You don't need a million dollars (+ more miscellany!)
You don't need 1 million to retire.
Mr. FG sent me this encouraging article about how you can retire on less than 1 million.
Some of the points in the article were similar to the ones I made when I wrote about retirement.
(It's a post about what I tell myself when I get down about being late to start on retirement savings!)
I made a birthday pie at Sonia's request.
This is newsy because I really do not do pies.
(I hate eating pie crust and I also hate making it.)
This was a cheater's pie, though, as I subbed a graham cracker crust for the regular crust.
I used Smitten Kitchen's recipe for chocolate pudding pie.
You can recycle contact lenses now!
Contact lens waste is not a super, super pressing priority (things like food waste are a much bigger trash problem for most people), but still, I was happy to hear that TerraCycle now offers a recycling program for contacts and their packaging.
You can read all about it here.
I'm trying a new produce delivery service.
I've been on the waitlist for Hungry Harvest, a service that delivers ugly, excess produce that would otherwise be thrown away. So cool.
(You may have seen this on Shark Tank!)
And I just got an email saying they've now expanded into my area. Woohoo!
I believe they deliver from Virginia up to New York state, and they're planning to grow even more.
You can get on the waitlist to be notified if they start delivering to your area.
I'll let you know how my experience is.
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And that's all I've got for you today! I hope that those of you navigating the change to daylight saving time are handling it ok.
Me? I'm very happy it's staying light later at night, but I have to admit, it is awfully hard to get up when the alarm goes off. My body is telling me that it's way too early! Hopefully I'll adjust soon.
Ugh, I still feel like I don't save enough for retirement. We're digging ourselves out of debt right now, so we prioritize all extra funds to debt repayment. I know we're doing the right thing but I wish we could max out our retirement accounts.
I normally don't like pie much myself, but I'll gobble up a graham cracker crust. 🙂 I do like strawberry pie because it's so darn easy.
Wow, great finds with the contact lens recycling as well as the Hungry Harvest! I had no idea that was a thing, but I'm tempted to order from them on principle. That's so great. 🙂 We did seed our garden yesterday, though, so hopefully we can rely on hyper-local (as in, our backyard) food in the future.
Hee, pretty funny, "I believe deliver from Virginia up to New York state, and they’re planning to grow even more."
Lol, I was so entranced with the pun, I didn't see the typo. Believe me, I was chuckling, not criticizing. Growing even more...yuk, yuk, yuk!
Daylight savings hit our family hard this morning. I wish I had a photo of our toddler curled up in her blanket in the hallway. She is definitely not doing daylight savings 🙂
The article on retirement is encouraging!
Pies are not really my favorite but I can eat the crust all day long!
I'll trade you - you have my crust and I'll have your filling.
My husband prefers birthday pie--actually, I like pie wayyyyyyy more than cake (as long as it's a good crust!).
The amount of savings I've heard to aim for is closer to $500,000 rather than $1,000,000. The article makes a lot of good points, although I think something to consider in planning for retirement is that your health care costs may increase (most people have more health problems as they age). Also, unless you purchase long-term care insurance, you will be on your own for covering your long-term care costs. My father (who had dementia) spent 5 months in a memory care facility before he passed away. The cost was almost $5,000 per month (and from what I've heard, that's on the low end of the cost spectrum). He was beyond the point where any of us could have cared for him in our homes. Your savings can get eaten up pretty quickly.
Very interesting article on retirement! Thanks for sharing 🙂 We are just now starting to really think and plan for retiring.
I have been on the waiting list for Hungry Harvest for a while now, that is SO awesome that you will get to try it. Recently, someone in my area has started something similar as a co-op. It has been super great for us to get produce! We spend about $5 per week for a bagful. Its unpredictable what we get, but such a baragin!
I am SO EXCITED about the contact lens recycling! I've been wearing contacts since the 5th grade, and daily disposables for the better part of 15 years, and have always felt guilty about throwing those blister packs away every day! I've gone in fits of trying to separate out the plastic recycle part for our recycle but it just hasn't felt worth it. YAY for all of it going in one box for free!! Thanks so much for posting!
Oh, I didn't think about people who wear dailies! I have the monthly type, so I only have 12 sets of packaging a year. But yeah...if you use the dailies, then that could really add up over a year.
I'm with you on pie. It's just not worth the calories to me (though I do enjoy eating pecan pie bars during the holidays.
I tried Hungry Harvest about a year ago and I was disappointed. The contents, quantity, and quality was disappointing. I cancelled after a few weeks (I decided I could buy similar produce at the local Asian market and donate the funds I did not spend to a food bank, making my dollars go a lot farther). I must not have been the only one because I had an email from them about a month ago saying they had made changes and they were hoping I'd give them another chance). I look forward to reading about your experience.
Oh, that's so interesting! I'm curious to see how this pans out for me. Hopefully they've got their kinks worked out now.
I look forward to a report on the produce!
Mixed feelings on Motley Fool piece. The fact it makes no virtually no reference to health care costs--perhaps the largest and least predictable expenses--raises real concerns. On the other hand, many people read that they must have some unattainable amount saved, think "I could never do that!", feel paralyzed, and do nothing. As I think you have suggested, FG, almost everyone would be better off with *something* saved even if it is less than ideal. Messages that make people feel so discouraged they give up aren't much help, but positive messages about what people can do from where they are (like your blog) may make a real difference!
Yes, I totally agree. Are Mr. FG and I late in starting? For sure. Will we ever be able to save a million dollars? I dunno. But we can do our best to responsibly save now and that will be way better than doing nothing.
A good article, thank Mr. FG for me.
Funny, I'm about to make a pie for my husband, and I love pies! I don't find them any more trouble than cake, but then I like to make somewhat involved cakes with elaborate fillings, multiple layers, or multiple steps. I think it's because I'm a little bit crazy 🙂
I wear contacts but I only wear 12 pairs a year. I never thought about recycling them. I'll check that out.
I never heard of the Hungry Harvest, but it's a good idea. I hope that works out! We eat some produce from our own plants, and I know some odd looking food can be very delicious. I'd like to see more uses for the "ugly food."
I understand the point of the article. Lots of people retire with less than $1 mil and are fine. But it also increases risk considerably. I look at my mother in law who retired at 60 because she lost her job. She has a house and $100k in savings. And she's great. Her social security (my father in law passed so she draws from his) covers her needs, and her house is paid off. BUT what if the house needs a roof, she needs a car, or she needs to go into assisted living. Her $100K won't actually go that far. The house is in an area in which it would be tough to sell. Plus she's likely to live another 30 years (her mother lived to 95).
I think the article had some great suggestions for how to cope. Personally my husband and I do save for retirement and we're both in careers in which we hope to work in some capacity until we're 80 (he runs a design firm and I am a historian).
I guess I'm saying it doesn't help to dwell on past successes and failures. But planning (and saving) for the future is only going to help you.
Kristen, I'll bet you'll be way past $1 mil by the time you need it. 😉
I just signed up to give Hungry Harvest a try...thanks!! I might alternate between this and a weekly produce bag I buy from the local high school tech center fundraiser.
1. I adore pie.....really GOOD pie. I recently started making my own crust, which made it that much more enticing.
2) Hungry Harvest sounds like a great idea. I recently read an article in the local paper about a non-profit that collects bruised, ugly, and misshapen produce from local farms, grocery stores, etc, tben uses the produce to make soup. The soup is then given to local soup kitchens, shelters, and the like, to serve to their clients. I believe the organization is called La Soupe. Lol!
3) I remember my sister mentioning that, after 5 years of working as a teacher, she had saved "only" $26,000. (This after becoming a teacher in her late 40s). She was upset that it's not enough. I told her that it's better than zero saved! And, she has at least 15 more years to work. It's all good.
We love this pie - http://www.bakingwithlisey.com/chocolate-chip-cookie-pie/ And we will be making it AGAIN this year for 3/14 because a. we are math nerds b. we like pie c. we like chocolate chip cookies
Thanks for sharing the information about the contact lens recycling! I recently switched to dailies, and although I wear glasses more often than contacts, I felt guilty about throwing them away. What a great service.
We were late to the retirement savings plan ourselves, aged 35-40 when we finally started. Now 20 years later, we are retired due to health issues and caregiver status. If you factor in our home, then we hit the $1 million mark. My husband is the one who panics about running out of money. I just reassure him and know that my frugal habits will continue to see us through the rest of our life. The key is to do what you can, when you can, and you will see results. Take some of those "expert opinions" with a grain of salt. After all, for some of them, their main job is to get you to invest your money with their institution or company. Also remember that no investment is 100% guaranteed. The market rises and falls, interest rates can be low and stagnant, plus the safest investments' earnings don't out-pace inflation. I believe it is more important to focus on adding to your savings rather than reaching a certain number, since that $ figure seems to change every year, from expert to expert.
I also started contributing "late" to my pension plan (at 30) and I work part-time, so the pension won't be much by the time I retire (55 hopefully), but hubby started contributing at around 25 and he works full time, so he's getting full pension at 55. And we put some RRSP each year, so I think we will be ok. I still find it stressful, but I'm a worrier...
As for pie, anytime before cake!!
Aw, heck, back again to say I started way later than you. I had a home (and a mortgage) but no other debt. I did it, and you will, too, Kristen! Just keep plugging away and you *will* get there.
I recommend these articles to anyone who wants to retire, early or otherwise:
http://jlcollinsnh.com/stock-series/
Thanks for the Hungry Harvest info. They do deliver to my area of Virginia so we might be giving it a try!
Super interesting discussion about retirement that's got me thinking deeply about all of it. I've started reading about investing and my mind is blown by the results of compound interest. I'm reading "The Boglehead's Guide to Investing" and it's really great! I'm not what I would consider a numbers person, but it's breaking things down nicely, and is a great DIY guide to investing wisely. Thought I'd mention it because I know I love seeing book recommendations :).
Also not a numbers person! So maybe this would be perfect for me.
Thanks for sharing your thoughts. It really helps for people to learn and think about saving for retirement as early as possible. But personally, I don't know what to believe anymore about how much is needed for retirement. Each article has a different number and healthcare is just too scary to think about.
Well, that was an encouraging article on retirement. I am in my mid-40s and would love to retire early but I worry I will run out of money. But maybe I don't need quite as much as I think. Thanks for sharing.