Retirement: Hello New Change
by Joan B. Reid
Retirement. The word conjures feelings from excited anticipation to trepidation, and no matter how it is approached, it is filled with unknowns. Whether one imagines leisure, volunteer work, career change, part-time employment, or a combination of these or other pursuits, the thread that runs through life is change.
The changes retirement can bring give rise to a multitude of questions, such as how to best time it, how to afford it, and what the heck does it all really mean?
Health concerns and medical coverage, financial stability and whether to age in place are at the forefront of considerations, followed by family ties and friendships. Then there’s the question: can my spouse and I handle being together all the time?
For now, let’s address the financial aspect and how retirement can be possible on a limited income. While some may view it as living on the edge, my husband and I have found retirement on limited means pleasurable and even fulfilling.
For us, taking early retirement at 62 was not a choice. It meant dipping into Social Security benefits earlier, resulting in a 25% decrease of our lifetime benefits. Honestly, what employer would hire a 62-year-old at a decent salary with a healthcare package?
Early retirement also meant no medical benefits until we reached 65 and became eligible for Medicare. I was able to secure a part-time job at the local library and do freelance writing. We both received small pensions. But these were band-aids that couldn’t cover the financial gap.
We also faced rising rent where we lived in a New York hamlet comprised of apartment buildings and single family homes. Winter weather was a concern for my husband, who suffers from arthritis and dry-eye disease. There seemed to be one solution: Florida.
Yes, we moved to the Sunshine State, retiring on an annual income of less than $30K. There have been stressful times, but who escapes life’s stresses, even with wealth? We have missed family, especially grandchildren, and the pandemic prevented travel. So, once we secured our basic needs, what more was there to our life?
Much more, even on a limited income. Here’s how it broke down:
- Our rent is $580 LESS. We’re currently in an affordable senior 2-bedroom/2-bath apartment with a clubhouse and swimming pool.
- We reside three miles from beaches.
- Vero Beach provides free public transportation for all residents (although we have a car).
- The library offers free lectures, books, films, clubs and passes to museums.
- There is free musical entertainment Friday and Saturday nights where residents dance under the stars (for real).
- Early retirement gave us time to pursue our passions of writing and visual art.
Just as pioneers ventured west into the unknown, retirement is a new frontier with unknown possibilities. Whatever your circumstances and no matter how much planning, unexpected life events occur. Early retirement is not for everyone; nor is uprooting 1300 miles. We’re thankful for options and the positive changes in our lives.
Joan B. Reid is the author of Joyful Journey: A Woman’s Path to Retirement, available on Amazon. Contact her at joan.reid612@gmail.com