Semi retired

you know, people not just truck drivers, but everyone, think they can live on S.S alone, not going to happen. My wife and i sat down, did the homework on retirement, cuts it close. when i went down to the S.S office, she says " Social Security is not to be lived on alone, its to be S.S, Investments{ dividends} , and Pensions.} all 3 to make ends meet. I used to be able to Buy anything i wanted, not now! We have a few homes, and a few other major funds needed. but still cutting it close. Im pulling my pension, that will definitely put us back on track. You also have to remember, Medicare-$170 month, supplemental, with wife $400month, and you get taxed on S.S $300month, utilities, car mantainance, home owners ins. and the list goes on. Do your homework , study it very carefully, before you push that button with Social Security. I wish everyone the best of luck. Society has always Marked truck drivers as Low . But that has changed, Trucking is some of the highest paying jobs on the working industry. We have come a long way, and now have made Trucking a very profitable business.

 

I began my professional driving career 26 years ago as a school bus driver. I was making fairly decent money on the weekends as a bar band musician, so it worked out great for me.

Three hours in the morning, four hour break (lunch and a nap), then three hours in the afternoon. Most of the kids were great, but even the ones that weren’t were only on the bus for 30 minutes at the most, each way. I got full time health benefits (handy when I had my gallbladder out!), and had summers off, a week off for Thanksgiving, two weeks off for Christmas, and a week off for spring break.

The hourly wage was good, but it wasn’t enough to live on by itself, and when the band broke up, I made the switch to driving bus charters full time, but I can see going back after I retire from truck driving.

 

go to the S/S web site and punch your numbers in and you will see what you will make at what age you retire.

I live reasonably well on my S/S of 2K/month only. mortgage of 600/month and utilities. refinanced a few times to get it down to 2.5% interest.

plus, beer and bourbon, no car payment.

 

Well, yes and no. 1st, SS was never intended to be a stand alone income. It was supposed to bolster your "good" jobs retirement, if any. 2nd, for many, that's not how the cookie crumbled, and for many like me, it IS my only source of income. I read, 40.2 % of older Americans, or 67 MILLION, live on SS alone. Creeping up on half the older population. I learned real quick, it's not what you make, but what you spend. For example, I Iive in a govt. assisted housing for seniors, not a dive either, nice place, I pay 30% of my SS for rent, my medicare premiums( a total ripoff, btw) and stuff Medicare doesn't pay, are paid for by Colorado Medicaid, my medications are paid for by SS. I learned to adjust my lifestyle so I can live on $1449/mo. I shop at thrift stores, drive an older vehicle, and not buy that fancy ice cream either. BTW, if I do work, I lose my assistance AND have to pay taxes. It's better off NOT to work.
I disagree on the pay for truckers being that great. Seems it is about medium in the pay scale, and the hype would make you think it's top notch, but service or healthcare industries far surpass that of trucking. I see what you are trying to do, continue on the same path in retirement as when you were working, and it doesn't work that way. Something has to give. Retirement for me, was worth giving up that fancy ice cream, I'm finding out, it's clearly what you make of it, and working while retired is a conundrum and wasn't part of the plan. We all worked enough.

 

One of the things that people need to realize that the best path in retirement is to not have a mortgage. Downsize before you retire and use the equity in your big house to buy and pay cash for your small house. Or like in my case, have it paid off completely before you retire.

 

My wife and I spent the last 10 or so years Preparing our house for retirement. New roof, new HVAC system, new soffit and facia, painted, new appliances.......just about everything was replaced and/or repaired....oh, new replacement windows throughout.....lots of stuff, just a little at a time. Paid off house completely last March and now we live on SS entirely. We both do about $2k each and I manage to save about $1,000 a month. We have no car or otherwise payments. Our all in bills except for food, booze, and cigarettes is about $450.
So, living on SS is totally doable, but you have to think ahead. (Oh, also, no boats, RV's, motorcycles, 4 wheelers, etc).

 

Wife and I did almost the same, the day I walked off the yard at Overnite, I made my last house payment. Since then, I have worked part time and with the income I made from part time driving, it all went into a "nest". We lived off what we got from S.S. No debts, other than groc, utilities, and normal maintenance on our cars and home, God has richly blessed us in our "old age".

 

My biggest retirement gripe? Without question, healthcare. I've gotten in hot water here for my views on that, but it was something I was totally unprepared for. You can't win. Supplemental ins? Go ahead, you have to pay somehow. Many states, like Wisconsin were the worst offenders and I'm very lucky Colorado has many options for seniors. Funded by the dope tax? Who cares.
I do need to say, for future reference. I read, if you are in SS now, or have enrolled by 2034, nothing will change. You'll have benefits for life. It's one of the 1st things after military that comes out of taxes. AFTER 2034 however,,( down from 2035) the fund will no longer be able to accept new applicants, unless something is done. Who robbed the SS fund, was it Clinton or Bush? Apparently, every president since 1983 has borrowed from the fund.

 

I Grew Up Middle Class: Here’s What It Taught Me About Money (yahoo.com)

One of the things my wife and I had to get used to was not cooking for 6 people. Now we portion out stuff for just us and maybe a bit leftover for lunch the next day. You'd be surprised how much money people waste by throwing away food.

Americans Waste $240 Billion in Food Each Year, Study Says (usnews.com)
The average U.S. household fritters away nearly $2,000 in food annually, a new study suggests.

 

Well said my friend, and , im trying to live the same lifestyle as when i worked, your exactly right. it sucks also. i miss my lifestyle when working. We have a lot going on with finances, once we clear it up, we will live better than the years working, very frustratijng right now.