For all those who are using channels like this to see if they could retire too, please consider the following suggestion; before leaving the workforce and your predictable paycheck behind, practice living on your projected retirement income for at least 12 to 24 months. Take all extra cash and save it in a money market account to build cash reserves. Don’t cheat. Experience the emotions of not having enough at the end of every practice month and make adjustments. You’ll figure out what is right for you and your family before you potentially close a door you can’t replace. Good luck 👍
In 1981 when I became pregnant with our first daughter, we started putting my whole paycheck in the bank never using any of it! We needed to start living on only one paycheck, I wasn’t going back to work that was our plan. It’s a good idea what you are saying!
Something to think about. Drop the cable and get a fire or Roku stick and stream. Lots of free stuff and you can get something like sling for around 40 bucks per month..purchase an electronic antenna to get your locals for free. Those antennas work really well and as clear as cable. Just a thought .
True, however, the carriers bundle the services in a way that you don't typically save much by cutting cable TV just so you can have unlimited streaming internet. At least where I am.
That's why I would have to drop everything from Cox cable. I could do T-Mobile Internet for less, and try the app thing for TV. You're right though, you won't save much because of bundling if you cut just TV. Buzz
@dCaddyshk That's big lie. I told Comcrap. I want only the internet. They pulled the same crap. You won't save much by cutting the cord. By canceling the TV service. The bill went from 165 to 76.
@@dCaddyshk I guess it depends on what content you want. I get sling blue for around 45, 100 gig internet for 50. Netflix’s is paid by my T-Mobile service I’ve had for three years. I do have a prime membership so some content there. Then there’s freevee and tubi which cost nothing. Pluto is another app. I’m sure there’s more apps. I get all the locals for nothing with FTA antenna. So my internet, Netflix, sling, and locals run me around 95/month. Prime tv comes with my membership which is 16-17/month. If I had cable it would be more than double that for what I need or want.
My average monthly grocery bill is less than your cat food/bird seed expense. I think it helps a lot to buy ingredients instead of meals (cooking meals from scratch). Make enough for several meals at one time and freeze the leftovers for another day.
That works when you are in early retirement. As you age, you are not able to do a much in kitchen and need short prep time meals or someone to cook for you. I'm talking 80+.
@bonitaburroughs8673 I second your take. My mother is 86. She used to be prolific home cook. I was spoiled not having to cook myself for decades. Now I cook for her daily because she isn’t interested in cooking anymore. If I wasn’t home, she would eat junk food and instant noodle while the fridge is full of meat and vegetables and pantry is full of dry goods.
@@33Jenesis I think my mom would live on Nilla Wafers lol. She is almost 84. She was a good home cook and loved to cook. Health problems have changed all that. I cook things she likes and how she eats some. It's all we can do.
@bonitaburroughs8673 Haha my mother can survive on saltine cracker alone. Old ppl are like babies, their stomach doesn’t like complex food. They want simple easy to digest and absorb food like carbo and sugar. I enjoy eating the food I cook because I know one day I may say no to pot roast😂
You are still young and have time to do good things. Get rid of all your debt and cancel subscriptions to everything and save, save, save. Debt will ruin your retirement dreams.
I subscribed today after watching 2 or 3 of your videos because you come across as being earnest, and that is part of my personal value system. We did our best with the cards we were dealt. I take money from the bank once a month, divide that by 4 weeks after putting aside embedded monthly bills, and that's what I live on . I wish your channel the best.
I gave up the TV&cable after my partner died. He liked to watch football. I only have my unlimited cell phone service for $50/ mo. I recently found I can watch " free movies on CZcams sci-fi, action, dramas, martial arts and foreign. I'm content .
Thank you for this video, not all of us has 100s of thousand dollars in retirement, for what ever the reason might be.I am 62 and going to work to 66. sell the house and move to a cheaper state.I plan on having a side hustle to bring in 500 a month for a while. Keep up the great videos!
Hi, 68 here and work part-time at home. There truly are some online websites where you can, on your own schedule, bring in maybe $100 per week. For not too many hours. That would change things! I agree with another post, to work part-time while you are able. You are really cutting it close. My phone is Tracfone, $15 per month for what you are getting, then $10 to add data as you need it. Never had a problem. Been on it for 6 years. I don't have cable, but have a smart TVwith CZcams and one streaming service that is $10. You can't have it all...time to make some decisions on what you can or cannot afford when it comes to news and entertainment. I understand pet costs....it is crazy. And, that doesn't include vet costs when they get sick. Food...sorry, but your line item is crazy! You could save so much if you cook more at home and freeze big pots of soup in baggies, and casseroles, etc. And, eat twice a day. Love your videos....keep them coming, and thank you for being so transparent! You are helping a lot of people. Build this CZcams channel! Learn how to add Amazon affiliate links in the note section.
I have a tracfone too. I just bought a one year plan for $80. That doesn't include any data or time, but I have 11 gigs of data saved up and about 10,000 minutes. I hardly ever use my phone and never use it for data. I agree his food budget is nuts. We live in Maine and eat a lot of local products (potatoes, lobster and scallops) and spend well under $500/mo for the two of us and our cat.
@@Judes121 Yes, I am continuing with a few this week, and will come back here next week and report! I need some results before reporting! Thanks for asking.
I really like the way you put these videos together. You seem like a good guy and you give a lot of people hope that they can retire at a decent age too.
Buzz's videos are some of the best on YT. Too many clickbait videos on why people should retire immediately. They are basically overhyping retirement by telling people what they want to hear. Buzz's videos are real world, which allows people to see where they stand. Obviously, for most, it's great to have the option to retire before 60. But about 80% are now retiring 60 or later. With inflation, I think that number will go higher before it gets lower.
Wow, that’s an awesome income from s.s. The white board is nice actually and definitely all that is needed. I’m thinking people watching your nice presentations are in a similar position as you and your wife. And don’t need a fancy show of technical whatever just want to listen for new ideas and to feel a little comfortable knowing regular people and enjoying your company with your videos of someone close to my age. Thank you for another video always enjoy them. Big Dave Ramsey fan here too for years now. An azul fan too, subscribed to both .
Look Buzz the facts any way you put it together is Great!!! You are doing retirement close of what we are are looking at in retirement!! So thank you and keep it coming your way!!@ GREAT SHOW!!!
🎉 Happy Birthday to the Mrs. Buzz.Definitely do something P/T sooner the better 3yrs in a couch potato +25lbs have recently started at a gym & volunteer for meals on wheels the social is uplifting & also working on the +25😳! New Subscriber All The Best To You! Be Well Be Safe & Stay Blessed. @ Keith Totally agree Buzz has got a Good formula! My wife & I are pretty fortunate but it still bothers us about Phones,Cable & the food inflation. Keith All The Best to you & yours in retirement!
I use Tello for phone. Internet, only Comcast 90. Streaming, I use Amazon $140 year and paramount + $15 a month. Local channels use outdoor antenna. Love your channel. O yeah Happy Birthday Mrs. Buzz!
You seem like a great guy Buzz. I hope you figure all of this out sooner than later. You don't have any descretionary income (you're running a negative) so descretionary stuff like cat food, "numbers", and that hearty food bill need another look. I don't know that SS was created to provide a full retirement and trying to ride this out another 22 years or so (statistically) on SS alone would seem really problematic. I appreciate your candidness on your videos so I hope something happens that will allow you to slow down (but maybe not stop) and live a comfortable life. I am going to pull for you in months to come but consider getting a side hustle or something to do while you are able.
Good advice! When I retired for the reasons I did, I figured a part time job would be in my future,. I want to chart for 8 months or so and see how things go. Thank you for commenting! Buzz
We use the T-Mobile 55 and older plan as well as their Internet. $60 for phones, $45 for Internet. Got a amplified antenna for our local channels. Keep up the good work.
I'm hearing about T-Mobile Internet from community forums. Nobody complaining, which is unusual for community forums. Lol. I'll figure out cable soon. Thanks! Buzz
Thank-you for these videos! I subscribed, because as others stated here, you're pretty transparent about how things are going. I'm not even 60 yet, but I'm planning on retiring around 62 depending on how our health holds out. I think a lot of people our age are going to find ourselves in a similar spot to you: no where near $1M in retirement funds and looking to SS to cover greater than 50% of our expenses. Wishing you success!
Being retired my stress level has dropped100 notches. Sometimes I would look at my hands and see how clenched they were and had to tell myself to relax and watched my hands go back to normal. That problem is looong gone! Buzz
Really enjoy your videos. I will be 64 in July and think about retiring everyday. Little scared but your budget let me know that’s the first thing I need to do is to see where I am per month. Keep the videos coming
Very important to know if your bills will be covered. Can't have any big debt unless you've stacked a lot of money. I may still have to work but I'll take some time to enjoy retirement. Buzz
Good morning Buzz and happy birthday to your wife! I have watched all your videos and I really enjoy them. You are a natural in front of the camera and easy to listen to. I'm thinking about retiring at the end of the year so I'm trying to learn as much as possible from you guys before then. Take care, Larry
Happy birthday to Mrs Buzz 🎉 Great video, thank you for sharing. My grocery bill was higher this month too because of 5 weeks of shopping instead of the usual 4. I like the whiteboard, simple and understandable. Hoping next month is a little cheaper for you and the Mrs.
Hate to be the bearer of bad news, but universal life insurance is rip off. That is not opinion. That's just a fact. Never combine insurance with your investments. Always carry term insurance which is way cheaper and then invest the difference. I would highly recommend you sit down with a trusted agent and look at your options. On the bright side I can save you about $200 on your cable. Just pay for internet only and then buy an android box. You will get every and any channel you want including all the premium channels and pay zero dollars a month. They cost about $200 to $300, which is the cost of only one month's cable bill. Then zero cost. You do however need one for each tv. It's an option for you. Rock on.
@jimfarmer7811 exactly no need for life/death insurance at your age and assets Save that 200 bucks a month and stay retired your ss is plenty for your lifestyle, and I'm sure you have emergency fund set aside for the unexpected, your too smart not to
We retired early with modest savings by living in a duplex. Paid it off over 14 years so the rental income covers all of our housing expenses + auto insurance, phone and internet/TV. Great video!
First time viewer. I enjoyed the honesty of your budget and willingness to look at ways to pare it back. Good you took care of some big items before retiring and have no debt. Lots of room to make some updates and live well = lots of video content. For some, paring back is best done in layers to adjust. Many of my fixed expenses went up 13-100% in less than a year which is tough to absorb as a single person in a very high cost state.
Appreciate your videos as I am 4 1/2 months from retiring myself. Knowing myself I am going to need a hobby business to stay out of trouble. I have been working since I was 16 now nearing 60. I think I could find something to work at that i enjoy and add to the financial bottom line at the same time. Thanks for your videos!
Just like all the similarities in your last video.....we both had exactly the same amount of Universal Life from State Farm for decades as well, it was a good deal as it earned nice value; it served us well, but we both cashed ours in, paid off my new truck and her new Jeep, and put the rest towards our Funeral Arrangements and burial plots, so that's taken care of as well. We love Aldi's and we're not over $600/month either (so you need to go there) :) . Our Property tax is exactly what your is, and I agree with your viewers, you need to get rid of the cable. My son is on CZcams TV and me and my daughter all split with him since you get 3 accounts and that's only $25/month and then the Internet is through Cox cable and that is $65, so both items are $90/month and don't need anything else if you get a Roku. Love watching your videos since we are withot a doubt doing the very same things ......have fun.
Thank you! I do have some work to do and comments like yours help me to evolve. In retirement, I have more time to educate myself on how to reduce costs. Thanks for sticking around my friend! Buzz
Aldi is a must to chop the grocery bill. Not everything will tickle your fancy, but the staples are fine. Fruit, veggies are way cheaper. They have different inventory all the time too.
I will reduce. Admitting the problem is the start to fixing it. I'm smart enough to know if it affects my budget something has to change. Thank you! Buzz
I worked for the same company for over 44 years and retired with a pension and social security. Large 401k balance. NO DEBT. I was reluctant to retire at 63 but I did and I'm glad I did now.. I haven't touched my 401K and its grown substantially. I'm almost 67 now. I wouldn't be able to sleep at night if my expenses EXCEEDED my income after such a short time in "retirement". I certainly wouldn't be spending $240 a month going out to eat....
$240 a month dining out does not take much effort these days. Dining out costs have become prohibitive. Even 2 people in a fast food joint can be expensive.
I hear ya on his expenses but a social life is very important. , my job for years was budget control , I could give Buzz few pointers but I do not expect he would take my advice. His home tax is proof we the people never really own the "American dream , we just rent it. I live on a lot less than they do but I had to make choices to do so , and I am thrilled I did. $235 a month for cable TV ,that can not be true , is it really that high now ? ( ;
Thank you for your comment. I retired early for different reasons. See my 3 reasons video. Also, I had cancer 10 years ago so I don't know how long I'll live. Worst case, I work part time, make 22k a year without affecting SS. Life could be worse! Buzz
Great vid . I also watche Josh , Dwayn , Holy Shmit , Azul and others to get some tips. I'm like you worth100 k , but 5 kids growin up just fine. I'm just turning 59 and so happy I jumped out of the rat race . My spirit is abit free now . kee[ goin
Hi Mr Buzz! I am retired and both my wife and I are looking at our expenses for when she joins me in retirement which is a little way off yet. You inspired me to start the spreadsheet off today after watching your presentation (which I was going to do in a few years time nearer to the actual relevant date) to get a 'real' insight into how retirement could look. Useful to do, needless to say and a really good exercise to perform and analyse. I agree with you that generally costs are only going to go up (inflation, global supply chain issues, regional influences) and I don't think your model is too far off mine (I live in the UK). Food is indeed a big one and like you I budget for cats and bird feed in addition to our requirements and the final tally is pretty much the same as yours. I also watch Duane's retirement channel too to get some good advice and general chat about retirement stuff. One thing I am doing in populating a 'wish list' of high expense items to buy before the retirement decision is finalised which will then mean a flatter (but not flat) expense line in proper retirement. There are of course always things that could be trimmed but a balance needs to be struck between living (whilst alive) and not. Thanks for your honest and likeable presentation style and I wish your channel every success and growth in the future.
Thank you for your kind comment! We did get our high expense items purchased before retirement. Addition to house 1997. New roof. 6 years ago. New TV last year. I have to reduce the food budget and cable which I'll work on. Thank you again. Buzz
Hey Buzz! I"m over in Illinois and enjoying your videos. I'm 58 and plan retirement in next few years. My wife and I have been using Food Saver and putting up long term food storage to keep food costs down! Good luck! Also, I've also been an astronomy nut all my life!
@NoPurpleCar I've had a lot of scopes over the years. I have an Apertura refractor right now on a Star Adventurer mount. I'm way down in Southern Illinois where the sky is dark and Chicago is nice and far away.
I love this! The grocery line does seem super high for two people, as you’ve pointed out other people pointed out. Seems like it could be half of that. For context, I live in NY and my monthly groceries are under 300 for one, and I eat very well. No processed food and lots of healthy food. You could make it a bit of a game so that it doesn’t feel like depravation. You can get your cable down by calling alternate providers and getting their intro rates. You can then quote the competing rate to your current provider and they’ll generally match it. Alternatively you can cut cable, which I did about 15 years ago. I’m a news junkie and can get it all streaming, so that’s the other option. Keep it coming. Great content.
Thank you for commenting! Yes, we're working on it. My wife is gluten free so some of the items we purchase comes with a higher price. Let's see how February and March go. Buzz
As far as cable goes, look into getting a TV antenna. You likely have 15-20 channels locally that will all have great reception even with an indoor antenna since you are near/in a city.. In my case I have never actually had cable TV, so I don't miss it. Cable has only been available where I live for about 5-6 years. You need to seriously look at what you are eating. We buy very few brand name products. We get store brands instead and they are fine in most cases. My one exception is mayonnaise. The two of us and our cat have a food bill under $500 a month and that includes paper towels, TP, kitty litter, etc. I went shopping today and spent about $156 for a half month's food. We do eat a lot of locally produced foods such as potatoes, lobster and scallops. We live on the Maine coast and buy our seafood direct from fishers so lobster and scallops are cheaper than beef. We spend about what you are spending, but that includes two cars and our yacht. When we sell the yacht in 4-5 years our expenditures will go down a lot, plus we will have the cash from selling the yacht. Other than the yacht our biggest expense is our health insurance which runs about $10,000 a year (Medicare with F supplements and drug plans). Supplement plans are expensive here ($235/mo each).
Accidentally ended my comment before I meant to. We are retired & like your openess & humbleness. I did subscribe to help you out 😉. Wishing you all the best!
The other variation in groceries is that if you weekly shop on the same day each week you will go shopping 5 times in a month every 3 months and not 4 times. Hopefully you're getting some decent interest on your savings. You're probably already doing it but we will stock up on stuff that's on special that will last and that we use. Even some foodstuffs such as pasta, rice, canned stuff etc have a long shelf life and can be easily stored.
Good points. Yes, when we see a good deal on something, and shelf life is long, we try to get extra. A 6 month spending trend will tell us more. Thank you for commenting! Buzz
I watched you today because I grew up in Parma,Ohio and and it seemed a trip down memory lane. My husband and I own 2 homes and spend 6 mo in California and 6 months in Washington State currently . You may have done better to wait until you were Medicare eligible. It might be interesting to visit your meal plan and see how you spend your grocery money. And yes Aldi has great things as basics and has great sales. I see you are trying your best you can and everyone has their journey
We spend between $500-$700 a month for food. The reason this happened for us is that we decided to improve our health by eating whole food plant base. I was the kind of person that ate meat for every meal and snacks. I didn’t care for side dishes. I am surprised I love now eating fruits and vegetables. I eat meat maybe once or twice a week. So this may be something to research for your health and save money at the same time.
Happy Birthday to the Mrs.!! You've shown that it is possible in some cases to retire on Social Security. Husband and I retired almost 2 years ago. It surprised us that we could probably do the same. However, we are fortunate to have retirement accounts for back up. We've had success switching our phones to Consumer Cellular and dropping cable tv. Wish we'd done that before retirement! We gave up a landline phone years ago. Sharing your information is very helpful to everyone. Wishing you the best on your retirement journey.
She says thank you. When I retired my original goal was to work again in January which would have given me a 3 month vacation. If I didn't go to work right away I had to make sure I could try to live on SS so that I didn't have to touch savings except for emergency or vacation. If I can spend less than I earn then I can enjoy another 9-10 months of vacation and then work part-time through this winter and bank some more money. We'll see. Buzz
That's a great deal. I have 2 lines unlimited with T-Mobile that's $60 a month, which replaced what I had before that was like $180 a month! Might look into it.
Hey Buzz, I’m impressed that you are willing to share so much personal information. You haven’t mentioned car and home insurance in your monthly expenses because my home and car insurance really jumped this year as did the home property tax because of a re-evaluation. If you live in a metro area there are plenty of TV stations over the air ways. I get 55 channels because I live between 2 major cities so I can get both markets, but there are some duplicates stations. Happy retirement
I just found your channel. Retired in July 2021 and my husband was diagnosed with stage 4 prostate cancer two months later. You never know what's going to happen. I appreciate the information you give. We're doing well at this time.
At what age? Normally once you get much past the age of 50 term rates get pretty high. I purchased a $1m, 20 term policy @52 at just less than $2k per year, which at that age was a fair rate, but at 63 that policy would be well in excess of $6k per year.
@@bradk7653 Ah, I see what you are saying. My husband purchased this 22 years ago, and he is 60 now. It will end in 3 years. Do you still have that 20 year policy? I thought you said you have universal, so I wasn't sure.
I got rid of cable and don't miss it. My Wi-Fi is $50 a month. I use Aldi for milk, eggs, fresh veggies and fruit. I eat out maybe twice a month. My cell phone is $40 a month. I live alone and can put 2k a month into savings. I have no debt except for a mortgage. I live well within my means and my late husband and I always did.
This is a good read! I'm working on my expenses. Hopefully February and future will be lower based on the work I'm doing. Thank you for your comment! Buzz
Only a couple months into your retirement and you are already in the hole. I wish you the best of luck. But in my opinion you are cutting it too close. There is no room for unexpected emergencies. You need about $600/ month more than you have. I hope your side hussle kicks in more. I wish you had waited to retire for another 2 years. Another potential option is to reverse your decision to retire. You have a few months before that option goes away.
Thank you for your comment. I needed to retire when I did (see 3 reasons I retired at 63 video). I did have have intentions of working again but I wanted to see how 6-10 months would go. I can work in the winter to pick money. We'll see! Buzz
I've been retired for about 5 years. Like you, I retired at 63. I agree with Havocdog, not enough reserves. What happens when the car needs a big repair? The roof starts to leak? How are you going to pay for (inevitable) dental work? I'm scheduled for a new crown next week...that's $800 with insurance! Home repairs and maintenance are the single biggest budget breaker there is. I think one of you is going to have to work part-time to keep up, otherwise your modest savings will quickly be depleted. Good luck.
Suggestions: Cable/Internet - look at what you are paying for and consider reducing services with corresponding reductions in monthly bill. Life Insurance - Cashout of the universal policy and shop a good twenty year term policy which should allow you to increase amount of insurance while reducing the monthly payment and fixing it for the twenty year term. Food/Household - Don’t track spending; start with a fixed amount $1,000 or $1,200 and then live accordingly. Holiday Gifts - Limit gift giving to grandchildren less then 18 years old only; adults don’t need more stuff that straps your monthly expenses. Good Luck!
For cat litter, try EQUINE PINE pellets sold in 40lb bags at Tractor Supply. They are under 10.00. It is the same stuff as Feline Pine, only it is for horse stalls and for some reason the Feline Pine is way more expensive because it is marketed for cat owners. I used it for several years for my 2 cats.
@@NoMoreTears64I've been using pine pellets for years too!! Best litter out there, non toxic too.. my 21 cats I spent a bit more than $30 per week. Plus 2 horses + chickens. I didn't plan on the farm being sold out from under me..
I retired 5 months before I was eligible to begin drawing early social security, that was May 2021. I was so ready and when I sat down with my financial advisor she showed me it was possible to draw from my trust account that is really an inheritance I was like NO WAY! In just over two weeks I finished all my orders and closed my web store and have not one minute had any regrets. Sure, I don’t have the disposable income that I used to but as an older person I really don’t need much. In September I will start receiving Medicare and I am really looking forward to that as I have been on the ACA and basically pay nothing for my premiums but I get hit on the medical side of it. Thankfully I have been healthy. Today is the first time seeing your channel. This is not the kind of content I watch but for some reason CZcams recommended it so I thought why not? I actually enjoyed it.
geez that is a LOT on food!!! Dumb cable and get the streaming services. I wish I had your house insurance and taxes!! Mine is a total of 10k a year... that is 825 a month.
@@BuzzRetirementGarage I pay 55 for internet and 14.99 for YT premium. The good thing about streaming channels is that if you don't like it, you can cancel it. I had Discovery plus for 5.99 a month, watched everything in about 2 months then stopped it. did the same for several others. Cutting cable was tough at first because there one ONE channel I liked, but I got over it since there were 500 that I did not.
Your food budget is excessive for your income. Make sure you are only including food in the food budget. Pets need to be a separate category (food, vet, toys, supplies, etc). Make sure also that alcohol is a separate category from food. If you are dining out, that needs to be a separate category also. You need a separate category for household supplies be it cleaning supplies, toothpaste, shampoo, etc. Lumping all of that together under "food" is not an accurate number of what you spend on food YOU and your wife eat. The more you can break your spending down into detailed meaningful categories the better chance you have of controlling your expenditures. Misc. also needs broken down to categories. By the way, Aldi's is not the be all end all of grocery stores. I don't find them competitive for my purchases in my local market. You don't have category for beauty salon, home maintenance, medical bills, medications, etc. OR savings. Yes, you should still have category for savings even when retired. I suggest you get much more detailed in setting up categories and then record your receipts in each category as you spend. You will see very quickly that way where you are bleeding out and where you can make meaningful change that fits with your goals (not someone else's). Don't drop your life insurance. You are still too young to drop it. Also, you might consider part-time seasonal work that keeps you under the SS threshold. For example, I know someone that works part-time on the weekends during summer/early fall at winery. His wife retired but works one shift per week at her old job at 3 times her old hourly salary. They both still travel and take whatever time they want and their jobs work around them. Another retired nurse that works one shift per week at a clinic through a nursing temp agency. Outside the box!
Great advice! Unless I get a bigger whiteboard I try to have a few less categories. You're right though, I should break it down a bit more to help identify better. My wife is Gluten Free so when you buy those products there's a huge premium. Thank you so much for taking the time to comment! Buzz
Life Insurance is a racket. My ex kept me on his policy when we got divorced because he wanted me to be cared for, our son, and our grandkids and he knew I would be the responsible one when he died. Since we were divorced, a little known State Statute caused me to be ineligible as his beneficiary. 238,000 went to unclaimed property. I got nothing. Our 29 year old son passed away a couple of months ago too. His children now have nothing either. I wont take out another life insurance policy as long as I live. I just need to go pre pay for a cremation and call it good.
Wow I'm sorry about your son. I lost my daughter in 2020 so I know how that feels. The insurance policy is crazy. Doesn't make sense. Keep moving forward. Buzz
Food is the biggest opportunity to save money. We spend $245 a month for 2 and eat well, home cooking. No Cable TV. Roku Box plus Amazon Video and Hulu =$25 month. Helps a bunch.
Is that food for two people? I spent $150 a month and eat twice a day, always put at least one meal in the freezer for next month. At least one pot of soup for 6 servings, casseroles etc. Meal plan before I go near the store.
My uncle retired with no savings, just Social Security. At only $1,850 per month, he rents a nice 1 bedroom apt and has plenty leftover after bills. Of course, he retired in the Phillipines, where his rent is only $350/month...including utilities!
Property tax is relevant to the city/ locale and neighborhood one lives in. I pay more than that but I'm betting if my old house were in Cleveland I'd be paying less than him. But I agree, his monthly food bill is unreal.
Does your county offer low income seniors like you .. a discount on the taxes ? My area offers low income seniors , less than $75,000 per year salary ... a 25% reduction on your property tax bill. You should call the property tax division in your county/city and ask if they offer any programs for seniors to reduce your property taxes.
I would drop the cable. There are plenty of news sources on apps that are available. If you have a Sam’s or Costco you can buy food in bulk and save a lot of money especially on expensive proteins. I’m 56 and trying to reach a goal number on my 401k so I can retire at 60. I plan to hike the Appalachian trail when I retire so I’m streamlining my fitness to meet this goal. I should also be debt free by the end of this year. I’m so excited at the prospect of freedom.
Life Insurance. Yes, your wife’s monthly income is reduced by 1,257 but she has a lower monthly expense. No medicare for you [174], no Plan N [89] for you, no dental [46] for you, no life insurance for you [209], less food [200] for you, less restaurants [120] for you. That’s 838 fewer expenses Netting your wife 419/month or 5,028 per year. If you have a second vehicle you likely sell that off and coupled with less fuel, maintenance and insurance on it she’s likely even. If so, you don’t really need the life insurance.
My husband and I are not close to retire yet. When you said you have a life insurance to make sure your wife will be ok, I was teared up. We use a T-mobile home internet for $50 a month. I also use a t- mobile phone for $15 and my husband use a straigetalk (Walmart) $40 a month. No cable. Just antenna and a smart TV. We mainly shop at Costco 1-2 times a month. It helps us stay on our budget around $350- $450 a month. We like to buy on sale items there. Aldi has some good quality foods. We like thier spouted bread, fruits and veggies. Thank you for sharing! 😊
Thank you for your comment! I'm interested in the T-Mobile for Internet. I've heard good things. We shop at Costco and Sam's club too for the majority of stuff. I'll get it figured out! Buzz
@@BuzzRetirementGarage There's another thing... why do you have both Costco AND Sams Club memberships? Add subscription fees to the board, and itemize them, that will include Costco.. Sams Club, and whatever else. You don't need both warehouses. As far as T-Mobile, I would choke and die before I paid $40/month for cell. I have Mint Mobile for $15/month unlimited. Have had it 3+ years.
@@SirenaSpades Costco is further away from me but they have more gluten free products that my wife likes. I use their CC for everything so they deposited $317 in my account last week. More than offsets the annual membership fee. Sam's is closer and same thing, I get enough cash back to cover the membership fee. Mint Mobile for $15 won't work for me because they cap your data at 5GB. The $63 total (including taxes) comes out to $31.50 per phone. Unlimited everything. Buzz
I will be retiring in a few months myself, love your channel. Keep up the great work. Thanks for the Astronomy Tip, it will be something fun to share with my Grand Children
Actually there are a number of inexpensive ways to go on vacation. Vacations don’t have to be trips to Hawaii or to Europe. You can go visit family or friends. You can explore doing a house swap with someone else. If you have a friend with a camper or motorhome they will often rent these at a nominal price because 90% of the time they are sitting unused. There are many options to vacation on a budget.
January 5th or February 5th? Thanks for doing this and for sharing your expenses. I'm only a year or two behind you so thanks for clearing the path. I sure hope your channel catches on so you can make some CZcams money as your side gig. Yeah, the TV and Internet is the only thing that jumped out at me. We use some apps, but I find myself using an antenna most of the time and picking up local channels. You'll figure things out. You're a smart guy.
For me, I appreciate that you keep politics and religion out of your videos. We are going to both retire very soon. (Ages 63 and 64) this year. Fortunately we will not need our SS and won't take it till 67(unless one of us gets sick) I do like to see what other people are doing and how they do their retirements. We live on one of the fingerlakes in NY. ( We were lucky enough to buy a lake house many years ago), it was always just a summer home, but we sold our main home and now live full time on the lake. Planning on going to Florida for the winter months next year. Thanks for the video updates, enjoy watching and learning things that people are doing. I wish you all the best.
I appreciate your honesty when it comes to retirement. I’m about the same age as you and I wouldn’t even consider terminating my employment. Everyone’s needs are different. Good luck!
At 64, I'm thinking about the reality of retirement. In California it will be a little more difficult, property taxes for example are 12k a year, utilities at 600 to 800. But I enjoyed listening to your real examples. Every other retirement presentation is by a guy in a suit who thinks I need a million dollars at the minimum ( they might be right :). ) I"ll be checking in to see how things work out for you and your wife. Enjoy your retirement!
Thank you for commenting! CA has costs that are a lot different but wages supposedly make up for that? I want to see if I can make this work. If not, I work part-time. I'm excited to see what happens! Buzz
Superb video. Amazing how your budget tracks. Almost exactly along mine. However, in San Diego your house insurance is only 20% of mine! You’re in a cold climate and your natural gas is 1/2 of mine. CZcams much like you and it is promoting your channel. This is what CZcams is all about. Educational and entertaining. More power to you.
We just subscribed to you, my husband just applied for social security @62, he will get 2324 a month, first check comes in June, we are excited to start this chapter of our lives
We have a mobile home community that's fairly large and it's an over 55 community. They have single handedly shot down school levies in our small community. Of the $5,000 I pay per year a majority goes to the school system. Oh well, what are we going to do? Thank you for your comment! Buzz
This is super honest and love your channel , I live in Canada and our system is a bit better due to no healthcare cost ( they even cover 90% 0f the med) we are the same age , but I do have a bigger pot , since we both worked and no kids. thank you to put this info out ... I guess I should look at my cell phone bill mine is much higher., maybe we could remove the house phone since we both have cell. Alain
Thank you for your comment! My wife didn't work for the last 30 plus years so income was low and savings was harder. But, oh well. I'll do better in my next life! Good luck my friend! Buzz
We pay $45/month for 800 mbps internet and $70 for both our cell phones including her iPhone 14 pro max. I am also on the camp of stopping paying for life insurances. In our case, our pensions and SS would be about $7k a month and we spend less than you do.
Sir, first time watching you. Very enjoyable. We just retired. We finally dropped our landline and cut cable. We use an antenna and the Amazon Fire stick and it works very well. We switched our phones from Verizon to Xfinity and got a fantastic deal with unlimited data. On the Food category, you bill is very high. Please look into cooking from basics and not buying processed foods. There are so many websites/CZcams channels that can help you. I find that Living on a Dime to Grow Rich on YT is excellent. Good luck!
Great Video. I saved $135 per month by getting rid of cable and using only streaming with Roku and fire stick. I like that I can pick what I like and not waste money on things I don't. My bill went from $210 a month down to $75 (part of that is my land line not ready to give that up just yet).
Can't understand spending $1400 per month for groceries for two people. You can do this for $200 per person ($300 if you're not shopping for bargains). I structure grocery decisions around the bogos available and if few are available for my shop week, I eat from my dry pantry shelf items until the bogos are better the following week. I rarely buy frozen foods or processed foods of any kind. Just fresh produce and meat. Not trying to be disrespectful here, but there is a potential $1000 that could go into savings every month.💰
Wow that was a high grocery expense!! I am retired living with my mother in South California. We spend about $250 a month on perishable food items (meat, vegetables, eggs, and fruits). We don’t buy prepackaged food or canned food. We like to cook from scratch. We don’t make dessert because we try to limit sugar. My mother likes her snacks (savory type) so we do buy some. We drink tea and coffee at home (bags and instant). We have fruit trees that provide free lemons and citrus fruits. We have cocktails from time to time but no wine and beer. My neighbor has a large mint bush that we plug for mojitos. Beverage expense is about $120 a year. We don’t stock pile household goods.
Wow Buzz very informative and straightforward!! I thought I spent a lot on food but boy you are the king of groceries!!!! Switch to cricket they are unlimited and I pay $40 for me and my wifey!!! Great content as always!!!! JT
Thank you for this much appreciated I am trying to retire shortly as I am 61 will be 62 in August so I think 62 and 10 months I am just so done working I want the freedom like u said not punching clock etc. My house is paid off my concern is Car and house insurance as in Texas it is higher. Property tax is higher also. Might have to cut policy’s down and my concern not a lot saved for future problems A/c , roof etc
I retired for a number of reasons that if things were different, I'd probably still be working. So far I'm 5 months into it and learning as I go. If I can keep my expenses low, and not touch savings, I may be ok. But, that said, if I work part time in the winter, I can make some money to cushion my bankroll in case of large expenses. So, I'll enjoy another 9 months off and then reevaluate. Thank you for your comment! Buzz
I'm gonna keep tellin' ya: go to something else, y'know, get off of the...cut the cable, do this and do that. I cut the cable in 2008. I simply switche between individual streaming services - when I deplete one, I cancel and move to the next. All you have to lose is your chains...I mean ENDLESS PHARMACEUTICAL ADS, Buzz. Cable is one of those things that, when you don't have it, and then you are over someone else's house who does, you think, "Why do you put up with this?" Anyway. Just adding to the chorus, at the risk of being tedious. You can get an antenna, and, if needed, digital tuner for local affiliates if you like news, and that'll cost you nothing besides the hardware. New here - fascinating channel; I'm rooting for you!
Thank you for your comment! I hear you loud and clear. Remember, I'm a two person household. If I had my way........ I'm updating February numbers today or tomorrow. Thanks Buzz
Happy Birthday Mrs. Buzz! Consider term life insurance, Ting for cell service( my bill for 2 ave $35 per month. $10 for an additional line), we cut the cable years ago, and food is the one area we splurge.
She says thank you! I want to meet with my insurance agent to see what's the best path. Our long time agent retired so i may be looking around. Never heard of Ting but I wrote it down. She needs her cable or maybe an alternative. Thanks! Buzz
We go to a Chinese buffet and get a to go box and jam our favorites into it getting three to four meals out of it for around ten dollars. that way avoiding a tip and three dollar drink. have a HD antenna that gets around fifty stations avoiding satellite fees, hand laundry outside, make own laundry detergent, have grid tied solar making electric around thirty dollars a month, shop at resell it shops and garage sales buy groceries only when on sale then stock up, can dehydrate and freeze. have a raised bed organic garden that I can from and give away lots of veges. Have forty acres of oak and hickory trees that supply my wood stove with heat that keeps my newer brick home comfortable. By the way I’m a seventy ish widow that harvest my own w😊old.
Great read! I appreciate all the tips! As the weeks go by, I'm doing as many cost cutting things as I can. I don't know about the laundry detergent though. Lol. Buzz
Buzz, I love the honesty in your information. I watch many of the same channels you have mentioned. I appreciate that you are doing your retirement on SS with savings. All the hype that you need 1 million to retire is frustrating. I still have a few more years to go , turn 55 this year. Trying to get my ducks in a row. PS Glad you are a pet person and like the birds too. Birdwatching is a great affordable hobby. Looking forward to more of your videos .
Just sharing what we did probably 8 years ago. We bought an antenna (not a cheapie one-about & $80). It scans 360 and we get approximately 45 channels (includes local ones). It is in our attic and looks like a UFO. We also have Peacock for around $6. We find ourselves watching the 45 channels more than Peacock. Just something for you to consider.
We all do the best we can and hope we make it. Getting off the cable is tough, but there is so much free programming out there. I have been cable free for over 3 years.I buy a streaming service here or there to catch up on what I missed.They have sales on those as well. I go to Aldis for certain things, but there are cheaper options on a lot things. I usaully try to stock up on what I use when I can get it cheap. I always tell my friends I shop amongst the immigrants. I gave up my Mountain Dew and Pepsi cause it just kept getting more expensive No one store has everything cheaply priced, so I move around. I love your videos and wish you luck as well as all the other trying to navigate this new world of retirement.
Thank you for commenting! My cable contract expires in May. I have to have a plan by then. I'll have to get better at shopping since everyone says $500 a month is all I should spend. Ok. Buzz
We spend around $550 to $600 on groceries that’s everything dog food bathroom stuff. But it’s really hard to stay on budget. $600 doesn’t buy that much so it always seems like at the end of the month we are out of everything. There is only two of us.
Enjoy your channel. I'm 57 and recently unemployed. Going through the process on trying to determine what I might do next for work or is retirement really a possibility for me. A lot to ponder and consider but fortunate to have the ability to "take a break" and digest the options. Thanks for sharing your story and thoughts...
Happy BD to the Mrs! Great job tracking everything. I do that too. I spend more money on critter food, vet bills and etc than I do on myself! Where can costs be reduced is a good question (I am keeping my critters, lol). I don't watch much TV but have a ROKU system and do not subscribe to any channels having subscription fees. Matter of fact I have found some of the movie titles that channels charge for free on the internet. Eating out adds up so that might be something to watch. Pulling back on lottery playing is likely a good idea. Necessity, needs and wants are important to prioritize, categorize and plan for. Great stream and always appreciated!!
Thank you for commenting! Critters are important! I'm holding back on getting a dog but I don't know how much longer I can hold out! Add more to the critter food bill! I'll cut back in other areas and hopefully this will work out. If not, PT work for me! Buzz
@buzz great job showing us your expenses. Very courageous of you. Keep the updates coming it gives the rest of us working stiffs some hope that we can do it too. 😊
I'm cutting it close and I know that. I think there's millions of upcoming boomers that could be in similar shape and don't want to admit it. Heck, I'll admit it! Worse case I get a tin cup and stand at the highway exit! Buzz
I would suggest breaking your food category down into more categories. Some suggestions: food that you eat, pet food, household-toilet paper, dishwashing soap, laundry soap, etc. When I unload my basket onto the cashier's belt I try to unload by category to make it easier for me to break things down. Your food numbers seem really high unless you have a huge menagerie. If you break it down and save your receipts it will talk to you. You will have a much better idea what is going on.
For all those who are using channels like this to see if they could retire too, please consider the following suggestion; before leaving the workforce and your predictable paycheck behind, practice living on your projected retirement income for at least 12 to 24 months. Take all extra cash and save it in a money market account to build cash reserves. Don’t cheat. Experience the emotions of not having enough at the end of every practice month and make adjustments. You’ll figure out what is right for you and your family before you potentially close a door you can’t replace. Good luck 👍
Good advice! I'm doing it on the fly. Adapt and improvise! Buzz
That is exactly what I recommend to folks!
In 1981 when I became pregnant with our first daughter, we started putting my whole paycheck in the bank never using any of it! We needed to start living on only one paycheck, I wasn’t going back to work that was our plan. It’s a good idea what you are saying!
@@smileytow1925 and you stayed home and you made it on one paycheck? That's what my wife and I did in 1985! Buzz
This! Husband and I did this and are retired. We give this advice as well. The universal response - “I can’t live on that!” And then they retire 😂
Something to think about. Drop the cable and get a fire or Roku stick and stream. Lots of free stuff and you can get something like sling for around 40 bucks per month..purchase an electronic antenna to get your locals for free. Those antennas work really well and as clear as cable. Just a thought .
True, however, the carriers bundle the services in a way that you don't typically save much by cutting cable TV just so you can have unlimited streaming internet. At least where I am.
That's why I would have to drop everything from Cox cable. I could do T-Mobile Internet for less, and try the app thing for TV. You're right though, you won't save much because of bundling if you cut just TV. Buzz
I'm going to be working on that! Thank you! Buzz
@dCaddyshk
That's big lie.
I told Comcrap. I want only the internet. They pulled the same crap. You won't save much by cutting the cord.
By canceling the TV service. The bill went from 165 to 76.
@@dCaddyshk I guess it depends on what content you want. I get sling blue for around 45, 100 gig internet for 50. Netflix’s is paid by my T-Mobile service I’ve had for three years. I do have a prime membership so some content there. Then there’s freevee and tubi which cost nothing. Pluto is another app. I’m sure there’s more apps. I get all the locals for nothing with FTA antenna. So my internet, Netflix, sling, and locals run me around 95/month. Prime tv comes with my membership which is 16-17/month. If I had cable it would be more than double that for what I need or want.
My average monthly grocery bill is less than your cat food/bird seed expense. I think it helps a lot to buy ingredients instead of meals (cooking meals from scratch). Make enough for several meals at one time and freeze the leftovers for another day.
Good advice. We're working on that. Buzz
That works when you are in early retirement. As you age, you are not able to do a much in kitchen and need short prep time meals or someone to cook for you. I'm talking 80+.
@bonitaburroughs8673
I second your take. My mother is 86. She used to be prolific home cook. I was spoiled not having to cook myself for decades. Now I cook for her daily because she isn’t interested in cooking anymore. If I wasn’t home, she would eat junk food and instant noodle while the fridge is full of meat and vegetables and pantry is full of dry goods.
@@33Jenesis I think my mom would live on Nilla Wafers lol. She is almost 84. She was a good home cook and loved to cook. Health problems have changed all that. I cook things she likes and how she eats some. It's all we can do.
@bonitaburroughs8673
Haha my mother can survive on saltine cracker alone. Old ppl are like babies, their stomach doesn’t like complex food. They want simple easy to digest and absorb food like carbo and sugar. I enjoy eating the food I cook because I know one day I may say no to pot roast😂
Im 52 I'm enjoying you videos. I trying to learn from people that are living in retirement so I am better prepared. Thank Trace
That's the key! Learning ahead of time really helps! Thanks! Buzz
Get outa debt (including mortgage!),STAY outa debt, learn to cook! You'll be ok!!
You are still young and have time to do good things. Get rid of all your debt and cancel subscriptions to everything and save, save, save. Debt will ruin your retirement dreams.
Make some plans for retirement, now..
First time visiting your channel. Very nice!
I subscribed today after watching 2 or 3 of your videos because you come across as being earnest, and that is part of my personal value system. We did our best with the cards we were dealt. I take money from the bank once a month, divide that by 4 weeks after putting aside embedded monthly bills, and that's what I live on . I wish your channel the best.
Thank you for commenting! I appreciate you. I'm glad you're making your way. Best of luck in 2024! Buzz
I gave up the TV&cable after my partner died. He liked to watch football. I only have my unlimited cell phone service for $50/ mo. I recently found I can watch " free movies on CZcams sci-fi, action, dramas, martial arts and foreign. I'm content .
Thank you for this video, not all of us has 100s of thousand dollars in retirement, for what ever the reason might be.I am 62 and going to work to 66. sell the house and move to a cheaper state.I plan on having a side hustle to bring in 500 a month for a while. Keep up the great videos!
Thanks for watching! Glad you have a good vision of your future. Good luck to you my friend. Buzz
Hi, 68 here and work part-time at home. There truly are some online websites where you can, on your own schedule, bring in maybe $100 per week. For not too many hours. That would change things! I agree with another post, to work part-time while you are able. You are really cutting it close. My phone is Tracfone, $15 per month for what you are getting, then $10 to add data as you need it. Never had a problem. Been on it for 6 years. I don't have cable, but have a smart TVwith CZcams and one streaming service that is $10. You can't have it all...time to make some decisions on what you can or cannot afford when it comes to news and entertainment. I understand pet costs....it is crazy. And, that doesn't include vet costs when they get sick. Food...sorry, but your line item is crazy! You could save so much if you cook more at home and freeze big pots of soup in baggies, and casseroles, etc. And, eat twice a day. Love your videos....keep them coming, and thank you for being so transparent! You are helping a lot of people. Build this CZcams channel! Learn how to add Amazon affiliate links in the note section.
I have a tracfone too. I just bought a one year plan for $80. That doesn't include any data or time, but I have 11 gigs of data saved up and about 10,000 minutes. I hardly ever use my phone and never use it for data.
I agree his food budget is nuts. We live in Maine and eat a lot of local products (potatoes, lobster and scallops) and spend well under $500/mo for the two of us and our cat.
Thank you. I appreciate the advice and I'm a work in progress! Buzz
Could you share some of those online job opportunities Thanks
@@Judes121 Yes, I am continuing with a few this week, and will come back here next week and report! I need some results before reporting! Thanks for asking.
68 here also what are names of work at home you do
I really like the way you put these videos together. You seem like a good guy and you give a lot of people hope that they can retire at a decent age too.
Thank you! Everyone's expenses are different but with two SS incomes it can be done. Buzz
Buzz's videos are some of the best on YT. Too many clickbait videos on why people should retire immediately. They are basically overhyping retirement by telling people what they want to hear. Buzz's videos are real world, which allows people to see where they stand. Obviously, for most, it's great to have the option to retire before 60. But about 80% are now retiring 60 or later. With inflation, I think that number will go higher before it gets lower.
@@JohnBowl14690 Wow. Thank you. Make sure you let everyone know I didn't pay you. Lolololol
@@BuzzRetirementGarage - Deal!
Wow, that’s an awesome income from s.s. The white board is nice actually and definitely all that is needed. I’m thinking people watching your nice presentations are in a similar position as you and your wife. And don’t need a fancy show of technical whatever just want to listen for new ideas and to feel a little comfortable knowing regular people and enjoying your company with your videos of someone close to my age. Thank you for another video always enjoy them. Big Dave Ramsey fan here too for years now. An azul fan too, subscribed to both .
Your in good company here!!!
Thank you for your kind comment! Appreciate you! Buzz
Happy Birthday to the Mrs! 🎉🎉
I'll tell her for you. Thanks!
Look Buzz the facts any way you put it together is Great!!! You are doing retirement close of what we are are looking at in retirement!! So thank you and keep it coming your way!!@ GREAT SHOW!!!
Thank you for your kind words! Appreciate it. Money wise, I may end up doing part time work but, for now, I'm loving every minute of retirement! Buzz
🎉 Happy Birthday to the Mrs. Buzz.Definitely do something P/T sooner the better 3yrs in a couch potato +25lbs have recently started at a gym & volunteer for meals on wheels the social is uplifting & also working on the +25😳! New Subscriber All The Best To You! Be Well Be Safe & Stay Blessed. @ Keith Totally agree Buzz has got a Good formula! My wife & I are pretty fortunate but it still bothers us about Phones,Cable & the food inflation. Keith All The Best to you & yours in retirement!
Happy Birthday to the Mrs! Good job on tracking your expenses Buzz. Keep enjoying your retirement!
I'll tell you for you. Thank you for your comment! Buzz
I use Tello for phone. Internet, only Comcast 90. Streaming, I use Amazon $140 year and paramount + $15 a month. Local channels use outdoor antenna. Love your channel. O yeah Happy Birthday Mrs. Buzz!
@@George_in_York_PA Thanks! Buzz
We are very frugal but wanted to retire and travel while we have health. We’re new subscribers. Happy Birthday to your wife! 🥳🎂🎉
@@RetiredLovingIt Thanks!
You seem like a great guy Buzz. I hope you figure all of this out sooner than later. You don't have any descretionary income (you're running a negative) so descretionary stuff like cat food, "numbers", and that hearty food bill need another look. I don't know that SS was created to provide a full retirement and trying to ride this out another 22 years or so (statistically) on SS alone would seem really problematic. I appreciate your candidness on your videos so I hope something happens that will allow you to slow down (but maybe not stop) and live a comfortable life. I am going to pull for you in months to come but consider getting a side hustle or something to do while you are able.
Good advice! When I retired for the reasons I did, I figured a part time job would be in my future,. I want to chart for 8 months or so and see how things go. Thank you for commenting! Buzz
Cat food's not discretionary. He has to feed his pets.
@@marianrosin6486 AMEN!! ❤️😸
We use the T-Mobile 55 and older plan as well as their Internet. $60 for phones, $45 for Internet. Got a amplified antenna for our local channels. Keep up the good work.
I'm hearing about T-Mobile Internet from community forums. Nobody complaining, which is unusual for community forums. Lol. I'll figure out cable soon. Thanks! Buzz
Thank-you for these videos! I subscribed, because as others stated here, you're pretty transparent about how things are going. I'm not even 60 yet, but I'm planning on retiring around 62 depending on how our health holds out. I think a lot of people our age are going to find ourselves in a similar spot to you: no where near $1M in retirement funds and looking to SS to cover greater than 50% of our expenses. Wishing you success!
Thank you for your comment! Hopefully I am helping, or at the very least, showing you what not to do! Buzz
Enjoy your channel. You have a very positive attitude and I try and model myself after you so that I’m not always freaking out!☺️
Being retired my stress level has dropped100 notches. Sometimes I would look at my hands and see how clenched they were and had to tell myself to relax and watched my hands go back to normal. That problem is looong gone! Buzz
Really enjoy your videos. I will be 64 in July and think about retiring everyday. Little scared but your budget let me know that’s the first thing I need to do is to see where I am per month. Keep the videos coming
Very important to know if your bills will be covered. Can't have any big debt unless you've stacked a lot of money. I may still have to work but I'll take some time to enjoy retirement. Buzz
Good morning Buzz and happy birthday to your wife! I have watched all your videos and I really enjoy them. You are a natural in front of the camera and easy to listen to. I'm thinking about retiring at the end of the year so I'm trying to learn as much as possible from you guys before then. Take care, Larry
Thank you for your kind words! I appreciate it! Wife says thank you as well. Keep planning and I wish you much success! Buzz
Thank you for sharing,we just found your channel and look forward to your videos!
Me too
Thank you! Welcome aboard! Buzz
Thank you! I appreciate you climbing aboard! Buzz
Happy birthday to Mrs Buzz 🎉 Great video, thank you for sharing. My grocery bill was higher this month too because of 5 weeks of shopping instead of the usual 4. I like the whiteboard, simple and understandable. Hoping next month is a little cheaper for you and the Mrs.
Thank you for your kind comment. Writing it down makes me understand my deficiencies better! Lol. I'll improvise and adapt. Buzz
Hate to be the bearer of bad news, but universal life insurance is rip off. That is not opinion. That's just a fact. Never combine insurance with your investments. Always carry term insurance which is way cheaper and then invest the difference. I would highly recommend you sit down with a trusted agent and look at your options. On the bright side I can save you about $200 on your cable. Just pay for internet only and then buy an android box. You will get every and any channel you want including all the premium channels and pay zero dollars a month. They cost about $200 to $300, which is the cost of only one month's cable bill. Then zero cost. You do however need one for each tv. It's an option for you. Rock on.
It’s probably too late now on the life insurance, but I agree completely….anything other than straight term is unwise….only benefits the agent.
I dropped my life insurance when the kids left home. If you have the resources it doesn't make any sense to carry life insurance.
Send me some info please. nopurplecar@gmail.com
OK what is an android box. Educate us
@jimfarmer7811 exactly no need for life/death insurance at your age and assets
Save that 200 bucks a month and stay retired your ss is plenty for your lifestyle, and I'm sure you have emergency fund set aside for the unexpected, your too smart not to
We retired early with modest savings by living in a duplex. Paid it off over 14 years so the rental income covers all of our housing expenses + auto insurance, phone and internet/TV. Great video!
Thank you for watching. I have some work to do since I'd like to have a decent surplus every month! Buzz
First time viewer. I enjoyed the honesty of your budget and willingness to look at ways to pare it back. Good you took care of some big items before retiring and have no debt. Lots of room to make some updates and live well = lots of video content. For some, paring back is best done in layers to adjust. Many of my fixed expenses went up 13-100% in less than a year which is tough to absorb as a single person in a very high cost state.
Thank you for your comment! I appreciate the comments and advice I receive and I think everyone can gain some insight. Buzz
Great honest videos. No need for elegant production, you keep it real and down to earth. Cut your own hair and no more lottery tickets.
Thank you! Buzz
Appreciate your videos as I am 4 1/2 months from retiring myself. Knowing myself I am going to need a hobby business to stay out of trouble. I have been working since I was 16 now nearing 60. I think I could find something to work at that i enjoy and add to the financial bottom line at the same time. Thanks for your videos!
Thank you for commenting! Congratulations on your upcoming retirement! You'll love it! Buzz
You have nothing to apologize for. You are doing an amazing job!
Thank you but I do have some work to do or I'll be back to work! I really don't want to do that! Buzz
Just like all the similarities in your last video.....we both had exactly the same amount of Universal Life from State Farm for decades as well, it was a good deal as it earned nice value; it served us well, but we both cashed ours in, paid off my new truck and her new Jeep, and put the rest towards our Funeral Arrangements and burial plots, so that's taken care of as well. We love Aldi's and we're not over $600/month either (so you need to go there) :) . Our Property tax is exactly what your is, and I agree with your viewers, you need to get rid of the cable. My son is on CZcams TV and me and my daughter all split with him since you get 3 accounts and that's only $25/month and then the Internet is through Cox cable and that is $65, so both items are $90/month and don't need anything else if you get a Roku. Love watching your videos since we are withot a doubt doing the very same things ......have fun.
Thank you! I do have some work to do and comments like yours help me to evolve. In retirement, I have more time to educate myself on how to reduce costs. Thanks for sticking around my friend! Buzz
Aldi is a must to chop the grocery bill. Not everything will tickle your fancy, but the staples are fine. Fruit, veggies are way cheaper. They have different inventory all the time too.
I promise you I'll go soon! Lol. I have to get serious about checking prices on every item. Thank you for your comment! Buzz
The first thing that I recommend dropping is the Lottery. That's a 3rd of your shortfall. We also dropped our land line.
Lottery is a tax on the poor.
@@devengudinas1649and the elderly.
I will reduce. Admitting the problem is the start to fixing it. I'm smart enough to know if it affects my budget something has to change. Thank you! Buzz
@@boatsie That's an idea! Buzz
I worked for the same company for over 44 years and retired with a pension and social security. Large 401k balance. NO DEBT. I was reluctant to retire at 63 but I did and I'm glad I did now.. I haven't touched my 401K and its grown substantially. I'm almost 67 now. I wouldn't be able to sleep at night if my expenses EXCEEDED my income after such a short time in "retirement". I certainly wouldn't be spending $240 a month going out to eat....
$240 a month dining out does not take much effort these days. Dining out costs have become prohibitive. Even 2 people in a fast food joint can be expensive.
I hear ya on his expenses but a social life is very important. , my job for years was budget control , I could give Buzz few pointers but I do not expect he would take my advice. His home tax is proof we the people never really own the "American dream , we just rent it. I live on a lot less than they do but I had to make choices to do so , and I am thrilled I did. $235 a month for cable TV ,that can not be true , is it really that high now ? ( ;
Thank you for your comment. I retired early for different reasons. See my 3 reasons video. Also, I had cancer 10 years ago so I don't know how long I'll live. Worst case, I work part time, make 22k a year without affecting SS. Life could be worse! Buzz
Very true! Plus we tip 20%. These workers are struggling so tip well! Buzz
I'll take any advice. That's why I do videos. I learn so much from the comments! Buzz
Great vid . I also watche Josh , Dwayn , Holy Shmit , Azul and others to get some tips. I'm like you worth100 k , but 5 kids growin up just fine. I'm just turning 59 and so happy I jumped out of the rat race . My spirit is abit free now . kee[ goin
Thank you for commenting! You got out early. Congratulations! Good luck to you! Buzz
Hi Mr Buzz! I am retired and both my wife and I are looking at our expenses for when she joins me in retirement which is a little way off yet. You inspired me to start the spreadsheet off today after watching your presentation (which I was going to do in a few years time nearer to the actual relevant date) to get a 'real' insight into how retirement could look. Useful to do, needless to say and a really good exercise to perform and analyse. I agree with you that generally costs are only going to go up (inflation, global supply chain issues, regional influences) and I don't think your model is too far off mine (I live in the UK). Food is indeed a big one and like you I budget for cats and bird feed in addition to our requirements and the final tally is pretty much the same as yours. I also watch Duane's retirement channel too to get some good advice and general chat about retirement stuff. One thing I am doing in populating a 'wish list' of high expense items to buy before the retirement decision is finalised which will then mean a flatter (but not flat) expense line in proper retirement. There are of course always things that could be trimmed but a balance needs to be struck between living (whilst alive) and not. Thanks for your honest and likeable presentation style and I wish your channel every success and growth in the future.
Thank you for your kind comment! We did get our high expense items purchased before retirement. Addition to house 1997. New roof. 6 years ago. New TV last year. I have to reduce the food budget and cable which I'll work on. Thank you again. Buzz
Happy Birthday Mrs. Buzz!
I'll tell her for you. Thanks!
Keep up your CZcams channel and you’ll make revenue!! You’ll make it!! Good work!
I hope. We'll see. Buzz
Hey Buzz! I"m over in Illinois and enjoying your videos. I'm 58 and plan retirement in next few years. My wife and I have been using Food Saver and putting up long term food storage to keep food costs down! Good luck!
Also, I've also been an astronomy nut all my life!
Thank you for your comment! We try to freeze the sale items. What kind of scope do you have? Buzz
@NoPurpleCar I've had a lot of scopes over the years. I have an Apertura refractor right now on a Star Adventurer mount.
I'm way down in Southern Illinois where the sky is dark and Chicago is nice and far away.
@@cbov9265 Excellent!
I love this! The grocery line does seem super high for two people, as you’ve pointed out other people pointed out. Seems like it could be half of that. For context, I live in NY and my monthly groceries are under 300 for one, and I eat very well. No processed food and lots of healthy food. You could make it a bit of a game so that it doesn’t feel like depravation. You can get your cable down by calling alternate providers and getting their intro rates. You can then quote the competing rate to your current provider and they’ll generally match it. Alternatively you can cut cable, which I did about 15 years ago. I’m a news junkie and can get it all streaming, so that’s the other option. Keep it coming. Great content.
Thank you for commenting! Yes, we're working on it. My wife is gluten free so some of the items we purchase comes with a higher price. Let's see how February and March go. Buzz
As far as cable goes, look into getting a TV antenna. You likely have 15-20 channels locally that will all have great reception even with an indoor antenna since you are near/in a city.. In my case I have never actually had cable TV, so I don't miss it. Cable has only been available where I live for about 5-6 years.
You need to seriously look at what you are eating. We buy very few brand name products. We get store brands instead and they are fine in most cases. My one exception is mayonnaise. The two of us and our cat have a food bill under $500 a month and that includes paper towels, TP, kitty litter, etc. I went shopping today and spent about $156 for a half month's food. We do eat a lot of locally produced foods such as potatoes, lobster and scallops. We live on the Maine coast and buy our seafood direct from fishers so lobster and scallops are cheaper than beef. We spend about what you are spending, but that includes two cars and our yacht. When we sell the yacht in 4-5 years our expenditures will go down a lot, plus we will have the cash from selling the yacht. Other than the yacht our biggest expense is our health insurance which runs about $10,000 a year (Medicare with F supplements and drug plans). Supplement plans are expensive here ($235/mo each).
Thank you for commenting! The food and cable are both high on my agenda. Let's see what happens! Buzz
Accidentally ended my comment before I meant to. We are retired & like your openess & humbleness. I did subscribe to help you out 😉. Wishing you all the best!
Thank you for your kind words! I answered the other one too. Buzz
The other variation in groceries is that if you weekly shop on the same day each week you will go shopping 5 times in a month every 3 months and not 4 times.
Hopefully you're getting some decent interest on your savings.
You're probably already doing it but we will stock up on stuff that's on special that will last and that we use. Even some foodstuffs such as pasta, rice, canned stuff etc have a long shelf life and can be easily stored.
Good points. Yes, when we see a good deal on something, and shelf life is long, we try to get extra. A 6 month spending trend will tell us more. Thank you for commenting! Buzz
@@BuzzRetirementGarage No worries. It will be interesting to see how it all goes.
I watched you today because I grew up in Parma,Ohio and and it seemed a trip down memory lane. My husband and I own 2 homes and spend 6 mo in California and 6 months in Washington State currently . You may have done better to wait until you were Medicare eligible. It might be interesting to visit your meal plan and see how you spend your grocery money. And yes Aldi has great things as basics and has great sales. I see you are trying your best you can and everyone has their journey
Thank you for your comment! Buzz
We spend between $500-$700 a month for food. The reason this happened for us is that we decided to improve our health by eating whole food plant base. I was the kind of person that ate meat for every meal and snacks. I didn’t care for side dishes.
I am surprised I love now eating fruits and vegetables. I eat meat maybe once or twice a week. So this may be something to research for your health and save money at the same time.
We're not big on meat either. Fish costs the same as steak. My wife is GF so some things are just more expensive. Thank you for your comment! Buzz
Happy Birthday to the Mrs.!! You've shown that it is possible in some cases to retire on Social Security. Husband and I retired almost 2 years ago. It surprised us that we could probably do the same. However, we are fortunate to have retirement accounts for back up. We've had success switching our phones to Consumer Cellular and dropping cable tv. Wish we'd done that before retirement! We gave up a landline phone years ago. Sharing your information is very helpful to everyone. Wishing you the best on your retirement journey.
She says thank you. When I retired my original goal was to work again in January which would have given me a 3 month vacation. If I didn't go to work right away I had to make sure I could try to live on SS so that I didn't have to touch savings except for emergency or vacation. If I can spend less than I earn then I can enjoy another 9-10 months of vacation and then work part-time through this winter and bank some more money. We'll see. Buzz
I'm on the Mint Mobile plan -- 5Gb for $15 each month (pre-paid for 12 Months to get this low rate) and couldn't be happier with it.
@tony..unlimited streaming?
That's a great deal. I have 2 lines unlimited with T-Mobile that's $60 a month, which replaced what I had before that was like $180 a month! Might look into it.
I think 5gig then you need to buy more. Buzz
I have same T-Mobile plan. I may try Mint too. Buzz
I'm going to look further into it. Buzz
Hey Buzz, I’m impressed that you are willing to share so much personal information. You haven’t mentioned car and home insurance in your monthly expenses because my home and car insurance really jumped this year as did the home property tax because of a re-evaluation. If you live in a metro area there are plenty of TV stations over the air ways. I get 55 channels because I live between 2 major cities so I can get both markets, but there are some duplicates stations. Happy retirement
I have car insurance and home insurance both at $50 a month. Working on the cable! Buzz
Dump your cable. Get a Firestick and just internet. Save yourself so much money.
Maybe. Will miss my DVR and not all news stations are on. I'll check. Buzz
I just found your channel. Retired in July 2021 and my husband was diagnosed with stage 4 prostate cancer two months later. You never know what's going to happen. I appreciate the information you give. We're doing well at this time.
Thank you for watching! I hope you and your husband keep moving forward a day at a time. I'll be thinking of you both. Buzz
You could get term life insurance for a lot less per month and a lot more in pay out. We pay $1085 a year for my husband for $1M
At what age? Normally once you get much past the age of 50 term rates get pretty high. I purchased a $1m, 20 term policy @52 at just less than $2k per year, which at that age was a fair rate, but at 63 that policy would be well in excess of $6k per year.
@@bradk7653 Ah, I see what you are saying. My husband purchased this 22 years ago, and he is 60 now. It will end in 3 years. Do you still have that 20 year policy? I thought you said you have universal, so I wasn't sure.
P.S. I'm Sharon, just using my dog incognito. lol
how old is your husband? Term insurance goes UP with age. A LOT. If you're near Buzz's age, a 1 Mil policy costs MUCH more than that.
Hi! Can't get a cheap policy at my age. As people commented below. If we didn't buy it long ago, we'll pay more. Buzz
I got rid of cable and don't miss it. My Wi-Fi is $50 a month. I use Aldi for milk, eggs, fresh veggies and fruit. I eat out maybe twice a month. My cell phone is $40 a month. I live alone and can put 2k a month into savings. I have no debt except for a mortgage. I live well within my means and my late husband and I always did.
This is a good read! I'm working on my expenses. Hopefully February and future will be lower based on the work I'm doing. Thank you for your comment! Buzz
Only a couple months into your retirement and you are already in the hole. I wish you the best of luck. But in my opinion you are cutting it too close. There is no room for unexpected emergencies.
You need about $600/ month more than you have. I hope your side hussle kicks in more.
I wish you had waited to retire for another 2 years.
Another potential option is to reverse your decision to retire. You have a few months before that option goes away.
Our food bill for 2 is about $1000.
Thank you for your comment. I needed to retire when I did (see 3 reasons I retired at 63 video). I did have have intentions of working again but I wanted to see how 6-10 months would go. I can work in the winter to pick money. We'll see! Buzz
I've been retired for about 5 years. Like you, I retired at 63. I agree with Havocdog, not enough reserves. What happens when the car needs a big repair? The roof starts to leak? How are you going to pay for (inevitable) dental work? I'm scheduled for a new crown next week...that's $800 with insurance! Home repairs and maintenance are the single biggest budget breaker there is. I think one of you is going to have to work part-time to keep up, otherwise your modest savings will quickly be depleted. Good luck.
It’s too late to ask Toby Keith what’s a good retirement age, because he just died at 62. Enjoy your life and quit sweating over the small stuff.
I guess just work till they slam the lid. People live on way less than what you’re living on you just make it work.
Suggestions: Cable/Internet - look at what you are paying for and consider reducing services with corresponding reductions in monthly bill. Life Insurance - Cashout of the universal policy and shop a good twenty year term policy which should allow you to increase amount of insurance while reducing the monthly payment and fixing it for the twenty year term. Food/Household - Don’t track spending; start with a fixed amount $1,000 or $1,200 and then live accordingly. Holiday Gifts - Limit gift giving to grandchildren less then 18 years old only; adults don’t need more stuff that straps your monthly expenses. Good Luck!
Good ideas! Thank you for your input! Buzz
Yeah that Cat food and litter is a budget killer! 🤣🤣🤣 I spend $40 a week on my critters before anything else!😺😺😺
For cat litter, try EQUINE PINE pellets sold in 40lb bags at Tractor Supply. They are under 10.00.
It is the same stuff as Feline Pine, only it is for horse stalls and for some reason the Feline Pine is way more expensive because it is marketed for cat owners. I used it for several years for my 2 cats.
@@NoMoreTears64 My cats are spoiled. It's Tidy Cat scoopable or it's the floor!😺😺😺
I might try that! Buzz
Getting more expensive all the time! Buzz
@@NoMoreTears64I've been using pine pellets for years too!! Best litter out there, non toxic too.. my 21 cats I spent a bit more than $30 per week. Plus 2 horses + chickens. I didn't plan on the farm being sold out from under me..
I retired 5 months before I was eligible to begin drawing early social security, that was May 2021. I was so ready and when I sat down with my financial advisor she showed me it was possible to draw from my trust account that is really an inheritance I was like NO WAY! In just over two weeks I finished all my orders and closed my web store and have not one minute had any regrets. Sure, I don’t have the disposable income that I used to but as an older person I really don’t need much. In September I will start receiving Medicare and I am really looking forward to that as I have been on the ACA and basically pay nothing for my premiums but I get hit on the medical side of it. Thankfully I have been healthy. Today is the first time seeing your channel. This is not the kind of content I watch but for some reason CZcams recommended it so I thought why not? I actually enjoyed it.
Thank you for watching. I have a few videos that cover my retirement experience. Glad you have been enjoying your retirement! Best wishes to you. Buzz
geez that is a LOT on food!!! Dumb cable and get the streaming services. I wish I had your house insurance and taxes!! Mine is a total of 10k a year... that is 825 a month.
Yikes. Our property taxes on a 250k, 2,000sqft house are $2,700 per year and our house insurance is only about $850 per year.
In Texas, $200k house, Property Tax's are $300 a month, house insurance $240, and car insurance $300 a month!
I'm working on the cable dump. Buzz
@@BuzzRetirementGarage I pay 55 for internet and 14.99 for YT premium. The good thing about streaming channels is that if you don't like it, you can cancel it. I had Discovery plus for 5.99 a month, watched everything in about 2 months then stopped it. did the same for several others. Cutting cable was tough at first because there one ONE channel I liked, but I got over it since there were 500 that I did not.
Your food budget is excessive for your income. Make sure you are only including food in the food budget. Pets need to be a separate category (food, vet, toys, supplies, etc). Make sure also that alcohol is a separate category from food. If you are dining out, that needs to be a separate category also. You need a separate category for household supplies be it cleaning supplies, toothpaste, shampoo, etc. Lumping all of that together under "food" is not an accurate number of what you spend on food YOU and your wife eat. The more you can break your spending down into detailed meaningful categories the better chance you have of controlling your expenditures. Misc. also needs broken down to categories. By the way, Aldi's is not the be all end all of grocery stores. I don't find them competitive for my purchases in my local market. You don't have category for beauty salon, home maintenance, medical bills, medications, etc. OR savings. Yes, you should still have category for savings even when retired. I suggest you get much more detailed in setting up categories and then record your receipts in each category as you spend. You will see very quickly that way where you are bleeding out and where you can make meaningful change that fits with your goals (not someone else's). Don't drop your life insurance. You are still too young to drop it. Also, you might consider part-time seasonal work that keeps you under the SS threshold. For example, I know someone that works part-time on the weekends during summer/early fall at winery. His wife retired but works one shift per week at her old job at 3 times her old hourly salary. They both still travel and take whatever time they want and their jobs work around them. Another retired nurse that works one shift per week at a clinic through a nursing temp agency. Outside the box!
Great advice! Unless I get a bigger whiteboard I try to have a few less categories. You're right though, I should break it down a bit more to help identify better. My wife is Gluten Free so when you buy those products there's a huge premium. Thank you so much for taking the time to comment! Buzz
Life Insurance is a racket. My ex kept me on his policy when we got divorced because he wanted me to be cared for, our son, and our grandkids and he knew I would be the responsible one when he died. Since we were divorced, a little known State Statute caused me to be ineligible as his beneficiary. 238,000 went to unclaimed property. I got nothing. Our 29 year old son passed away a couple of months ago too. His children now have nothing either. I wont take out another life insurance policy as long as I live. I just need to go pre pay for a cremation and call it good.
Wow I'm sorry about your son. I lost my daughter in 2020 so I know how that feels. The insurance policy is crazy. Doesn't make sense. Keep moving forward. Buzz
Food is the biggest opportunity to save money. We spend $245 a month for 2 and eat well, home cooking. No Cable TV. Roku Box plus Amazon Video and Hulu =$25 month. Helps a bunch.
You're definitely right. Making improvements as we go. Glad I'm documenting so I can see where we're at. Thank you for your comment! Buzz
Is that food for two people? I spent $150 a month and eat twice a day, always put at least one meal in the freezer for next month. At least one pot of soup for 6 servings, casseroles etc. Meal plan before I go near the store.
Pork roasts cost about $10, I can make 4 meals for 2 people.
Yep.
My uncle retired with no savings, just Social Security. At only $1,850 per month, he rents a nice 1 bedroom apt and has plenty leftover after bills. Of course, he retired in the Phillipines, where his rent is only $350/month...including utilities!
Keep in touch with him and ask what he likes best about it. Buzz
Your property tax is killer at $5006 per year. Your food bill is crazy!
And he would pay more for the "parks" if they asked him to....
Thank you for commenting! Buzz
Property tax is relevant to the city/ locale and neighborhood one lives in. I pay more than that but I'm betting if my old house were in Cleveland I'd be paying less than him. But I agree, his monthly food bill is unreal.
Does your county offer low income seniors like you .. a discount on the taxes ? My area offers low income seniors , less than $75,000 per year salary ... a 25% reduction on your property tax bill. You should call the property tax division in your county/city and ask if they offer any programs for seniors to reduce your property taxes.
What? Here in MA, my taxes and insurance every month is almost $800. 5k a year is peanuts.
I would drop the cable. There are plenty of news sources on apps that are available. If you have a Sam’s or Costco you can buy food in bulk and save a lot of money especially on expensive proteins. I’m 56 and trying to reach a goal number on my 401k so I can retire at 60. I plan to hike the Appalachian trail when I retire so I’m streamlining my fitness to meet this goal. I should also be debt free by the end of this year. I’m so excited at the prospect of freedom.
Glad you're planning things out early. That's the way to do it. You have a great plan! Buzz
Life Insurance. Yes, your wife’s monthly income is reduced by 1,257 but she has a lower monthly expense. No medicare for you [174], no Plan N [89] for you, no dental [46] for you, no life insurance for you [209], less food [200] for you, less restaurants [120] for you. That’s 838 fewer expenses Netting your wife 419/month or 5,028 per year. If you have a second vehicle you likely sell that off and coupled with less fuel, maintenance and insurance on it she’s likely even. If so, you don’t really need the life insurance.
Good points. I'll run those same numbers and see what our insurance agent recommends. I appreciate your comment! Buzz
Honestly you might want to talk with a financial planner, it’s free to run your finances by them.
@@woman5918 I'm afraid of the answer.
My husband and I are not close to retire yet. When you said you have a life insurance to make sure your wife will be ok, I was teared up. We use a T-mobile home internet for $50 a month. I also use a t- mobile phone for $15 and my husband use a straigetalk (Walmart) $40 a month. No cable. Just antenna and a smart TV. We mainly shop at Costco 1-2 times a month. It helps us stay on our budget around $350- $450 a month. We like to buy on sale items there. Aldi has some good quality foods. We like thier spouted bread, fruits and veggies. Thank you for sharing! 😊
Thank you for your comment! I'm interested in the T-Mobile for Internet. I've heard good things. We shop at Costco and Sam's club too for the majority of stuff. I'll get it figured out! Buzz
@@BuzzRetirementGarage There's another thing... why do you have both Costco AND Sams Club memberships? Add subscription fees to the board, and itemize them, that will include Costco.. Sams Club, and whatever else. You don't need both warehouses.
As far as T-Mobile, I would choke and die before I paid $40/month for cell. I have Mint Mobile for $15/month unlimited. Have had it 3+ years.
@@SirenaSpades Costco is further away from me but they have more gluten free products that my wife likes. I use their CC for everything so they deposited $317 in my account last week. More than offsets the annual membership fee. Sam's is closer and same thing, I get enough cash back to cover the membership fee. Mint Mobile for $15 won't work for me because they cap your data at 5GB. The $63 total (including taxes) comes out to $31.50 per phone. Unlimited everything. Buzz
We are retired I Columbus, OH, and our food costs are similar for just the two of us!
Ha! We must be the only ones according to the comments. $500 a month should be out max. I'll keep working on it! Buzz
@@BuzzRetirementGaragewell I will be watching for answers! I may try Aldi in the meantime. It is not the closest, but maybe only a mile more.
I will be retiring in a few months myself, love your channel. Keep up the great work. Thanks for the Astronomy Tip, it will be something fun to share with my Grand Children
Thank you for commenting. Congratulations on your upcoming retirement! You'll love it! Buzz
Do you have a cell phone? Perhaps replace that cable and Internet bill. That's sky high.
Us Boomers like our Cable TV and DVR's! 🤣😜🤣
Dang straight! Lol
You're not wrong! T-Mobile is offering Internet that is a good deal. May do that. Buzz
@NoPurpleCar YES! I'm glad you found that. I know it may be a pain due to the learning curve and out of our comfort zone to set up, but it's doable!
I really love your channel. The basics are what most of can relate to! Your personality is why I enjoy your content so much
Thank you for your kind comment! What you see is what you get! Lol. No retakes. No edits. I am who I am. Some say an acquired taste! Buzz
In your financial situation, don't even think about vacations. Seriously !
Actually there are a number of inexpensive ways to go on vacation. Vacations don’t have to be trips to Hawaii or to Europe. You can go visit family or friends. You can explore doing a house swap with someone else. If you have a friend with a camper or motorhome they will often rent these at a nominal price because 90% of the time they are sitting unused. There are many options to vacation on a budget.
Day trips are fun! Inexpensive too. Buzz
So true! Day trips are fine. Buzz
Happy belated birthday, Mrs Buzz!
She says thank you!
January 5th or February 5th? Thanks for doing this and for sharing your expenses. I'm only a year or two behind you so thanks for clearing the path. I sure hope your channel catches on so you can make some CZcams money as your side gig. Yeah, the TV and Internet is the only thing that jumped out at me. We use some apps, but I find myself using an antenna most of the time and picking up local channels. You'll figure things out. You're a smart guy.
Birthday was February and yeah, I hope to figure things out. I'll never be a rich man but I hope to exist in decent fashion. Buzz
We went to streaming with CZcams TV about 3 months ago. Cut our bill by $105.00 per month. I wished we had done it years ago.
I'll be looking into that and others. I have a two year contract (which I asked for) that ends in May. We'll see. Buzz
For me, I appreciate that you keep politics and religion out of your videos. We are going to both retire very soon. (Ages 63 and 64) this year. Fortunately we will not need our SS and won't take it till 67(unless one of us gets sick) I do like to see what other people are doing and how they do their retirements. We live on one of the fingerlakes in NY. ( We were lucky enough to buy a lake house many years ago), it was always just a summer home, but we sold our main home and now live full time on the lake. Planning on going to Florida for the winter months next year. Thanks for the video updates, enjoy watching and learning things that people are doing. I wish you all the best.
Yeah, country is too divided. I want to have stress free retirement. Buzz
I appreciate your honesty when it comes to retirement. I’m about the same age as you and I wouldn’t even consider terminating my employment. Everyone’s needs are different. Good luck!
Well, I had cancer a decade ago so my life timeline could be different than some. Retirement decisions are not made lightly. At least in my case. Buzz
Thank you for taking the time to put this together. It is helpful for us.
Thank you for watching! Buzz
At 64, I'm thinking about the reality of retirement. In California it will be a little more difficult, property taxes for example are 12k a year, utilities at 600 to 800. But I enjoyed listening
to your real examples. Every other retirement presentation is by a guy in a suit who thinks I need a million dollars at the minimum ( they might be right :). )
I"ll be checking in to see how things work out for you and your wife.
Enjoy your retirement!
Thank you for commenting! CA has costs that are a lot different but wages supposedly make up for that? I want to see if I can make this work. If not, I work part-time. I'm excited to see what happens! Buzz
Superb video. Amazing how your budget tracks. Almost exactly along mine. However, in San Diego your house insurance is only 20% of mine! You’re in a cold climate and your natural gas is 1/2 of mine.
CZcams much like you and it is promoting your channel. This is what CZcams is all about. Educational and entertaining. More power to you.
Thank you for your comment! I appreciate it. Buzz
We just subscribed to you, my husband just applied for social security @62, he will get 2324 a month, first check comes in June, we are excited to start this chapter of our lives
Tell him congratulations on his upcoming retirement! I'm rooting for both of you! Buzz
I like the white board and tracking the numbers.
I’m 53 in Northwest Ohio so not to far from you, keep the info coming 👍🏻
Thanks for watching. Key for me is have no debt, keep costs low, and try not to touch savings. Buzz
One thing that bothers me is how much seniors have to subsidize the school system in taxes. They haven’t had kids in the system for 20 or more years.
We have a mobile home community that's fairly large and it's an over 55 community. They have single handedly shot down school levies in our small community. Of the $5,000 I pay per year a majority goes to the school system. Oh well, what are we going to do? Thank you for your comment! Buzz
This is super honest and love your channel , I live in Canada and our system is a bit better due to no healthcare cost ( they even cover 90% 0f the med) we are the same age , but I do have a bigger pot , since we both worked and no kids. thank you to put this info out ... I guess I should look at my cell phone bill mine is much higher., maybe we could remove the house phone since we both have cell. Alain
Thank you for your comment! My wife didn't work for the last 30 plus years so income was low and savings was harder. But, oh well. I'll do better in my next life! Good luck my friend! Buzz
We pay $45/month for 800 mbps internet and $70 for both our cell phones including her iPhone 14 pro max. I am also on the camp of stopping paying for life insurances. In our case, our pensions and SS would be about $7k a month and we spend less than you do.
That's a good rate for Internet. Buzz
Sir, first time watching you. Very enjoyable. We just retired. We finally dropped our landline and cut cable. We use an antenna and the Amazon Fire stick and it works very well. We switched our phones from Verizon to Xfinity and got a fantastic deal with unlimited data. On the Food category, you bill is very high. Please look into cooking from basics and not buying processed foods. There are so many websites/CZcams channels that can help you. I find that Living on a Dime to Grow Rich on YT is excellent. Good luck!
Thank you for your comment! I just subscribed to Living on a dime. You're right, I have work to do! We'll see how much I improve, or not. Lol. Buzz
Great Video. I saved $135 per month by getting rid of cable and using only streaming with Roku and fire stick. I like that I can pick what I like and not waste money on things I don't. My bill went from $210 a month down to $75 (part of that is my land line not ready to give that up just yet).
That's what we're focusing on. My contract ends in May. By then I will have my act together. Thank you for your comment! Buzz
your welcome@@BuzzRetirementGarage
Can't understand spending $1400 per month for groceries for two people. You can do this for $200 per person ($300 if you're not shopping for bargains). I structure grocery decisions around the bogos available and if few are available for my shop week, I eat from my dry pantry shelf items until the bogos are better the following week. I rarely buy frozen foods or processed foods of any kind. Just fresh produce and meat. Not trying to be disrespectful here, but there is a potential $1000 that could go into savings every month.💰
You're so right and I appreciate your comment. We'll see how February turns out! Buzz
Wow that was a high grocery expense!! I am retired living with my mother in South California. We spend about $250 a month on perishable food items (meat, vegetables, eggs, and fruits). We don’t buy prepackaged food or canned food. We like to cook from scratch. We don’t make dessert because we try to limit sugar. My mother likes her snacks (savory type) so we do buy some. We drink tea and coffee at home (bags and instant). We have fruit trees that provide free lemons and citrus fruits. We have cocktails from time to time but no wine and beer. My neighbor has a large mint bush that we plug for mojitos. Beverage expense is about $120 a year. We don’t stock pile household goods.
You're doing really well! I am definitely working on reducing food and groceries. Thank you for your comment! Buzz
Buzz, i think you're doing great. hang in there and and enjoy yourself, that's retirement:)
I'm working hard on trying to spend less. Money isn't everything though! Lol. Thank you! Buzz
Great budget video! You might want to add line items for pets, rsonal care and medical ( copays, meds, glasses ect)
For now I put them in miscellaneous. Pet care was $160. Buzz
@@BuzzRetirementGarage sounds good!
Wow Buzz very informative and straightforward!! I thought I spent a lot on food but boy you are the king of groceries!!!! Switch to cricket they are unlimited and I pay $40 for me and my wifey!!! Great content as always!!!! JT
Thank you for your input. I appreciate it. Buzz
Thank you for this much appreciated I am trying to retire shortly as I am 61 will be 62 in August so I think 62 and 10 months I am just so done working I want the freedom like u said not punching clock etc.
My house is paid off my concern is
Car and house insurance as in Texas it is higher. Property tax is higher also.
Might have to cut policy’s down and my concern not a lot saved for future problems A/c , roof etc
I retired for a number of reasons that if things were different, I'd probably still be working. So far I'm 5 months into it and learning as I go. If I can keep my expenses low, and not touch savings, I may be ok. But, that said, if I work part time in the winter, I can make some money to cushion my bankroll in case of large expenses. So, I'll enjoy another 9 months off and then reevaluate. Thank you for your comment! Buzz
Social security 😅s not meant to be your sole retirement income! It’s a supplement! Grow up America! Pay yourselves first!
That's absolutely true! Good thing I have savings as well. Buzz
I'm gonna keep tellin' ya: go to something else, y'know, get off of the...cut the cable, do this and do that.
I cut the cable in 2008. I simply switche between individual streaming services - when I deplete one, I cancel and move to the next. All you have to lose is your chains...I mean ENDLESS PHARMACEUTICAL ADS, Buzz. Cable is one of those things that, when you don't have it, and then you are over someone else's house who does, you think, "Why do you put up with this?" Anyway. Just adding to the chorus, at the risk of being tedious.
You can get an antenna, and, if needed, digital tuner for local affiliates if you like news, and that'll cost you nothing besides the hardware.
New here - fascinating channel; I'm rooting for you!
Thank you for your comment! I hear you loud and clear. Remember, I'm a two person household. If I had my way........ I'm updating February numbers today or tomorrow. Thanks Buzz
Happy Birthday Mrs. Buzz! Consider term life insurance, Ting for cell service( my bill for 2 ave $35 per month. $10 for an additional line), we cut the cable years ago, and food is the one area we splurge.
She says thank you! I want to meet with my insurance agent to see what's the best path. Our long time agent retired so i may be looking around. Never heard of Ting but I wrote it down. She needs her cable or maybe an alternative. Thanks! Buzz
We go to a Chinese buffet and get a to go box and jam our favorites into it getting three to four meals out of it for around ten dollars. that way avoiding a tip and three dollar drink. have a HD antenna that gets around fifty stations avoiding satellite fees, hand laundry outside, make own laundry detergent, have grid tied solar making electric around thirty dollars a month, shop at resell it shops and garage sales buy groceries only when on sale then stock up, can dehydrate and freeze. have a raised bed organic garden that I can from and give away lots of veges. Have forty acres of oak and hickory trees that supply my wood stove with heat that keeps my newer brick home comfortable. By the way I’m a seventy ish widow that harvest my own w😊old.
Great read! I appreciate all the tips! As the weeks go by, I'm doing as many cost cutting things as I can. I don't know about the laundry detergent though. Lol. Buzz
Buzz, I love the honesty in your information. I watch many of the same channels you have mentioned. I appreciate that you are doing your retirement on SS with savings. All the hype that you need 1 million to retire is frustrating. I still have a few more years to go , turn 55 this year. Trying to get my ducks in a row.
PS Glad you are a pet person and like the birds too. Birdwatching is a great affordable hobby.
Looking forward to more of your videos .
Thank you for your kind words! I'll get better at this as I go. I'm a rookie in retirement and I have to study cost savings like it's a job. Lol. Buzz
Great Happy birthday to Mrs.!!! High high grocery/ paper products/ pet products bill!!!
She says thank you! I know. We have to cut down! Thanks for the comment. Buzz
Just sharing what we did probably 8 years ago. We bought an antenna (not a cheapie one-about & $80). It scans 360 and we get approximately 45 channels (includes local ones). It is in our attic and looks like a UFO. We also have Peacock for around $6. We find ourselves watching the 45 channels more than Peacock. Just something for you to consider.
Thank you for your comment! My cable contract is up in May and I'm weighing all the options. The food bill has to drop immediately though. Buzz
We all do the best we can and hope we make it. Getting off the cable is tough, but there is so much free programming out there. I have been cable free for over 3 years.I buy a streaming service here or there to catch up on what I missed.They have sales on those as well. I go to Aldis for certain things, but there are cheaper options on a lot things. I usaully try to stock up on what I use when I can get it cheap. I always tell my friends I shop amongst the immigrants. I gave up my Mountain Dew and Pepsi cause it just kept getting more expensive No one store has everything cheaply priced, so I move around. I love your videos and wish you luck as well as all the other trying to navigate this new world of retirement.
Thank you for commenting! My cable contract expires in May. I have to have a plan by then. I'll have to get better at shopping since everyone says $500 a month is all I should spend. Ok. Buzz
We spend around $550 to $600 on groceries that’s everything dog food bathroom stuff. But it’s really hard to stay on budget. $600 doesn’t buy that much so it always seems like at the end of the month we are out of everything. There is only two of us.
Enjoy your channel. I'm 57 and recently unemployed. Going through the process on trying to determine what I might do next for work or is retirement really a possibility for me. A lot to ponder and consider but fortunate to have the ability to "take a break" and digest the options. Thanks for sharing your story and thoughts...
Thank you for commenting. You have choices and I'm sure you'll do the right thing for your situation. Best of luck! Buzz
Happy BD to the Mrs! Great job tracking everything. I do that too. I spend more money on critter food, vet bills and etc than I do on myself! Where can costs be reduced is a good question (I am keeping my critters, lol). I don't watch much TV but have a ROKU system and do not subscribe to any channels having subscription fees. Matter of fact I have found some of the movie titles that channels charge for free on the internet. Eating out adds up so that might be something to watch. Pulling back on lottery playing is likely a good idea. Necessity, needs and wants are important to prioritize, categorize and plan for. Great stream and always appreciated!!
Thank you for commenting! Critters are important! I'm holding back on getting a dog but I don't know how much longer I can hold out! Add more to the critter food bill! I'll cut back in other areas and hopefully this will work out. If not, PT work for me! Buzz
@buzz great job showing us your expenses. Very courageous of you. Keep the updates coming it gives the rest of us working stiffs some hope that we can do it too. 😊
I'm cutting it close and I know that. I think there's millions of upcoming boomers that could be in similar shape and don't want to admit it. Heck, I'll admit it! Worse case I get a tin cup and stand at the highway exit! Buzz
I would suggest breaking your food category down into more categories. Some suggestions: food that you eat, pet food, household-toilet paper, dishwashing soap, laundry soap, etc. When I unload my basket onto the cashier's belt I try to unload by category to make it easier for me to break things down. Your food numbers seem really high unless you have a huge menagerie. If you break it down and save your receipts it will talk to you. You will have a much better idea what is going on.
Thank you for your comment. I did start a spreadsheet with pricing so that will definitely help. Thank you for your advice! Buzz