One of my goals this year is to become better prepared for retirement. I’m the first one to admit that I’m starting late. I have a small pension plan set up, but I don’t feel confident enough to completely rely upon it come 20-25 years from now. I’ve also had some close friends recently retire and realize that poor planning can cause undue anxiety and uncertainty; something I don’t want to worry about when I reach retirement age. For September, I marked down in my calendar to begin a 403 (b) to help support my piddly pension plan. Though I won’t be able to contribute to it as much as I’d like in the beginning, at least it’s a start!

Learning from others mistakes, here are my top ten signs you’re not (or I’m not) prepared for retirement:

10.) “Gone Fishin’” or camping is a slogan you wish to live during the retirement years. Reality check: Though camp site fees range from free to $20 a night, camping every night in a tent or camper is unrealistic. Most camp sites have a maximum-night stay and the large, comfy RV’s are expensive (about $275K for a base model!). I love camping, but when I’m 70 I may not want to be warming myself over a camp fire every night.

9.) You don’t plan to live long after retiring. Reality check: People are living much longer these days. Even if you retire at 65 or 70, you might have another 15-20 years of living to do. Trying to eek out an existence for an additional 10 years on an income you originally thought you’d need for only 5 years is tough.

8.) You plan to work until you drop dead. Reality check: People have many different definitions for retirement, such as working part-time. This is a great way to supplement a retirement fund, but deciding to NOT plan for retirement because you think you’ll just keep working isn’t a plan at all. Though people are living longer these days, illnesses and disabilities are a reality of growing older. (I just rode my bike a few miles the other day in 100+ degree heat and let me tell you: I’m too old for that crap!)

7.) You’re banking your nest egg on the sale of your home. Reality check: Prior to the real estate’s bubble rise and fall, most people didn’t consider their home or property their retirement fund. However, during those few years, people began thinking more about how the sale of their home could be their nest egg. Unless you purchased your home many, many years ago at a bargain-basement price, counting this as part of your retirement fund may not be such a good idea due to the volatility of the real estate market.

6.) The federally-funded nursing home is looking more appealing every day. Reality check: No one plans on ending up in a nursing home before the age of 65. However, poor planning combined with poor health equals limited options.

5.) You’ve lately found yourself eying your grand-kid’s bedroom counting down the days until they move out. Reality check: Depending on your family’s culture, moving in with immediate family may be a reasonable option. However, if it’s not considered the “norm” within your own family or culture, you might want to have a sit-down discussion with those you intend to intrude upon share space with and make sure everyone is in agreement.

4.) Commune-style living is something you’ve wondered about, and are now thinking you’d like to try. Reality check: I don’t know much about commune-style living. Those words alone conjure up images of hippies growing their own food. Who knows, maybe it’s a great option for retirement!

3.) You plan to stay young forever. Reality check: Unless the fountain of youth has been found, chances are we are all going to get old sooner or later. As the saying goes, “It’s better than the alternative!”

2.) You’re still waiting for your ship to come in. Reality check: The ship’s not coming!

1.) Too many of my top ten signs are eerily hitting the nail on the head! Reality check: Like me,  you’re running a bit behind. It doesn’t mean you can’t catch up or at least begin a solid plan towards your retirement. Start today or mark it down as a “to-do” on your calendar to start this year. The key to compound interest is TIME, something that begins to run sooner than you think!

Though many of my signs are very tongue-in-cheek, the bottom line is retirement planning needs to begin before retirement begins! I’ll be following up this post with  my detailed plan in the next couple of months (keeping me accountable for my goals!)

Do you have a handle on your retirement? What advice would you give someone starting late?

Wise Bread

Today I have another article over at Wise Bread. Today, my article is about affording addictions on a frugal budget. Be sure to check it out! Remember to leave a comment there, too.

Persnickety Sam

How can a free bag of high-end cat food equate to a $400 bill and a dousing in fecal matter? Let me explain…

Ten days ago, I received a complimentary coupon for a free bag of one of a few brands of high end cat food. Being such a lover of coupons, and wanting to alter my cats’ diets to a fish based from a poultry based food, I visited a local feed store and received an $18 bag of food for FREE. I was so proud of myself for having used a coupon for such an expensive item. All three of my cats seemed to enjoy the new kibble; especially my highly sensitive cat who barfs at the drop of a hat. With the barfing seemingly minimized throughout the trial run, I thought that I had found a good alternative to a lower cost food.

Of course sometimes things that seem to good to be true, turn out to be just that. My highly sensitive cat apparently wasn’t able to digest the new kibble. A trip to the vet showed he wasn’t able to pass it through his system. A few enemas later and roughly a $400 visit to the vet, I ended up in the bathroom with him; both of us covered in his feces. “Just LOVELY!” I thought. All because of a free offer of cat food.

Now, of course, I’m not a vet. Maybe I should have slowly introduced the new food, especially since two of my cats are in their elderly years. Perhaps the problem was with the way I changed out the food and not the free bag of food itself. But then again, I would have been stuck trying to hunt down coupons to help pay for  more expensive pet food from here on out.  So at this point maybe it’s best that I’m going back to my less expensive food (unfortunately at the expensive of my poor Sam’s digestive system!) Now that I’ve resolved the food issue, hopefully I won’t be visiting the vet again any time soon.

Have you had experiences where FREE really wasn’t free?

Tuesday Tips, Just Another Great Post from Little House. I'm so humble.

This week’s Tuesday Tip, glass bottle art. Most of the drink containers in my household are aluminum or plastic, as you can tell we’re tres chic! However, while shopping for an eco-baby gift a few weeks ago, I encountered a clever and beautiful use for glass containers: light fixtures!

Tip #22: Get creative with your glass bottles!

• Looking for a creative light fixture for the dining room? Turn old wine bottles into a unique lighting fixture. Instead of purchasing a new light fixture, all you need is a less expensive light base. Remove any shade or covering it came with, cut out the bottom of your wine bottle and attach it to the lighting fixture through the use of a cord. The wine bottle’s base is wide enough to cover a regular sized light bulb or CFL.
• Mason jars make great luminaries too. Many sauces come in mason jars of all sizes. Once the jar is empty, clean it out and use it as a candle holder. Cluster a few different sizes together for a more dramatic effect.
• Inexpensive center pieces. Cluster a group of different sized, different colored glass bottles on a tray placing a single flower or two in each vessel. Voila! A unique center piece.

Repurposing glass bottles is good for the environment.

• Recycling glass takes more energy than aluminum. Finding new purposes for those glass containers is better for the environment. Not only does it limit the amount of trash that ends up in a landfill, it’s more efficient than recycling the glass.

Wine Bottle Light Fixture

Tuesday Tips, Just Another Great Post from Little House. I'm so humble.

This week’s Tuesday Tip, air dry your wash. I’ve been trying to sun dry my lightly used towels to reduce the amount of laundry I do, and I’ve also been much better about air drying my laundry to save energy and money.

Tip #21: Use the warm summer sun to air dry your laundry!

• Instead of using electricity to dry a load of laundry, let nature take care of it. My husband installed an inexpensive shower rod directly above the washer and dryer. Since most of his shirts are made of the quick-drying golf shirt material, I can hang them up in the laundry room to air dry. Not only does this save money by not turning on the dryer, I’m also extending the life of the shirt; electric dryers can be harsh on some materials.
• Reduce the laundry load. I’m trying to get better at air drying our bath towels instead of throwing them in the wash as soon as they get damp. The middle of summer is a perfect reason to place the towels in the sun and let them dry out naturally, instead of wasting water and electricity cleaning them after each use.

Air drying laundry is better for the environment.

• Not having to turn on a dryer in the middle of summer is also better for the environment. Saving electricity not only saves me money, it keeps the house cooler, and is better for the environment. Much of my laundry gets hung in the laundry room, so it’s not an eye-sore for the neighborhood either. My clothes last longer, reducing the need for additional resources, and I limit my electricity use.  I’m reducing on many levels!