This forum post is hidden because you have chosen to ignore foxieblue. Show Details
This forum post is hidden because you have submitted an abuse report against it. Show Details
Despite any resolve I had, I went my whole life without any appreciable savings. Somehow, even when times were hard, I managed to get by, and I still can't really figure out how. When I was 60 I was offered an early retirement by-out - not me specifically, just any employee who was at least 55 and employed for a minimum of ten years, so I qualified. In many ways I got lucky, although I prefer to call it blessed. I was able due to a contract to keep my health coverage and the company pays half the premium, so that was another good thing.
As a widow at age 60 I was entitled to collect on my first husband's full Social Security benefit, plus I could immediately collect the NY State retirement pension. I could work outside of the state and still collect, and as it happened I was moving to KY so that worked out as well. For the next few years I worked part time since at that point you could only earn a certain amount if collecting Social Security. At age 62 I took a look at my own SS, but it was less than my first husband's, so I didn't change over. That was probably one of my wisest decisions.
Then I met Tom and moved to northwest Louisiana, so we had two incomes and were comfortable. When he died a year later, I lost his income, but I was just turning 65, so again I checked my own SS and changed over and got an extra $300 a month. In Lousiana they have what is called usifrus - even if she isn't on a deed, a widow has the right to continue living in the home for her lifetime. Since I was on the deed, I own half and his kids own half. They can't do anything about my living here. It's a mobile home, but it's free and clear and situated on private property. I have no mortgage and no rent, and in LA if your residence is valued below $85,000, which this is, there are NO real estate or school taxes. LA is actually a good state to retire in. So all that worked out pretty well for me, but I still wasn't SAVING.
That being said, I'm frugal by nature. Not stingy, but I'm not extravagant. A few years ago, I started on-line banking with a small local bank and I opened a savings account. I could set up an automatic transfer of funds from my savings to my checking account, so that's what I did. If it's not in my checking, I don't spend it unless I have to. I started out small and then increased it. Not a big amount, but it helps. Sadly, something always comes up and I have to dip into it, but at least it's there. My refrigerator died, my car needed a new engine mount, my TV went and so did the hot water heater. It was always something. When my central AC/heat quit working, I was able to borrow the money from my bank to put in a new one.
This month I'm making the final payment on that loan. Now I've been managing without that $80 a month and I have made a decision. I'll take a break over December so I don't have to angst over Christmas presents for the grandkids, but starting in January I'm transferring that $80 a month from checking to savings. Oh sure, I'll have to hit it whenever something comes up, but if I've managed without it all this time, I feel I have no excuse to not save it. So wish me good luck and fortitude in my endeavor.