Did I Save Enough?

On the one hand I’m proud of myself – I saved enough to afford to move into a retirement home. On the other hand I feel a bit ashamed – I won’t have much money left after I have paid for my unit at the retirement home. I should have saved more. But I couldn’t afford to and anyway retirement and old age were light-years away. As it was, it was a constant argument whether to feed the retirement fund or spending and enjoying the money. I would have loved the extra dinner out every week! So here I am, full of remorse mixed with relief and wondering what the next years will bring.

 

I was a civil engineer. I did fairly well in my small practice. I bought a retirement annuity programmed to kick in at 65, and I worked and waited until I was 68 to collect on my Social Security to maximize my payments. Here and there I stashed small amounts in other savings plans, but we preferred to live well and to spend on things we enjoyed.

 

At the time I set up my plan, it was enough. However, things change. Inflation brought huge changes and then the retirement industry itself grew and became expensive. Today it is a huge and competitive market and prices have soared. I always thought that my large, mortgage-free house would bring in enough to get me into any retirement scheme. Not so.

 

Making the decision to move to a retirement community was a tough one. Deciding on which one was even tougher. These places have mushroomed and each one offers more to attract residents. I decided to live where we can afford to live comfortably and not to try and keep up with Jones. This is the best idea I could come up with to offset the loss of purchasing power I had experienced in my short-sighted retirement strategy. And I’m happy with my choice. We never mixed with the high-flying crowd when I was making the money, why start now?

 

The place we have chosen is in the direction of the town where two of our children and their families live, so it makes it easier for them to visit. As to the amenities, the center offers a medical clinic, a dining room, library, arts center, evening lectures and concerts, a swimming pool and a gym. They run a shuttle bus into the close-by town and there is even a small supermarket on the premises if we wish to eat in. We are going to make this move work for us.

 

We have purchased a small 3 roomed apartment, consisting of a living room with kitchenette, bedroom and a small “study”, big enough for a work space so that I can continue working and writing. So we have started downsizing in anticipation. This may be the hardest part of this whole exercise!