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My Well Planned Retirement Lifestyle Got a Lot Wrong

Early Retirement Lifestyle, Non-financial Aspects of retirement, Passion, Retire Early, Retirement Plan,

My well planned retirement lifestyle got a lot wrong. Nothing catastrophic but wrong nevertheless. Successfully getting to early retirement takes a lot of planning. It certainly requires a solid financial plan. But it also needs forward thinking plans about not only financial aspects but the non-financial aspects of retirement. I got a lot of things right and my early retirement is everything I hoped for.

planned retirement lifestyle We can make estimates about future inflation and portfolio returns. We can also dream about our future retirement lifestyle and contemplate the bliss of financial independence.

I was just looking at my old planning notes. Looking back at the past 6+ years of my early retirement I see where my pre-retirement dreams and estimates split with my early retirement reality.

Sometimes you just have to live it to fully understand it.

Here are some things I got wrong that anyone should think about and beyond with their planned retirement lifestyle.

My Planned Retirement Lifestyle Oops

The Financial Side of Things

Inflation isn’t evenly spread across the board –

We all do it. We plug into the retirement calculator  our future inflation estimates based on at least a 3% increase per year or use the PPI or CPI inflation option to understand our retirement funding. But it isn’t that simple. Some things defy that logic by having a far higher inflation rate. If those things are already a high percentage of your budget then all bets are off.

My planned retirement lifestyle oops was about health insurance and how it affected my real inflation rate. I knew health care would be above the standard 3%, PPI or CPI inflation estimates. But I figured other things would be below and it would even out overall. Not so. My health insurance cost is now 80% higher than it was 6 years ago. Not only that but changes in my retirement health benefit plan has done away with copays and I now have higher out-of-pocket costs for any medical issue. What was a yearly $6,700 retirement budget item 6 years ago is now $14,200. It alone represents 36% of my yearly budget which is far more than I estimated.

Inflation Calculation Tip: Take things you believe that could have a higher inflation rate aside from the rest of your budget. Look at everything from insurance to your travel. Calculate what percent it represents of your budget and figure out how much it will increase your overall retirement lifestyle costs. Then raise your overall inflation percentage used in your calculations to account for it. Using the standard 3% or 4% inflation rate may not be enough if you have high-flying budget items.

Retiring with a Mortgage –

Many retirees do retire with a mortgage and I was one of them. I had a low-interest 30 year mortgage and a retirement budget to pay for it. I decided to stay invested instead of paying it off. After all, the numbers worked out in my retirement calculations.

My planned retirement lifestyle oops is about how I underestimated the freedom of being mortgage free. It also allows for more budget options. I only looked at the monthly payment and low-interest rate to decide to keep it. I later began an encore career and used the income from it to pay off my mortgage. Now I see things differently. There were 2 financial factors missing from my first “retire with the mortgage” decision.

  • I didn’t have enough tax deductions and was no longer able to use the mortgage interest tax deduction.
  • My budget was higher to cover the mortgage payment, meaning the possibility of having higher taxable income.

I also didn’t consider the peace of mind factor. Aside from that, it didn’t take long for me to be grateful that the mortgage was paid off once my health insurance and medical costs rose so dramatically. Having no mortgage makes it far easier to absorb such increases in retirement lifestyle costs.

Retiring With or Without Mortgage Decision Tip – When mortgage interest rates are so low it is easy to only consider that in the decision. For many the decision is to stay invested because the investment returns can be higher than mortgage interest saved with a payoff. But it is important to also look at your tax situation. Not only for mortgage interest deductions but also the impact of needing to have higher taxable retirement income to support paying it. Look at the interest saved with a mortgage payoff as a guaranteed return on your money. If you are planning on staying put for a long time then a mortgage payoff might be the better choice.

Can no longer do what I used to do –

I don’t think I am alone with this. In my mind I am still 35 years old and can do anything. The reality is there are things I used to do that I shouldn’t be doing or can’t do anymore. I have now slammed against many physical limitations associated with past sports injuries and overall age related issues. A couple of things have come up since retiring that has opened my eyes. I need to account for this going forward. I am now only 58 and my limitations will only increase over time.

My planned retirement lifestyle oops is I didn’t increase my miscellaneous retirement budget category enough to cover for this. I am surprised at how much it costs to hire someone to do some of the things I do now and things I used to do. Stuff I did back when I could just do things without thinking twice about doing it.

Reduced Abilities Tip – Look at the physical things you do now. Then calculate what it will cost to hire them out when you can no longer do them. For me it is associated with auto repair, home repair, tree removal, etc. Some things like repainting your home exterior will only come up every 5 years or so. I used to do it myself, spending many days on a ladder. Not anymore. Calculate what will be needed in the budget to cover a growing list of new future miscellaneous retirement budget items.

The Non-Financial Side of Things

Less Free Time Than Expected –

You hear it all the time from retirees. “I don’t know how I had time to work before.” I used to think they were nut-jobs. Not anymore. I am really surprised at how little free time I have. In retirement I am way busier than I thought I would be. I attribute it to this: Time flies when you are living life on your terms.

My planned retirement lifestyle oops was around my project plans. I way over committed what I thought I would accomplish. That led to some disappointment when I saw my project list go nowhere. Or at least it is slow-moving.

Less Than Planned Free Time Tip- Lighten up! Enjoy yourself. Don’t make a hard schedule of projects. Prioritize and do what you can. Retirement is to be enjoyed, although I do enjoy completing a long-planned project. I now see that what needs to get done gets done when it’s supposed to get done. Also, don’t do what I used to do. Don’t tell everyone about all your project plans. That way you don’t have to explain why something isn’t finished or even started.

Ageing Parents –

We planned to increase our traveling once we retired early and we set a yearly vacation budget. At first everything went as planned. However the past couple of years have had much more family oriented travel instead of leisure or adventure based vacations.

My planned retirement lifestyle oops is about our aging parents. I did not look ahead at future issues associated with our parents needing more help or they’re becoming immobile as they grow older. When we dream and plan about the future, most people focus on all the great things ahead. We now travel and spend much more time staying with and helping our mothers. We always had plans to frequently visit and do things with family. But it has changed in the last couple of years. It started as planned. Running around together doing fun things but is now spending weeks away from home sitting and visiting with our parents. That wasn’t high in our retirement vision. It is now the reality.

Family Considerations Tip- When making retirement lifestyle dreams think about not only your own aging issues but also of your loved ones. Make the necessary adjustments to your retirement travel plans to allow for the stages of life. Have both active and quiet family visiting/helping time in your ongoing retirement lifestyle vision. Our families are the most important thing and dynamics change. Life is finite so take advantage of the time we do have together by including family time in your planned retirement lifestyle.

Changing Passions and Interests –

Everyone should retire to something not just from something. Before I retired I had a bucket list and some hobbies that I was very passionate about. They were fun and part of my planned retirement lifestyle. I still enjoy and pursue them today.

My planned retirement lifestyle oops is about underestimating how quickly some passions and interests can change once retired. I had a lot of time to pursue them and did so happily. But like anything else when done over time, my feelings have changed about some of them. From bucket list encore careers to my automotive hobby, my interests have changed.

Retirement Hobbies, Interests, and Passions Tip- Understand that some of the things that you planned on retiring to may someday not be as enjoyed. Retirement should be over a long period of time. Pace yourself in the things you enjoy doing and always be curious and open to trying new ideas and activities. Playing golf every day over months and years may end up becoming less enjoyable over time.

For me, my encore career passions and interests have run their course and are now behind me. I was somewhat surprised at how quickly I was ready to retire again. That is just fine with me as there are other passions to pursue. Some of my hobbies are still high on my list. But I have purposely throttled back a little with them to allow more time to explore and grow other activities and hobbies as part of my updated planned retirement lifestyle

In Closing

My well planned retirement lifestyle got some things wrong. The things I have listed gives an idea of how there will be some misses in planning for life after retirement. They don’t have to be retirement downers. Just understand that retirement means staying flexible and agile with what you do and how you do it.

My DIY C5 Auxiliary Halo Snout Lights Project

Automotive Hobby, Cars, Cars In Retirement, DIY, Do It Yourself, Halo Snout Lights

I want to share My DIY C5 Auxiliary Halo Snout Lights Project. I saved over $500 with this DIY project compared to the kit seen with various corvette parts suppliers. I wanted to add some lights to my 1999 C5 Corvette and update it a bit with Halo lights for my daytime driving. I always loved the look of rally race cars and the C5R 24 hour of Le Mans or Daytona race cars with their auxiliary racing light setups.

The available ready-made kits that I found offered don’t include a Halo light option so even if my frugality didn’t stop me from buying the kit the non-halo limitation would. The lights in the offered kits also seem to be smaller 3 inch lights and I wanted to maximize the space I had and instead use 4 inch lights.

My Inspiration for the DIY C5 Auxiliary Halo Snout Lights Project

A big part of my early retirement is my automotive hobby. I am a car enthusiast and after a while I just start feeling an itch to do something to customize my rides. An itch to just do a little something to set it apart from the other cars like it. Even if it’s a subtle change that many won’t even notice. It’s all about my enjoyment. Most car-freaks and nuts suffer from this same affliction.

C5R racingI loved the look of the C5R (C5 Corvette Racing) Auxiliary Racing Lights when in the 24 hour setup. I liked the look of the performance Mustangs (GT, etc.) with their grill mounted fog/driving lights. I was also inspired by all the new cars coming out with halo headlights and driving lights.

As much as I love that Auxiliary-Light look, paying over $650 for the C5 Auxiliary Racing Light kits that are offered is too much for my budgetary taste. Even when considering their easy out of the box installation and finished looking product results. So I set out to create my version.

My DIY C5 Auxiliary Halo Snout Lights Project Parameters

1-   First off it had to look finished and decent. I didn’t want to drive a Corvette with a half-assed looking setup.

2-   The project cost to be under $150

C5 Auxiliary Halo Snout Lights3-   I wanted any cutting to the front bumper to be easily hidden by a license plate and keep the ability of replacing the license bumper plug. More or less totally reversing this project and returning to stock if I or someone else later didn’t want to keep this Auxiliary Halo Snout Lights setup.

 

4-   Install the largest Halo lights I could fit within the above parameters. That worked out to be 4 inch lights.

DIY C5 Auxiliary Halo Snout Lights Project Steps

Parts list and Cost:

Old License Plate. Preferably painted numbers (flat) instead of raised stamped numbers. $0.00

Strap or Metal to make “L” brackets. I had some 1” wide by ¼’ thick aluminum that I cut, bent and drilled. $0.00

Blinglights Corvette Project Blinglights kit- BL5000K. Kit includes two 4” halo fog/driving lights, wiring harness, switch, relay, and straight forward wiring diagram.  You will find them advertised for many different auto applications and prices but the BL5000K kit is the same. I found them associated to late-model Firebird/Trans Am for $89.99 (Amazon)

 

Stainless Steel 304 #4 Mesh. 6” X 24”. Project requires 6” X 13.5”.  $15.00 (eBay)

Unpainted Plastic aftermarket C5 Corvette front plate cover/filler license plate. I didn’t want to cut my stock color match painted license plate filler/plug. $29.99 (eBay)

Black Door Edge Guard. This can be found in any automotive section or parts store. $10.00 (Autozone)

Total cost $144.98

Steps:

BL TemplateLicense Plate for Mounting Lights

I used an old License plate to make my template. I then used some card-stock printer paper to make a paper template including the plate’s mounting holes. I then marked the center and drew 4” circles where there is a 1” gap between them and centered between the mounting holes. This way I can remove the snout lights and run a license plate later if I decide to return to stock.

 

Plate BracketUsing the template I traced out the two 4 inch holes on the license plate and cut it with tin snips. I made some “L” shaped brackets based on the light’s mounting hardware and attached them to the plate. I then painted it all satin black. The License plate is what I used to attach the lights to the car by using the stock license plate bolts.  Basically it’s all about Lights to plate, plate to car.

Note: So I could keep the bumper’s stock plate bolt mounts and the upper plate nubs I slotted the bottom template mounting holes to slightly slide it higher. Otherwise the 4″ holes cut away the stock bolt mounting holes on the bumper.

cut bumperUsing the template I traced out the two 4 inch holes on the bumper. I cut the holes using a sharp sheet-rock style knife. I used this method based on CF Forum recommendations from people who have cut their snout open to increase air flow to the radiator. I eventually had to cut a small notch to allow for passing through the “L” shaped light brackets I had attached to the plate.

Warning: Be careful cutting bumper holes as there are wires that may run behind this area. See photo.

Cut C5 Lic Filler PlateLight Cover

I cut the center out of the License Filler Plate/Plug to size. I used masking tape to create my lines and the shape I wanted. After trying the sharp sheet-rock knife, a hacksaw blade, and a dremel tool I found that the tin snips worked very well for cutting the plastic. I also cut the Stainless Steel 304 #4 mesh to length. This would be the time to paint the cut License Filler Plate/Plug if the satin black unpainted finish is not desired. I wanted to stay with the black.

Door Edge Guard finshes cut edgeI applied the door edge guard to the cut License Filler Plate/Plug opening to give it a finished look.

 

 

C5 Lic Filler GrillI then attached the Stainless Steel 304 mesh. I ended up using 3M two-way automotive tape. I first laid down some into the back of the cut filler plate/plug and pressed the mesh into it but it didn’t stick well to the mesh. I then pressed more tape from on top of the mesh (sandwiching the mesh) into the lower applied tape and pressed it in.

 

DIY C5 Auxiliary Halo Snout Lights - Halos onWiring

I followed the wiring instructions for the lights and mounted the license plate bracket with lights. I attached it to the car using the stock license plate mounting bolts. I also added 2 small screws to the upper part of the plate into the bumper for added support. I then attached the new mesh plate filler cover.

 

DIY C5 Auxiliary Halo Snout Lights-Drive lights on Note:  Pay attention to how you mount the lights to the plate. The plate will sit at a back angled slope so the light placement will be mounted where the top of your lights will protrude a good ¼ to ½ inch beyond the license plate and the bottom of the lights will be flush with the license plate. This is so they aim at “level” and not upward to avoid blinding oncoming traffic when the drive lights are in use.  

Additional Wiring/Switch Details

The light kit came with a wiring harness, relay and switch. I did have to modify the end of the harness to accommodate the two lights being so close together rather than split far apart like most driving light configurations.

I also elected to cut the provided switch from the harness and went with wireless off/on control switches. I did this instead of pushing the wires through the firewall to mount the cabin switch provided.

I used Logisys RM 01 1 wireless switch boxes. One for the halos and one for the drive/fog lights. $14.99 each. $29.88 (Amazon)

That did put the project over my initial $150 limit by $25. $144.98 + $29.88 = $174.98. It was still far less than the $650+ kits found and I also got the halo effect that I wanted and they did not offer.

In Closing

It was a fun project. I don’t run a front license plate in the designated area of the bumper so the license plug seemed like wasted space. Sure it says CORVETTE on it but everyone recognizes the car as a Corvette.

FRC with C5 Auxiliary Halo Snout LightsI do run the Stow and Show front license plate setup when necessary which sits off to the passenger side of the front bumper. Even when the plate is up and visible the Snout Lights are still in full sight.

Before deciding to do this or a similar project it is important to understand your local laws. If this is a violation it will draw unwanted attention.

I am happy with the results and I am confident that I am more visible on those two lane twisty roads that are so fun to drive. I also think it adds a kind of updating to my 17-year-old car.

I am aware that this project isn’t for everyone and may be a “like it” or “hate it” modification. I did not do it to offend any Corvette purist. It’s just a little subtle DIY modification to my car that I happen to enjoy driving.

Car Fever in my Early Retirement

Automotive Hobby, Cars, Cars In Retirement, Passion, Retire Early,

I have a sickness. More like Car Fever in my Early Retirement. No, not the kind of car fever where I am dying to buy a new car. This is a car fever for the love of cars. Actually I am crazy for anything with wheels as long as it is cool. Vintage bicycles, motorcycles, cars, trucks, you name it. Hot Rods, Rat Rods, Sleds, Cruisers, LowRiders, Sports Cars, Muscle Cars, Imports and Customs. Even some of the new cars if they aren’t the run of the mill look like everything else. If you aren’t into cars then you probably could care less about anything I have listed here. But if you are into cars then you know exactly what I mean. I am also open to admire all kinds of cars. Unlike some automotive snobs out there. You know who you are.

So why the article about Leisure Freak Tommy’s car fever?

I guess I am just stoked because I just got a list of all the close-by local car shows for this month. One even includes a concert. It is going to be a busy month for me. I don’t usually take part by entering my ride except for a couple earlier in the summer. But I love to attend car shows and they are almost always free. If there is a fee it is usually modest and associated to a charity which is fine with me. My automotive obsession is one of my retirement hobbies. I meet a lot of like minded car lovers every time I attend one of these shows.

There is another point to this post.

Most early retirement articles or blogs you read will mention getting rid of cars. They preach going to a single car to attain early retirement. Even after you retire to save money. I do have to admit something to the early retirement world. I have a couple of non-utilitarian all-purpose cars and guess what? I still retired early. OK, before you start screaming out that Leisure Freak Tommy isn’t just a Freak but he is a full-blown idiot let me explain.

My Automotive Hobby is part of my Early Retirement Budget.

I buy and keep the cars that I enjoy and like forever. These don’t sit around as a museum piece. They are purpose driven. I am also trying to show that retiring early doesn’t have to mean you give up everything you love or are passionate about. It is about trade-offs. It’s about understanding what they are. How and if our actions or wants will negatively or positively impact our early retirement. These were over 10-year-old used cars when I bought them with cash. I never just look for a car and then buy one within a few days.

I actually hate buying used cars because of all that could be wrong and hidden. These things take much more time to get a good car cheap. Since I seem to already have a car when I am on the car-hunt I don’t have to be in any hurry.

Part of my Car Fever fun is always being on the lookout for something special.

At least one of my cars and for some people they might say both of my cars aren’t exactly frugally smart retiree utilitarian all-purpose vehicles. But they represent my hobby and car fever enthusiasm. A Leisure Freak has to have some fun.

Car Fever in my Early Retirement -Leisure Freak Tommy's primary rideMy primary daily driver car for the last 21 plus years is a 1981 Toyota SR5 mini-truck that I bought in March 1993. It had 140K miles on it and I paid $1300. My son and I had looked for the right truck for over a year and a half to customize and turn into a hardtop convertible. My son was just about 13 at the time which was our first car project together. We successfully made our economical fishing truck much more fun to drive. I have driven this truck through 6 western states and it now has over 320K miles on the odometer. There has been normal maintenance and some rebuilding through the years.

It’s actually very practical

Besides being my daily driver it doubles as a small hauler. A necessity for a homeowner. So far I have over 21 years of dependable fun. It has been worth every penny I have spent on it.

My son passed away 8 years after we did this custom work together. I will never part with this little pickup. I have many memories of our travels and adventures in it. It was a start to what would be his automotive career as an auto body repair tech and painter.

If I had to go to a single car in retirement, it would be this truck. My wife totally believes me when I say that and is not amused (no air conditioning other than going topless). She jokes that I will probably be buried in it.

Even though the mini-truck scene has long passed, there are so few of them left on the road that it sparks interest. I meet and talk to a lot of people who used to own or knew someone who owned a custom mini truck back in the day. It’s a driver and a decent 5 footer (looks great from 5 feet away).

My Early Retirement Ride

Car Fever in my Early Retirement - Leisure Freak Tommy's FRCI had looked 2 years for a 1999 Fixed Roof Coupe (FRC) Corvette. They only made about 4400 of them and I had an amount I was only willing to pay. Of which didn’t match what the market was asking. But in March 2009 when the Stock Market’s Dow dropped into the 6000s everyone panicked. Including the owner of what was to become my dream retirement ride. I paid $15k which was a huge discount of thousands of dollars. After all these years I could still easily sell it for what I paid or more. It had 40K miles on the odometer and like most of these FRCs had some work done to make it a race car.

We take this baby and travel across a few States yearly to the (BHCC) Black Hills Corvette Classic. Its LS1 V8 350 horsepower engine and 6 speed manual transmission will deliver over 30 MPG doing 79 MPH all day long. I have cruised with up to 36 MPG over 400 miles across Interstate 80 heading to Utah. It now has 62K miles and we do plan on cruising the Pacific Coast Highway soon with it.

In Closing

Both of these cars are totally worthless in snow so we have our regular cars for that kind of thing. I have budgeted for the yearly cost and without the daily commute adding hard miles to either of these two cars they should be repair-free for a while. I have to admit that it’s a good thing I only have a 3 car garage because I am tempted now and then to buy a classic car. This Car Fever in my Early Retirement is a sickness. But I am not ready for a cure. I am having way too much fun.

It is good to budget for your hobbies before you retire and have the funds set aside to do them. It is all part of planning ahead to what we are retiring to.

Am I a car crazy freak or just an idiot? Let me know what you think and whether you have some cool cars you hang on to or are looking to buy.

The Secret to a Happy Early Retirement

Early Retirement Lifestyle, Non-financial Aspects of retirement, Retire Early, ,

Do you want to know the Secret to a Happy Early Retirement? It is staying active. It is all about staying active physically, socially, and mentally. These are non-financial aspects of retirement life. I can already hear people say that having over a million dollars would make them happy in their retirement and that is a far better Secret to a Happy Early Retirement than “staying active”.

I totally disagree with that. Having a million dollars or whatever dollar amount you come up with might be necessary for you to retire but won’t be the secret to retirement happiness. Not that having that kind of money is irrelevant to overall happiness. However, having enough where you don’t worry about money and having your needs met brings happiness regardless of what the “amount” is.

But that isn’t a secret. Everyone who is planning for early retirement always plans for the financial part of retirement. People need to also plan for the non-financial aspects of retirement.

The Secret to a Happy Early Retirement is out of the bag.

Stay Active for a fulfilling and happy life during retirement.

Stay Active Physically –

Good health is probably the main key to a happy retirement. Get up off of your butt and get moving. Walking, sports, biking, they all add to improved health. Even spending the day in the garden is much healthier than watching TV. Fuel your physical activity with healthy food. Establish a sustainable and enjoyable exercise routine.

Everyone feels better and happier when they have decent health. Don’t measure your health or exercise against others. Competitive spirit may help motivate you but your goals are to be the healthiest “YOU” you can be.

If you start your retirement with existing health issues, then make it your goal to do the best you can to improve and live the best life you can. Knowing you have taken control of your own health and doing everything possible to improve it is what makes for happiness.

Secret to a Happy Early Retirement- Stay active -Devils Tower group hikeStay Active Socially –

Make an effort to stay socially engaged with family, friends, your community, neighbors, etc. Pick a sport that includes other people, like golf, bowling, basketball, etc. Knock out two birds with one stone being social and staying physically active.

Having meaningful relationships with others is the cornerstone to happiness. It can be difficult to try to meet new people but worth the effort. Join a gym, volunteer, look at some of the local clubs that you can join. As an example in many areas there are hiking clubs. I made it a point to go to the same independent coffee shop every afternoon around the same time and soon I made new friends.

Once people see you are normal (you are normal aren’t you?) you start having conversations and later relationships. Even a Leisure Freak like me is eventually accepted. Pick a place you feel comfortable going to and make an effort to meet people or socialize with those you know who are there.

Stay Active Mentally –

Pursue your passions. Whether it is paid work or feeding your curious mind by learning new things. Read, try new things, and challenge your brain. Live your retirement as an Optimist. Always see things on the bright side and when things go sideways don’t despair but think of solutions.

Keep your mind healthy by focusing on what is positive in your life. Your experiences, passions, relationships, etc. instead of focusing on stuff.

Conclusion

Anyone planning for retirement should also plan for their happiness. Don’t focus solely on your retirement finances. Make sure to also identify and reduce the things that triggers your unhappiness before you retire.

If something like where you live, a relationship, your health, etc. causes you unhappiness now, it won’t get better without a plan to take control and turn it around.

Staying Active Physically, Socially, and Mentally is the Secret to a Happy Early Retirement. Pursue your passions and all the things important in life that gives you real pleasure.

Do you agree that staying active is the secret to a happy early retirement?