The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retire Well on Less

URL:  https://boards.fool.com/i-could-pay-my-basic-expenses-on-social-security-32720355.aspx

Subject:  Re: Un burdnening my kids of my old O*( Date:  5/22/2017  10:14 AM
Author:  workwayless Number:  1771 of 1929

I could pay my basic expenses on Social security at this point.

I too found it useful to have a frame of reference for establishing low cost budget.

Many years ago, my employer had announced layoffs were coming. I assessed my situation: 1)I had very little in savings and 2) Even though I had good paying job, my state's stingy unemployment benefits meant benefits would replace only small % of earnings. So I decided to lower my expenses so that even if I worked at minimum wage job then I could still cover my expenses. With that in mind, I bought a condo which lowered my housing expenses significantly.

I survived the layoff and started saving at accelerated rate. Ironically I did get laid off many years later--however by that point I had sufficient savings to that I didn't have to work at all.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us