Sunrises, Sunsets, and Rainbows

Everyone is feeling the increased cost of inflation ...especially, retirees living on fixed income...  A visit to the grocery store, gas pump, Home Depot is quickly felt in the wallet. Food prices on many items have doubled (x2!).  Gasoline is hovering around $3.87 per gallon, up $0.31 from last month.  In some areas, cost of gasoline is $4.34 per gallon or more!!   Paint and many home improvement materials have literally doubled in price - for example paint that sold for $32.00 per gallon is selling for $56.00 and higher.  Some stains approach $70.00 per gallon.   The cost of labor has also increased. An oil change, using synthetic oil, is $45-$70, or more!!    I requested a bid to re-paint the roof trim.  The quote from a painter, who advertized that his prices were low, was $1900.00.  When asked how long the job would take, his response was 4 hours!!  Doing the math - that's ~ $450 per hour - for painting trim??!! ...

Do you have a spending plan?? My Spending: "Discretionary" vs "Essential"... During retirement, as with all phases of life, it is essential to understand the difference between discretionary "nice-to-have" and essential or fixed expenses as part of your budget.                                                                    Photo: D. McCallister.  Falls Creek, AK My Spending Plan " Making a budget or "spending plan" may not be the first thing you look forward to in retirement, but it's one of the most important things to do to assure that your retirement is on the right path. Along with an income plan that can deliver a steady "retirement paycheck" and an investing strategy that allows a portion of your nest egg the chance to grow, a realistic budget—based on all the sources of...

Truths About Life... The following article caught my eye: " 20 Brutal Truths About Life That Will Change the Way You Think and Live",  by Iva Ursano. A summary of several of the key points, quoted from Iva Ursano, with several thoughts of my own: " Life doesn't come with an instruction manual ...  ...we’re all just doing the best we can with what we know. Life is full of opportunities, growth, and learning experiences. We can transform our mindset and take charge of our lives." " Life throws hard curveballs ... it’s important to learn how to take the bad with the good."  After every storm comes the rainbow. " We don't know how much time we have ... ...s ay "yes" to life and adventure. Say "no" to anything and everything that doesn’t bring you joy."  Happiness comes from within. Don’t rely on external sources, such as money or possessions, to make you happy. Pursue meaningful experiences and relationships and learn to a...

  Spending:   A Surprisingly Hard Part of Retirement Our oldest son sent back in 2022 the following article: " A surprisingly hard part of retirement: Spending what you worked so hard to save ".   Linda brought this article to my attention as it resonates with me - it may also resonate with you.   Shift from "Saver" to "Spender" Now comes the hard part: " Actually letting yourself use your savings , since you will no longer be bringing in a paycheck". "Making the psychological shift from "saver" to "spender", not to mention "nest egg manager " - is no small feat..." "Unpredictable factors like market performance, inflation, life expectancy, and health make spending your money" difficult... Mind Shift: Your Retirement Savings are Doing the Work "Y our retirement savings are doing the work,  so you don't have to..." - Ask: "why is it important to you to have the same amount of mo...

Time is a valuable resource that, once gone, cannot be regained.     I recently came across the following article from "Best Life Here" .  The inciteful article offered 6 principles, of which 5 are summarized here (and, I have offered a 6th):   Do any of the following "ring true" with you??  " I should have traveled more... "    These are the "golden years".  With more flexible schedules, travel can be done at significantly lower cost by taking advantage of "off season" discounts.  " Start planning a lifetime of adventures by traveling to  bucket-list  destinations with family and friends." "T ake more chances in life .."   " Don’t look back on your life with big regrets."  This is the opportunity to learn new hobbies, acquire new skills.  "...taking risk opens to the door to even greater opportunities." " Make peace with family members ..."    Life is far too short.  " Bury the hat...

The following excellent article is quoted from Moneywise by by Amy Legate-Wolfe:  UNDERSTANDING YOUR RETIREMENT INCOME Retirement Income - Social Security "Social Security retirement benefits averaged $1,782 per month in February, for a total of $21,384 per year, according to the  Center on Budget and Policy Priorities . Broken down weekly, that’s roughly $450, not exactly a king’s ransom. Social Security: $1,782 per month ave. or $21,384 Americans 65 years and older reported a median annual income of $47,620 in 2021, according to the  United States Census Bureau . However, the median for all households came in much higher, at $70,784. Furthermore, the 65-and-older figure was 2.6%  lower   than in 2020. Especially once medical expenses are factored in, it’s risky at best to  count on Social Security to cover   all retirement expenses. UNDERSTANDING YOUR RETIREMENT EXPENSE American's 65 and over, spent an ave. of $49,872 per year The Bure...

Is inflation eating into your retirement?  (and what you can do about it) Inflation is highest it has been for many years.  Shopping for eggs, milk, gasoline, a gallon of paint, and more - brings a reminder of the impact that inflation has had on the cost of daily living.   Individually, we cannot control inflation.  However, there are two areas that we can control: reducing expenses and increasing income.  Here are some thoughts on both: TIPS FOR REDUCING EXPENSES For many retirees - taxes, insurance, food and gasoline, home ownership are probably your highest expenses.  TAXES:  Property, income tax, and medical insurance are probably your highest expense.     Some municipalities and counties offer retirees substantial discounts on their property and vehicle tax.  Several municipalities here in Alaska offer senior property discounts - 20% or more!  Tax on first two vehicles are "tax free".  Does your municipality off...