Spotlight On Series 2: Preparing for Retirement.......

Some time ago, I decided to do a Series of Posts where I shine the Spotlight on different people or topics that appeal to me!!

Click HERE for my first Spotlight Post about a fellow Blogger, Kim Povey , who follows her passion for the Victorian and Edwardian Era to the fullest extent!!!!!

This time I am shining The Spotlight on both a topic and a person..........

The Topic is Retirement........

I will get to the Person later in this post......

When Joe and I were on vacation, we met with a Financial Advisor.

This is a FREE service provided by the Credit Union that I belong to!!

I have also found out that other credit unions also provide this FREE service so if you belong to a credit union, I urge you to take advantage of this service! I only wish I knew of this sooner .........

No this is NOT us!!!

This is a list of items that I had with us in preparation for this meeting:

Calculated Social Security Benefits for both Joe and I

Since I have worked full time all these years and because of my salary, my Social Security benefits payments will be quite high....

Who Knew!!

My 401K statements and pass words to access my acct.

Joe's Pension Plan information

I, unfortunately do NOT get a pension.....

Joe's 401 K Statement but I did not have his passwords with me.

For 2 hours, the financial advisor went over all this information with us.

Since I had my passwords to my 401 K acct., he was able to access it and re arrange my current and future investments. I am already reaping the rewards of this in making more money on my investments.

He was able to access Joe's 401 K and tell us how to arrange his current and future investments.

Bottom Line: Will Joe be able to retire at 62 y/o?????

YES!!!!! And so will I!!

You may also bring along any stocks or bonds or any investments that you may have inherited from relatives.... We have none!!

Because Joe is only working for the Post Office for 16 years now, I worked full time because he previously worked in factories and in retail before that.

We suffered through Factory Shut Downs and Lay Offs for years which left Joe without a job several times in our marriage so I felt that we needed at least one stable income that provided an excellent salary and good health care benefits.
And luckily, my profession is a high paying one with excellent benefits so I have worked full time for close to 36 years with only a period of 10 months of part time when my first son was born.

Joe left a fairly decent job in a Silk Mill for the Post Office because he would get a pension when he retired and also he could invest in a 401 K plan.

Because of my full time salary and my decision to put as much as we could afford into my 401 K plan, we both will be able to retire at 62 y/o without a problem.

MUSIC to my ears!!!

Now I am working on a plan to do that while I am still working so we can live comfortably when we retire and when I go part time in 18 months.

My plan is debt consolidation and paying off as much as we can before retirement.....

Recently I came across a Blogger who is a Stay At Home Mom.

Now what does myself, a woman who has worked since she was 12 y/o ( baby sitting) and now working full time for 35 years and this Stay At Home Mom have in Common you may ask???????

Pretty much the same financial plan!!!!!!!

Let me introduce you to Amy Espinosa whose delightful Blog is The Little Farm Diary

Amy did a Series of Posts on How to Survive and Thrive on One Income sharing she how she can afford to be a Stay At Home Mom.

When I read these informative posts, I realized that the principles that Amy so eloquently defines are the same principles that could be applied to those of us who are preparing for retirement or living on a fixed income whether it be retirement income or Disability or a one Income Family!

This is Amy's Series posts:

Part 1 is A United Front

Amy talks about if you live with a Partner, then you both must decide to do this together!

Part 2 is Peeling Off Layers

Amy talks about getting rid of as many unneeded expenses as you can....

Joe and I are talking about only having one car once we are both retired......

Part 3 is Change How You Shop

Amy talks about Thrifty Shopping techniques.

Part 4 is The Importance of Friends

Amy talks about surrounding yourself with people who are now sharing similar views and who will not lead you away from your financial plan.

Part 5 is Conclusion: Learning to Make Do on Less

Amy's Family!
This one pretty much speaks for itself.

I found these posts very interesting and think that I could apply Amy's thoughts to my own situation leading to our retirement and when we actually do retire.

I salute Amy and her family for making the choice for her to Stay Home and I greatly admire her for that!!

I wish I had been able to do that.....

Thanks so much, Amy for being an Inspiration!!

Please stop by and visit Amy and her wonderful Blog about leading a Frugal Life!!

And tell her I sent you!!! LOL!!

Now Joe will be eligible to retire in August of 2016 but will wait until a new contract is settled as he might get a Buy Out.

When Joe does retire, we will then meet with the financial advisor again......

Joe WILL look for a part time job to keep busy .......... so he does not drive me crazy!!!!!!

LOL!!!

He would like to get a job at our local Arena so he will not have to pay for season tickets to the AHL hockey games and will actually get paid for being there!!

I knew a sweet couple......

Joe and Rosemary

They lived their retirement years to the fullest even though they did not have much money.

They took advantage of many FREE activities like school concerts and plays and church choral events.

They took day trips to area attractions like quaint towns and took a boxed lunch with them so they did not have to pay for a meal. They then would find a beautiful place and spread out a lovely tablecloth and have a romantic picnic!

They visited state parks and went for a stroll enjoying nature!!

They took advantage of the County Colleges FREE dental services offered by students in the Dental Hygiene program and other FREE services like hair cuts from cosmetology students!

They went to FREE lectures and programs offered by the many local colleges and civic groups.

They went to the local Center of Performing Arts which was once a movie theater to see $2.00 matinee's of older movies!!

I was always amazed by all they did on a very limited income!!

I hope you enjoyed this post and that I have left you with some food for thought!!