We are actually up almost $12k from October 1st's net worth overall(only liquid cash/investments/bonds, as I don't count housing or car values). The retirement accounts were up $6K+ for November 1 from October's calculations and the cash reserve/non-retirement accounts were up $5K.
I didn't post the October 1st Net Worth...how did I forget that? lolz
We were almost $13K up in Oct. from Sept. net worth so this month is a bit lower but still, I'll take it!!! 8-)
I didn't post the October 1st Net Worth...how did I forget that? lolz
We were almost $13K up in Oct. from Sept. net worth so this month is a bit lower but still, I'll take it!!! 8-)
We are up $90,426.96 from one year ago, in the November 1st of 2015's net worth snapshot. Even with miserable interest rates and a lackluster stock showing lately, over the course of a year it still grows at a decent clip when you have a good chunk of money invested. ;-) Even though we are mostly out of the stock market with our investments now since we are so close to retiring we still earn a nice hunk because of the size of the pot.
We are still in acquisition mode as Hubs still has a good income. Unless something unfortuitious happens we should keep rolling along and tucking money away, even with our expanded living costs with 2 grown kids home fulltime, for at least another year+. The plan is still for Hubs to retire once College Boy graduates college but the moving away piece of the puzzle won't be happening quite as soon as that since Daughter is still living here so she can finish school.
Some people wonder why I am so focused on saving so much money for our retirement.
We have no pensions(government or private company)coming to us from an employer is at the base of this thinking so we can't rely on that steady monthly income stream to help keep us afloat in our old ages. We will receive SS however(unless it goes belly up or close enough to it that the Asshats in Washington start means testing who will get what they put into it-but that's another rant for another time).
The main reason being twofold--
1-Hubs will be retiring before the age when he can collect Social Security benefits and receive Medicare. Since I am even younger, that means I will also be healthcare shopping(+ 9 extra months worth for me)on a Government Exchange(or whatever the system is that is in place at that date)once Hubs employer isn't extending their coverage to us, before I can receive either SS or Medicare too. Hubs employer gives retirees a lump of cash to cover some medical once they retire but it's not even close to what health premiums and deductibles will cost for those 4-7 years we may need to "bridge" to SS and Medicare. We also have an HSA which we haven't tapped yet and are also squirreling money away in for later use, once Hubs retires and our medical bills increase.
2-I have chronic illness and am a "frequent flyer" when it comes to health services. Except for 1 short term issue, Hubs has no health problems(well, if you don't count that I am a pain in his ass). He takes nor needs any medications.
Lucky duck! lolz I will always need healthcare and I suspect the costs will just keep going up(Ya think??). Sluggy is NOT a cheap date...... ;-)
My thinking is no matter how much you think you will need to live when you get old, it won't be enough. At some point it's going to run out.
So save whatever more you can, when you can as long as it doesn't take away from your quality of life now.
So I just keep plugging along and updating "where the money stands" until something changes.
Did you increase your net worth last month?
Do you have a retirement plan in place?
Some people wonder why I am so focused on saving so much money for our retirement.
We have no pensions(government or private company)coming to us from an employer is at the base of this thinking so we can't rely on that steady monthly income stream to help keep us afloat in our old ages. We will receive SS however(unless it goes belly up or close enough to it that the Asshats in Washington start means testing who will get what they put into it-but that's another rant for another time).
The main reason being twofold--
1-Hubs will be retiring before the age when he can collect Social Security benefits and receive Medicare. Since I am even younger, that means I will also be healthcare shopping(+ 9 extra months worth for me)on a Government Exchange(or whatever the system is that is in place at that date)once Hubs employer isn't extending their coverage to us, before I can receive either SS or Medicare too. Hubs employer gives retirees a lump of cash to cover some medical once they retire but it's not even close to what health premiums and deductibles will cost for those 4-7 years we may need to "bridge" to SS and Medicare. We also have an HSA which we haven't tapped yet and are also squirreling money away in for later use, once Hubs retires and our medical bills increase.
2-I have chronic illness and am a "frequent flyer" when it comes to health services. Except for 1 short term issue, Hubs has no health problems(well, if you don't count that I am a pain in his ass). He takes nor needs any medications.
Lucky duck! lolz I will always need healthcare and I suspect the costs will just keep going up(Ya think??). Sluggy is NOT a cheap date...... ;-)
My thinking is no matter how much you think you will need to live when you get old, it won't be enough. At some point it's going to run out.
So save whatever more you can, when you can as long as it doesn't take away from your quality of life now.
So I just keep plugging along and updating "where the money stands" until something changes.
Did you increase your net worth last month?
Do you have a retirement plan in place?
Sluggy
Sluggy, don't employers, by law have to allow employees to continue on group insurance plans aka "COBRA" for up to 24 months as long as the former employee pays the premium costs in full? Usually cost prohibative. When I divorce, since I carried the ins. for the family, DX was given the paperwork. Approx. $20,000 if I recall, per year for a high deductible plan.
ReplyDeleteYes COBRA coverage has to be offered but the term they allow varies from 18 months to 36 months, depending on your company and terms of separation. And employers can elect to cover premiums fully or require that ex-employee pays a %....it all depends on your employer. Depending on the terms and your employer COBRA can be less or more expensive than than an exchange plan on the ACA.
DeleteHaven't calculated our net worth for the month yet, but did see my 401(k) dropped by $7K this month. I hate that. I will be getting a pension from my work place and am a mere 4 years away from qualifying for company provided retiree medical (fingers crossed they don't get rid of it before then). Even so, I just increased my 401(k) contributions by 2% bringing my contribution up to 21% of my salary and providing a little catch-up $ since I'm over 50. Did it simply because I too fear that no matter how much we save for retirement it will never be enough, in spite of what our financial guys tells us.
ReplyDeleteYours - DeeCee
Hubs firm use to provide retiree medical fully in-house, but they changed a few years back to just giving every retiree a lump sum of $ and saying, "Good Luck with that." With the way the business world is going I think I prefer that lump sum to being in a system that is going the way of the dinosaur.
DeleteGood on you for increasing your contribution %. We need to do a little catch-up cash infusion into ours too since we are of that age as well.
Those financial "guys" don't have a crystal ball no matter what they think, right? Best to keep your own eyes on the ball.
We are so far off, it's like a dream or a nightmare.
ReplyDelete"My thinking is no matter how much you think you will need to live when you get old, it won't be enough."-And that is our biggest fear. And don't get me started on S.S. It better be there is all I have to say about it.
Well you have more time than me you young kid you! Don't panic....once you get the house paid and the kids off the payroll it gets better.
DeleteEveryone spitting blood lately over this POTUS election doesn't help. What we really need to do is to get those asshats in Congress OUT! They no longer represent the "regular guy" out here. I say we all go buy flamethrowers and March on DC and burn that shit to the GROUND!
Excuse me....I'm have a "Network" Moment....
Hillary has mentioned a plan where younger folks can buy into Medicare- I have met several professionals through the years who were interested in something similar. They needed affordable health insurance to retire in their fifties and were healthy. I've been colecting social security for several years so can't complain! Now that I'm past retirement age, I can work and still collect but I also am paying in every year. I love my job and won't be retiring as long as I am healthy. Maybe your husband can find something he really loves to do and make money doing it- not at the income level he has now but he won't need that!
ReplyDeleteHubs is NOT interested in working for $ in retirement mainly because what he loves to do isn't something people pay well for.....drink, play chess and watch baseball.
DeleteI am dubious about any HRC plan to expand Medicare as I am dubious about government being able to deliver/oversee reasonably priced and safe medical care. What we need is competition in the market on the ACA-where companies are not shut out of certain markets AND there is TRANSPARENCY in pricing and the consumer can shop for services. That would be a great start!
Here's my two cents, from a full time retiree, now living amongst other retirees......I have found out most of my friends, who are 100% retired, regardless of how rich or middle class they are, regardless of their pensions, investments, social security benefits (unless they are multi-millionaires, of which I know no one) they all have to hustle on the side to make a few extra bucks. They need that extra $200 to $300 a month to go out to eat, have fun with their friends, get involved in a sport or hobby. Please don't think you can be retired and be giving up having fun. Because you can't do it for long. Even a game of Bingo or Trivia can cost ya! Everybody has to bring a covered dish to any event. No one can host a dinner party without some contributions. And these are people who drive Mercedes and Lexus. I think the sad truth is regardless of who you are or how much money you have saved, you still have to hustle in retirement.
ReplyDeletePersonally, I don't mind. It's very rewarding to make a few extra bucks in retirement and NO job (or pay rate) is beneath me (or my friends).
Good luck.
I am not worried I am coming to take care of you. Will you feed me?
ReplyDeleteCome on over! I promise to feed you(whatever I can get for free or cheap at Weis(PMITA)Markets and I won't even make you bake tasty treats 24/7....or sew.....or teach.....unless you really really want to. And I might even buy you a diet Coke now and again. ;-)
DeleteI was so pleased I did not need medications except for an allergy pill. Then, all that changed on a dime. Hopefully, he will continue in good health. And, hopefully you will not get to be a very expensive date. Means testing should NOT be a part of SS, but I am sure someone will figure out the Constitution should have.
ReplyDeleteWe have a retirement plan in place, but I don't think TheHub will ever truly retire. I think when he "retires" from this job he will go to work as a consultant.
ReplyDeleteWe had a good month as well. Stock continues to vest, our portfolio continues to grow, and we pay down our mortgages. We did spend more than usual this month, but grew our net worth by about $160K. It was an unusually good month
ReplyDeleteI have a friend in Missouri that drives the senior center bus and loves it. Working in retirement does not have to be even parttime. It can be sporadic or involve a few hours here and there. Most of my friends have some sort of side hustle for entertainment expenses. They don't need money, but they don't want to spend their savings or other moneys. Even with pretty bad disability situation, I have found ways to make a bit of money. Most of those have ended!
ReplyDeletepparsimony
We contribute a small amount to our retirement now, as it is mostly funded. We have assets paid off and unfortunately expect to get another small inheritance (I say unfortunately because my poor Motherinlaw is in very poor health and that is not how I want to build my net worth) in the next few years. We have taken a sizeable hit this year in stocklosses but at the same time our properties (2) have increased so about evened out. We continue to make $6000-$10000 a year in dividends outside our retirement funds (taxable in canada at 50% normal tax rate). We have our business which right now isn't sellable to someone else but down the road might be to the right individual as we have a high performing website and online sales training. If we had to shut the doors tomorrow I would easily be able to go back to work for the next 10-15 years if something happened to hubby. I would happily sell off assets if we had to go to that. I am not worried in the least about running out of money, probably because I was dirt poor as a kid and it only gets better from there :) I know we have a different philosophy on that but we live way way way below our means. We have 1 economy old truck car and 1 luxury car 3 years old (used to have 3 now it is even cheaper) and could easily get by with one vehicle if we had to lower those costs. I do feel the system in Canada is set up a little bit better in terms of medical costs (we self insure and at most pay $5000 a year for all medical/dental/visioncare costs including our monthly medical premiums) and retirement funds. I have little fear that Canada will run out of money in that regard as we pay higher taxes off our wages but definitely get our money's worth. I wish the USA would get your medical sorted out to make it easier on the average human but unfortunately it doesn't sound like that is going to happen no matter who gets elected.
ReplyDelete