What do you typically do (and how do you spend your money) on a typical retirement day/week/month

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Bronko
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Bronko »

I like the idea of doing whatever I want whenever I want. I'll let you know how it goes in 7 months.
Never let a little bit of money get in the way of a real good time.
Somethingwitty92912
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Somethingwitty92912 »

Keep up with the financial world. Depending on season, bike,kayak,video games,read,cook,play with the family/dogs. Let’s see… advise friends on financial matters, help locals with their small businesses for free, stay active in local politics … local only. Volunteer for animal/homeless shelter. Spend time feeding hungry children locally with another charity.

Year round gardening… to include things like canning, foraging, cleaning up local water ways, picking up trash and recycling/upcycling I could go on an on.

If you are bored it’s because you are dumb. That’s always been my philosophy.
bltn
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by bltn »

This is a very informative thread. A number of useful points have been made.

I worried about being bored in retirement after talking to a number of financially successful people who retired a their 60 s and after a year, more or less, returned to work. Then I realized that the large majority of retirees I encountered loved their retirement with no boredom issues. After My retirement, I ve not been bored. Even with no planned hobby activities.
And I ve realized as time goes by, one s interest in travel, particularly international, decreases. We re currently happy with trips to the nearest beach.
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by bltn »

Californiastate wrote: Wed Oct 13, 2021 6:13 pm In the words of Houston Oiler Coach Bum Phillips, " I don't do anything and I don't start that until noon."
Now there was a well adjusted man who wasn t worrying about boredom!
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by jebmke »

59Gibson wrote: Wed Oct 13, 2021 11:29 am I'm probably in the minority here, but I really have no desire to travel, after years of traveling for work both by plane and long car time. To me it's simply not worth all of the hassles and it's may overrated. I've witnessed many folks complaining after being away..I'm guessing they feel it's what they're supposed to want to do.
same here; we traveled extensively before retirement and it was a major part of my work in the last 15 years (100% for the last 3 years). Plus, it is much more tedious than it used to be.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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kelway
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by kelway »

JoeRetire wrote: Wed Oct 13, 2021 12:54 pm I have far more enjoyable things I like to do without having to travel.
Sounds terrible. ;-)
Old Guy
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Old Guy »

As little as possible.
JS-Elcano
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JS-Elcano »

punkinhead wrote: Wed Oct 13, 2021 7:27 am ....

Personally, I do all the same things in retirement that I did when working. I just do them more often.
Ditto. Plus, I always wanted to learn to play the piano. I am adding this to my plan :happy
SQRT
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by SQRT »

Somethingwitty92912 wrote: Wed Oct 13, 2021 6:20 pm

If you are bored it’s because you are dumb. That’s always been my philosophy.
Interesting philosophy. Not sure about dumb, but maybe intellectually lazy? Lots of interesting books to read out there. On Line courses? I like to learn and understand how things work. Like to think I’m pretty well read. Very seldom bored. So is boredom a choice? Or perhaps a personality type?
bltn
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by bltn »

SQRT wrote: Thu Oct 14, 2021 2:05 am
Somethingwitty92912 wrote: Wed Oct 13, 2021 6:20 pm

If you are bored it’s because you are dumb. That’s always been my philosophy.
Interesting philosophy. Not sure about dumb, but maybe intellectually lazy? Lots of interesting books to read out there. On Line courses? I like to learn and understand how things work. Like to think I’m pretty well read. Very seldom bored. So is boredom a choice? Or perhaps a personality type?
I ve always thought boredom was due to one s personality. Possibly related to ADHD. IANAP (psychologist)!!
Derpalator
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Derpalator »

birdog wrote: Wed Oct 13, 2021 7:47 am
Cruise wrote: Wed Oct 13, 2021 2:58 am My BIL gave me a great tip about structuring retirement: Never schedule more than one chore a day. Good rule of thumb, but hard to practice.
I like this and have noticed myself already adopting it. I've only been retired for a month but I already notice that I need to get something chore-like done each day but I still want more leisure than work so I generally limit my chores to the morning.
Been officially retired since October first but am averaging 3-4 chores a day. Expect that to improve once the movers get here with our stuff. :annoyed
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birdog
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by birdog »

Derpalator wrote: Thu Oct 14, 2021 2:44 am
birdog wrote: Wed Oct 13, 2021 7:47 am
Cruise wrote: Wed Oct 13, 2021 2:58 am My BIL gave me a great tip about structuring retirement: Never schedule more than one chore a day. Good rule of thumb, but hard to practice.
I like this and have noticed myself already adopting it. I've only been retired for a month but I already notice that I need to get something chore-like done each day but I still want more leisure than work so I generally limit my chores to the morning.
Been officially retired since October first but am averaging 3-4 chores a day. Expect that to improve once the movers get here with our stuff. :annoyed
Does “improve” mean go up or down?
hudson
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by hudson »

MrCheapo,
good questions!

2 cups coffee and a coke zero while checking on calendar, money, messages, and news.
Exercise and stretching routine
Hit the trails on foot or mountain bike
Household stuff
Lawn, garden, vehicles. If I mow the grass, I get a beer.
Bogleheads
Critical and vital projects like getting a place ready to plant asparagus next year or plotting how to get more female American Persimmon trees. I have excess non-bearing male persimmon trees. These projects may get done immediately or might be put off indefinitely. I have a number of these projects waiting in the wings.
Connect with old and new friends/family.
Family history...mostly just back to 1800. According to DNA, I have a 1st or 2d cousin that I can't account for. There are several other mysteries that I'll try to solve. A great grandfather: is a person listed in his family bible his brother or his father?
My job in retirement is to figure out good stuff to do or not.
I have mountains that I want to summit.
There are Civil War battlefields that I want to walk.
I haven't run out of books to read...maybe actual low key accounts from WW2 or Vietnam veterans.
RobLyons
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by RobLyons »

JupiterJones wrote: Wed Oct 13, 2021 9:11 am
RobLyons wrote: Wed Oct 13, 2021 5:05 am If you have no idea what you will do in retirement, don't retire yet! I can think of a ton of things I'd love to do if retired.
Same here. Granted, as someone who isn't FI yet, what do I really know? But it's a big world, and it's been going on for a long time. There is SOOOOO much to potentially do in life, I honestly can't understand why anyone couldn't come up with their own list just as long as yours.

What do such people do on the weekends? Stare at a wall?

Do they get halfway through a vacation and just say, "Whelp, that's enough of that! Guess I'll go home early. Nothing left to see or do anywhere on the planet!"

When faced with the sum total of human knowledge, language, art, and skill that the modern world allows them to experience and learn do they just shrug and go, "meh"?

Heck, at the very least, someone in financial shape to retire could just quit the job they hate and go get another one without concern about what it might pay, including volunteer jobs. (I can't be the only one who has fantasized about working part-time at various cool/fun jobs one day, am I?)


I completely understand this point too. I'm currently surrounded by retirees that have way too much time on their hands and I wish they would work or find something better to do because they are overly snoopy about my business :D :wink:
"Great parenting sets the foundation for a better world"
punkinhead
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by punkinhead »

One bit of advice... When you're retired you've got all day available so don't go to the BMV during lunch hours. The poor saps who work for a living are trying to get their plates renewed.
Garfieldthecat
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Garfieldthecat »

My wife and I have wondered about this as well, as I am 10-15 years from retiring. We have noticed that as busy as we are normally with work, when we go to a beach resort for 7-8 days on vacation, after a few days at the beach we seem to 'slow down" and relax more and rush around like when we are at home. We find that we like it when we are there and relaxed, which makes us think once retired, we will get used to having more free time, and be able to do things at our own pace and not have such a hectic schedule.

Makes us less worried about our retirement downtime :happy
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JupiterJones
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JupiterJones »

59Gibson wrote: Wed Oct 13, 2021 11:29 am I'm probably in the minority here, but I really have no desire to travel, after years of traveling for work both by plane and long car time. To me it's simply not worth all of the hassles and it's [way] overrated.
Fair enough. But as someone who also traveled for work (in a previous career) via both airways and highways, to nearly every state in the lower 48 and then some, it has been my experience that "work" travel and "vacation" travel are very different things.

Well sure, you still have to fool with the transportation headaches. But that's all somehow more bearable when in vacation mode (and getting to share the hassle with a spouse!) And of course, if you're going somewhere where they've got transportation figured out better than we do, like Europe, it can become not just bearable but actually fun/memorable.

And when you get where you're going, you can actually enjoy it and really be a tourist, without any work obligations looming over you. You can pick a place to stay that's charming and near interesting sights and people, rather than whatever interchangeable chain hotel that's closest to the convention center and gives you the most loyalty points.
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GoldenFinch
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by GoldenFinch »

I spend a lot of time at the gym and I really enjoy it.
Last edited by GoldenFinch on Fri Oct 15, 2021 5:38 am, edited 1 time in total.
flyingaway
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by flyingaway »

hudson wrote: Thu Oct 14, 2021 5:51 am MrCheapo,
good questions!

2 cups coffee and a coke zero while checking on calendar, money, messages, and news.
Exercise and stretching routine
Hit the trails on foot or mountain bike
Household stuff
Lawn, garden, vehicles. If I mow the grass, I get a beer.
Bogleheads
Critical and vital projects like getting a place ready to plant asparagus next year or plotting how to get more female American Persimmon trees. I have excess non-bearing male persimmon trees. These projects may get done immediately or might be put off indefinitely. I have a number of these projects waiting in the wings.
Connect with old and new friends/family.
Family history...mostly just back to 1800. According to DNA, I have a 1st or 2d cousin that I can't account for. There are several other mysteries that I'll try to solve. A great grandfather: is a person listed in his family bible his brother or his father?
My job in retirement is to figure out good stuff to do or not.
I have mountains that I want to summit.
There are Civil War battlefields that I want to walk.
I haven't run out of books to read...maybe actual low key accounts from WW2 or Vietnam veterans.
You may just graft some good variety of persimmon trees.
flyingaway
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by flyingaway »

JoeRetire wrote: Wed Oct 13, 2021 12:50 pm
flyingaway wrote: Wed Oct 13, 2021 8:36 am Freedom is not about what you can do. It is about what you don't have to do.

Just not going to work is good enough in retirement.
Sounds terrible.

If it works for you, great. But for me "just not working" is a poor reason to retire. I'd rather work if those were my only choices.
I said good enough, certainly there are things better. If you REALLY don't need any more money, why bother to work?
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JoeRetire
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JoeRetire »

flyingaway wrote: Thu Oct 14, 2021 6:52 pm
JoeRetire wrote: Wed Oct 13, 2021 12:50 pm
flyingaway wrote: Wed Oct 13, 2021 8:36 am Freedom is not about what you can do. It is about what you don't have to do.

Just not going to work is good enough in retirement.
Sounds terrible.

If it works for you, great. But for me "just not working" is a poor reason to retire. I'd rather work if those were my only choices.
I said good enough, certainly there are things better. If you REALLY don't need any more money, why bother to work?
Some people enjoy working. My wife, for example, works for a local hospital a couple of days per week.

In retirement (assuming finances aren't a problem) you get to do what you enjoy. For some, that involves volunteering. For some, that involves working. For some, they have other things they enjoy more. It's all good.
Just remember: it's not a lie if you believe it.
flyingaway
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by flyingaway »

JoeRetire wrote: Thu Oct 14, 2021 7:05 pm
flyingaway wrote: Thu Oct 14, 2021 6:52 pm
JoeRetire wrote: Wed Oct 13, 2021 12:50 pm
flyingaway wrote: Wed Oct 13, 2021 8:36 am Freedom is not about what you can do. It is about what you don't have to do.

Just not going to work is good enough in retirement.
Sounds terrible.

If it works for you, great. But for me "just not working" is a poor reason to retire. I'd rather work if those were my only choices.
I said good enough, certainly there are things better. If you REALLY don't need any more money, why bother to work?
Some people enjoy working. My wife, for example, works for a local hospital a couple of days per week.

In retirement (assuming finances aren't a problem) you get to do what you enjoy. For some, that involves volunteering. For some, that involves working. For some, they have other things they enjoy more. It's all good.
The majority of my friends, who are academics, do not have a plan to retire. They actually do not spend time on managing their money, so they probably do not know (and don't care) how much is needed to retire. My guess is that they will just work until they could not work.
bhsince87
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by bhsince87 »

I retired almost 3 years ago at age 53. A few years earlier than planned, but a nice severance package came up, and I took it.

I guess I'm an anomaly here. I don't do a whole lot.

I slept 10 hours a day for the first year or so. Now I'm back to 7 hours. I do a lot of chores and home-related stuff. Cook more than I did before.

Dove heavily into playing a banjo, but then developed severe tendonitis in my wrist, so I had to give that up. Learned how to run sound for a blues rock band, and really loved that. But they recently broke up.

Tried fishing again, but it doesn't have the same appeal i used to have. I',m planning to buy a kayak in the spring and will see if that makes a difference.

Spent some money on photo equipment upgrades, and have chased some birds with it. That is fun!

Have bought a bunch of books, and re-read some I already owned (have 7,000+ book library)

I've toyed with going back to work, but I just can't find anything that meets my goals (part time/flexible hours).

That being said, I am absolutely loving retired life. The lack of deadlines and arbitrary hours is he best thing. My blood pressure has dropped 20 points!
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams
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JoeRetire
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JoeRetire »

bhsince87 wrote: Thu Oct 14, 2021 8:01 pmThat being said, I am absolutely loving retired life. The lack of deadlines and arbitrary hours is he best thing.
Sounds like you are doing what you enjoy. Great!
Just remember: it's not a lie if you believe it.
gavinman
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by gavinman »

I retired last year at the age of 51. It’s hard to believe I’ve been retired over a year.
I play golf once a week but it’s with a friend who still works so we play Saturday or Sunday.
I usually go to the driving range one day during the week, I should play a round by myself but don’t. I hit the grocery store during the week, usually make a Costco run. I workout every day. Weights and cardio alternating days. I hit the cigar shop once a week and smoke a cigar in the lounge and listen to a financial podcast while hanging out there then work around the house or on the yard. I also play PC games and usually get online and chat with my online “gaming friends.”
I’ve been looking for a part time job but I’m not looking too hard. I really only want to work two or three days a week and not full days. We’ve been trying to check out local museums or take short day trips too.
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Bogle7
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and how do you spend your money?

Post by Bogle7 »

We spend $1000/month on food.
We spend $1000/month on wine.
We are happy.
Old fart who does three index funds, baby.
UpperNwGuy
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by UpperNwGuy »

I retired in 2013.

What do I typically do?

I spent the last ten years of my working life dreaming of the things I would do when I retired. I've been doing many, but not all, of them. If you don't have a long list of things to do in your retirement, don't retire.

How do I spend my money?

This one is easy. I have mandatory spending (taxes, rent, food, clothing, auto, medical, etc) and discretionary spending (travel, personal trainer, yoga, etc). I'm still in the first decade of retirement, so my health is good, and my mandatory spending has declined from my working years, and more money is available for discretionary spending.
Somethingwitty92912
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Somethingwitty92912 »

SQRT wrote: Thu Oct 14, 2021 2:05 am
Somethingwitty92912 wrote: Wed Oct 13, 2021 6:20 pm

If you are bored it’s because you are dumb. That’s always been my philosophy.
Interesting philosophy. Not sure about dumb, but maybe intellectually lazy? Lots of interesting books to read out there. On Line courses? I like to learn and understand how things work. Like to think I’m pretty well read. Very seldom bored. So is boredom a choice? Or perhaps a personality type?
No, I am kinda fundamental about this position. You could make an argument for intellectual dishonesty, we all lie to ourselves. However, if you are honestly bored with life, you lack the intelligence to find something to entertain/interest you. It’s my way of manipulating people into productive thinking/behaviors. Think of it as throwing down the gauntlet.
nguy44
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by nguy44 »

Since retiring I just do more of what I like.

I am up between 6 and 7am. Morning are for activities - golfing (I walk the course, averaging 3 times a week), gym, biking, hiking, etc. Sometime running errands are mixed in with that.

Back home around noon, eat lunch, look at a few forums, catch up on financial news.

Early to mid afternoon, home improvement/maintenance/project activities, indoor or outdoor depends on the weather.

Late afternoon chill out, maybe watch 1-2 hours of some show which I may nap to, or some "afternoon delight" time with wife. :mrgreen:

Dinner around 6 or 7, then social time with folks in the neighborhood, anything for walking and chatting to getting together at a home or sports bar to watch a game.

Late night, reading, or wife and I may play some board or card game. We are competitive, but due to the bets the loser does not complain :mrgreen: .

Back in bed around midnight.

The above is a generality, being fully retired means flexibility. There are day trips (sometimes spur of the moment), date nights, formal and informal volunteer work, etc. The bottom line is, I have yet to find myself trying to figure out how to fill my time during a day. My cup runneth over with options. :happy
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JAZZISCOOL »

WyomingFIRE wrote: Tue Oct 12, 2021 8:40 pm
StevieG72 wrote: Tue Oct 12, 2021 8:33 pm I worry about this too. I hate my job, but if I spend a weekend at home during poor weather I am bored and almost ready to go back to the job I hate.

Also have a friend that was forced to retire and he seems to be bored even though he has a few hobbies.

Lastly, I feel that I may be too conservative and will have a difficult time transitioning from earning / saving to spending.
+1

Count me among those who believe the psychological aspects of retirement aren’t as well studied as the financial. Where is the “4% Rule of Thumb” for mental health and related psychological considerations in retirement?
+1

Good point. I'm sure the research is out there but perhaps a lot of it doesn't get picked up by the press.
Wannaretireearly
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Wannaretireearly »

gavinman wrote: Thu Oct 14, 2021 8:48 pm I retired last year at the age of 51. It’s hard to believe I’ve been retired over a year.
I play golf once a week but it’s with a friend who still works so we play Saturday or Sunday.
I usually go to the driving range one day during the week, I should play a round by myself but don’t. I hit the grocery store during the week, usually make a Costco run. I workout every day. Weights and cardio alternating days. I hit the cigar shop once a week and smoke a cigar in the lounge and listen to a financial podcast while hanging out there then work around the house or on the yard. I also play PC games and usually get online and chat with my online “gaming friends.”
I’ve been looking for a part time job but I’m not looking too hard. I really only want to work two or three days a week and not full days. We’ve been trying to check out local museums or take short day trips too.
Sounds great!
Until recently, I used to think it’s best to retire with spouse at the same time, travel etc. Covid WFH has opened my eyes to the fact I’m quite comfortable being at home myself, working out, doing nothing, biking, exploring local bars and restaurants. I’d love to take every Monday and Friday off work and continue this transition/experiment towards retirement.
Death and taxes. Only one is under your control!
wrongfunds
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by wrongfunds »

punkinhead wrote: Thu Oct 14, 2021 7:58 am One bit of advice... When you're retired you've got all day available so don't go to the BMV during lunch hours. The poor saps who work for a living are trying to get their plates renewed.
You may not believe me but I thought you were talking about some well known buffet place because of the reference to the lunch plates being refilled and what not!

How many different 3letter acronyms are there for DMV and RMV? I had not heard BMV until now.
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

duplicate
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

duplicate
Last edited by CyclingDuo on Wed Oct 20, 2021 9:25 am, edited 1 time in total.
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

MrCheapo wrote: Tue Oct 12, 2021 3:09 pm I'm in that envious situation where I can retire well now or wait and retire very well. Currently 50 and will retire no later than 55.

So I'm starting to plan what I'll do in retirement so if need be I can purchase/plan those key items before I retire when they are cheap (hence my name!)

Except I really have no idea what I'll do. I'm naturally an early riser so getting up late isn't even an option. I can see myself:

biking a few days a week (5 hours)
playing a round of golf a week (5 hours)

But that leaves a good 102 hours in the week left. I plan on traveling four weeks a year overseas and may another four weeks on local trips. But what of the other 44 weeks!

So I'm curious how people:

a) Spend a typical retirement day
b) The special/atypical things you do in a week
c) The special/atypical things you do in a month

I know this is an odd question, but my days now are filled up with kids and work after which I'm just too tired except to watch and hour or two of TV before bed.
Studies show this is what you will do with your time as you age...

Image
https://am.jpmorgan.com/content/dam/jpm ... ent-us.pdf

Edit to say that the following average daily spend is based on the BLS Data and is broken down into what the BLS calls a "household" which they call a consumer unit. The numbers reflected in the chart are not for one person, but for the consumer unit that was interviewed in the story.

Size of the consumer unit is the number of persons whose usual place of residence at the time of the interview is in the sample unit. Definitions of CE terms are in the CE glossary at www.bls.gov/cex/csxgloss.htm.

Consumer unit - A consumer unit comprises either: (1) all members of a particular household who are related by blood, marriage, adoption, or other legal arrangements; (2) a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in permanent living quarters in a hotel or motel, but who is financially independent; or (3) two or more persons living together who use their income to make joint expenditure decisions. Financial independence is determined by the three major expense categories: Housing, food, and other living expenses. To be considered financially independent, at least two of the three major expense categories have to be provided entirely, or in part, by the respondent.

Composition of the consumer unit is the classification of interview families according to: (1) relationship of other family members to the reference person; (2) age of the children of the reference person; and (3) combination of relationship to the reference person and age of the children. Stepchildren and adopted children are included with the reference person's own children.


Example for our household/consumer unit: a couple related through marriage

Image
https://www.bls.gov/news.release/cesan.nr0.htm
https://theentrepreneurfund.com/heres-h ... -in-a-day/
https://www.cnbc.com/2019/03/13/heres-h ... a-day.html

Image
BLS Data - https://www.bls.gov/news.release/cesan.nr0.htm
https://www.sunmark.org/connect/sunmark ... ou-measure
https://www.fool.com/retirement/2019/03 ... a-day.aspx

CyclingData
Last edited by CyclingDuo on Thu Oct 21, 2021 6:35 am, edited 2 times in total.
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flyingaway
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by flyingaway »

I gave an abstract answer in an earlier reply. Here is a more concrete and typical one:

(1) Get up late, usually around 9:00AM.
(2) Eat breakfast.
(3) Read and participate in some online forums, including this one, take a look at the stock market.
(4) Talk to friends on social medium.
(5) Do a morning walk.
(6) Do some work, such as planning travel, local hiking, mowing the lawn, repairing the deck, laundry, etc.
(7) Lunch time.
(8) Take a nap, some days, not always.
(9) Do some work in the garden, house, etc.
(10) Walk to the grocery store to see if anything is on sale, mostly for the walking purpose.
(11) Prepare and eat dinner.
(12) Do an evening walk.
(13) Read something online, run FIRECal for fun, play some games, watch some TV shows, selectively read online news, talk to friends on social medium, etc.
(14) Go to bed, usually at around middle of the night.

I just retired. I find that I do not have enough time to do all the (unimportant) things that I listed above. I now understand why people say that they don't know how they got time to go to work before they retire. The problem is that I do not rush to get anything done, I always have tomorrow to finish the things.

We also do travel, hiking, casinos, going out with friends, from time to time, but a typical local day is mostly likely what I listed above, and I am happy with that. Also, we eat almost all our meals at home, so we cook all our meals.
Cruise
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Cruise »

CyclingDuo wrote: Wed Oct 20, 2021 9:24 am
MrCheapo wrote: Tue Oct 12, 2021 3:09 pm I'm in that envious situation where I can retire well now or wait and retire very well. Currently 50 and will retire no later than 55.

So I'm starting to plan what I'll do in retirement so if need be I can purchase/plan those key items before I retire when they are cheap (hence my name!)

Except I really have no idea what I'll do. I'm naturally an early riser so getting up late isn't even an option. I can see myself:

biking a few days a week (5 hours)
playing a round of golf a week (5 hours)

But that leaves a good 102 hours in the week left. I plan on traveling four weeks a year overseas and may another four weeks on local trips. But what of the other 44 weeks!

So I'm curious how people:

a) Spend a typical retirement day
b) The special/atypical things you do in a week
c) The special/atypical things you do in a month

I know this is an odd question, but my days now are filled up with kids and work after which I'm just too tired except to watch and hour or two of TV before bed.
Studies show this is what you will do with your time as you age...

Image
https://am.jpmorgan.com/content/dam/jpm ... ent-us.pdf

Image
https://www.bls.gov/news.release/cesan.nr0.htm

Image
BLS Data
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

Cruise wrote: Wed Oct 20, 2021 2:02 pm
CyclingDuo wrote: Wed Oct 20, 2021 9:24 am
MrCheapo wrote: Tue Oct 12, 2021 3:09 pm I'm in that envious situation where I can retire well now or wait and retire very well. Currently 50 and will retire no later than 55.

So I'm starting to plan what I'll do in retirement so if need be I can purchase/plan those key items before I retire when they are cheap (hence my name!)

Except I really have no idea what I'll do. I'm naturally an early riser so getting up late isn't even an option. I can see myself:

biking a few days a week (5 hours)
playing a round of golf a week (5 hours)

But that leaves a good 102 hours in the week left. I plan on traveling four weeks a year overseas and may another four weeks on local trips. But what of the other 44 weeks!

So I'm curious how people:

a) Spend a typical retirement day
b) The special/atypical things you do in a week
c) The special/atypical things you do in a month

I know this is an odd question, but my days now are filled up with kids and work after which I'm just too tired except to watch and hour or two of TV before bed.
Studies show this is what you will do with your time as you age...

Image
https://am.jpmorgan.com/content/dam/jpm ... ent-us.pdf

Image
https://www.bls.gov/news.release/cesan.nr0.htm

Image
BLS Data
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
That’s daily spend in dollars, not annual in thousands.🤓
"Save like a pessimist, invest like an optimist." - Morgan Housel
fposte
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by fposte »

CyclingDuo wrote: Wed Oct 20, 2021 2:11 pm
Cruise wrote: Wed Oct 20, 2021 2:02 pm
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
That’s daily spend in dollars, not annual in thousands.🤓
I think Cruise might have been just doubling the individual average (just under $50k) for a couple spend. But I don't think that couples automatically spend double what a single person does.
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

fposte wrote: Wed Oct 20, 2021 2:33 pm
CyclingDuo wrote: Wed Oct 20, 2021 2:11 pm
Cruise wrote: Wed Oct 20, 2021 2:02 pm
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
That’s daily spend in dollars, not annual in thousands.🤓
I think Cruise might have been just doubling the individual average (just under $50k) for a couple spend. But I don't think that couples automatically spend double what a single person does.
Ah….

The BLS Data is per household, so one would not double it to figure out what a “couple” spends.

CyclingDuo
"Save like a pessimist, invest like an optimist." - Morgan Housel
Cruise
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Cruise »

CyclingDuo wrote: Wed Oct 20, 2021 4:37 pm
fposte wrote: Wed Oct 20, 2021 2:33 pm
CyclingDuo wrote: Wed Oct 20, 2021 2:11 pm
Cruise wrote: Wed Oct 20, 2021 2:02 pm
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
That’s daily spend in dollars, not annual in thousands.🤓
I think Cruise might have been just doubling the individual average (just under $50k) for a couple spend. But I don't think that couples automatically spend double what a single person does.
Ah….

The BLS Data is per household, so one would not double it to figure out what a “couple” spends.

CyclingDuo
Thanks. Whomever made that chart should go back to Chart Labeling School as it does not say "Average American Family Spend," but "Average American...".
quantAndHold
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by quantAndHold »

I spend mornings doing health and fitness activities. Gym 3x per week, Tai chi (as both student and teacher) 4x. Meditation, either at the temple or at home most mornings.

Afternoons I work on projects. Fixing or building things, art, music, computer programming, trip planning, etc. Exactly what I do changes over time, but it’s a mix of hobbies and honey dos.

Before the pandemic, we traveled about four months per year. Not so much lately, nothing in 2020 and only about six weeks this year, but we’re planning on ramping back up next year.

We also volunteer. At first, it was things that I thought I *should* be doing. Highly rewarding, but maybe not that much fun. Things like teaching computer science to disadvantaged kids. But I’ve moved on to stuff that I enjoy more, like ushering at shows. What I do may not be improving the world, but I do get to see a lot of shows.

What have you always wanted to do but didn’t have time for? Now’s your chance.
Honestly, after the first six months of retirement, we had to dial it back a bit, because we were doing too much.

I’m thinking about taking up pickle ball.
Yes, I’m really that pedantic.
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rob
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Re: and how do you spend your money?

Post by rob »

Bogle7 wrote: Thu Oct 14, 2021 8:59 pm We spend $1000/month on food.
We spend $1000/month on wine.
We are happy.
This is a brilliant ratio - going to factor this into the budget :D
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

Cruise wrote: Wed Oct 20, 2021 8:30 pm
CyclingDuo wrote: Wed Oct 20, 2021 4:37 pm
fposte wrote: Wed Oct 20, 2021 2:33 pm
CyclingDuo wrote: Wed Oct 20, 2021 2:11 pm
Cruise wrote: Wed Oct 20, 2021 2:02 pm
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
That’s daily spend in dollars, not annual in thousands.🤓
I think Cruise might have been just doubling the individual average (just under $50k) for a couple spend. But I don't think that couples automatically spend double what a single person does.
Ah….

The BLS Data is per household, so one would not double it to figure out what a “couple” spends.

CyclingDuo
Thanks. Whomever made that chart should go back to Chart Labeling School as it does not say "Average American Family Spend," but "Average American...".
Agree. My bad as the original articles spelled all of that out - as does the link to the BLS Data I posted above. I will go back and edit and keep that in mind if I post it again in the future.

CyclingDuo
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cockersx3
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by cockersx3 »

Cruise wrote: Wed Oct 20, 2021 2:02 pm Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
Yep. For what it's worth, I remember Rick Ferri also making the same observation about his high net worth clients, via a post on this forum. He said that the vast majority of his clients spent under $100K, despite a high (and in some cases. ultra-high) net worth. Good data for a family like ours that is trying to "sanity check" our retirement budget.
Engaging in sloth
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by Engaging in sloth »

We retired in out late 50's. Mornings are when we work out: one of the following/day: mtn biking, trail running, street biking or running, swimming. Afternoons are more for house chores, food shopping, an online game/chatting; spending time on BH; I watch hockey or baseball at night; out with a friend at night occasionally, or time with family

We travel about 4 wks/yr
jsapiandante
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by jsapiandante »

cockersx3 wrote: Thu Oct 21, 2021 9:05 am
Cruise wrote: Wed Oct 20, 2021 2:02 pm Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
Yep. For what it's worth, I remember Rick Ferri also making the same observation about his high net worth clients, via a post on this forum. He said that the vast majority of his clients spent under $100K, despite a high (and in some cases. ultra-high) net worth. Good data for a family like ours that is trying to "sanity check" our retirement budget.
I remember that post vaguely. Did the $100k spending include mortgage as well? That's our current lifestyle and it includes taxes, vacations, and a $27k/year mortgage in a HCOL area and living quite comfortably. I can only imagine having that much spending at our disposal minus a mortgage. I guess if I really tried, it wouldn't be too hard.
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JoeRetire
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by JoeRetire »

Cruise wrote: Wed Oct 20, 2021 2:02 pmInteresting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
I suspect there are a relatively small number of very high spenders skewing the average.

And if I read it correctly, the chart shows "consumer units", defined as "Consumer units include families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share major expenses."

The chart in the BLS data shows that consumer units spent an average of $61,334 in 2020.

So it doesn't actually say that couples spend over $100k.
Just remember: it's not a lie if you believe it.
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CyclingDuo
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by CyclingDuo »

JoeRetire wrote: Thu Oct 21, 2021 2:46 pm
Cruise wrote: Wed Oct 20, 2021 2:02 pmInteresting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
I suspect there are a relatively small number of very high spenders skewing the average.

And if I read it correctly, the chart shows "consumer units", defined as "Consumer units include families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share major expenses."

The chart in the BLS data shows that consumer units spent an average of $61,334 in 2020.

So it doesn't actually say that couples spend over $100k.
You are correct! I updated the original post to include “consumer unit”.

CyclingDuo
"Save like a pessimist, invest like an optimist." - Morgan Housel
jharkin
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Re: What do you typically do (and how do you spend your money) on a typical retirement day/week/month

Post by jharkin »

Cruise wrote: Wed Oct 20, 2021 2:02 pm
Interesting statistics. Fascinating that the average annual spend for a couple over 65 appears to be $100K.
Something doesn't add up. If that chart is right and we can assume for a typical household its x2 then for late Gen X (i.e. middle age) the average yearly spend is 147k.

The average must be HEAVILY skewed by some outliers and the median far lower else it doesn't square with the median household income that's somehting like 60-70k.

I live outside Boston and my house is worth north of $800k with the big mortgage to go with it and even I have a hard time managing to spend 100k every year unless I also include things like saving for car replacements and some really lavish vacations in the spend total. Those are big numbers!
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