horror, my expenses exceed my income by $1,340. Although I had banked on (pun intended) expanding the scope of my outside company to bring in some extra income, I imagine it would take me years to be able to cover that differential. To tell the truth, it’s sort of horrifying.
Today, I sat and made a first-round attempt at figuring out what expenses I could live without and which ones could easily be cut back. Needless to say, “easily” was the operative word. I managed to see an extra savings of $200 a month. The whole thing would be laughable if not for the fact that it’s a looming reality.
Yes, I realize I can get a part-time job but that sort of defeats the purpose of retirement, doesn’t it? And there’s always that little matter of businesses being loathe to employ anyone over the age of about 40 (that might be a generous figure).
My only possible avenue is through my company, I think. I recently listened in on a webinar about the use of CBD in products. Since I’m a Registered Aromatherapist, the idea of creating CBD tinctures and lotions for my personal company is tantalizing. I discarded the idea about a year ago because of the fact that the DEA had declared CBD a Class I drug. However, word has it that the Farming Act of 2018, which excludes CBD from the list, just passed last month. If that’s true, I see a double benefit. I can use them for my own chronic health issues and perhaps the bridge some of the gap in my budget.
Another New Year’s. I’ll bet most of us, through the years, have done every combination of resolution list that’s ever been proposed. In my high school and college years, I sat down and very seriously came up with the one thing that absolutely had to be accomplished during the ensuing year. It took at least a decade for me to abandon that method as a total waste of time. I can’t think of a single resolution that I actually achieved that way.
Then came at least another couple of decades of following different but somewhat similar plans every year: Don’t call it a resolution, make a list of the top ten things and be happy with crossing off 2 or 3, ten ways to stick to this year’s “goals,” rethinking what “achievement” means, etc., etc., etc.
So here we are – the cusp of 2018. What have I learned? Apparently nothing. I’ve put a different description to my contemplative end-of-year exercise and I choose goals that are a little more general in nature – like eat healthier (what, exactly, does that look like?), keep a cleaner house (like that’s going to happen), and make it to 2019 (I think that one’s achievable). I now say that I like to do a “mental reevaluation” of the year and where I’d like to focus in the next one but that sounds suspiciously like watered down resolutions, doesn’t it? Oh well. Who knows? If I keep at it, I may hit one on the nail this time. And what are those things that crop up every year? Publish a play, find a lucrative part-time outside source of income so I don’t have to worry about reverting back to my college living conditions when I retire (fun then – not so much now), publish a series of novels about my showgirl and casino marketing days (each one in a different Las Vegas decade), lose weight so I look as fabulous at 65 as any senior possibly can and check out another country or two as possible retirement sites. I’m not sure I can cram all that into one year so maybe I’ll just stretch it out for a few more.
Happy New Year to all you dedicated resolutioners!