Retirees open up about their financial lives and how they spend their time and money
Jay Myer built up enough savings to retire early from his software-sales career in 2020 after decades of maxing out contributions to his 401.At 25, Myer read a book by Vanguard founder John Bogle that espoused low-cost index funds. He bought individual stocks, too, following the advice of renowned stock picker Peter Lynch to buy what you know.“I was young to be reading about retirement, but it made a lot of sense to me. If you lower your investment cost, you’ll keep more of the profits.
Using the proceeds from the recent sale of their Atlanta home, Jay, now 61, and his wife, Anita, 60, paid $925,000 for a house in Cary, N.C., that is 2 miles from their older son’s family, who they see often.The Myers spend $5,000 annually on property taxes. Each month, they spend around $700 on food and $1,000 on health insurance. To maximize his monthly benefit, Jay Myer says he’ll wait to take Social Security until age 70.For Dr.
After studying surgery for five years in Chicago and completing a fellowship in colorectal surgery in Michigan in 1986, Hwu moved to Southern California, where he and his wife raised three children. After retiring in 2016, he missed work and began accepting assignments at his former practice. Every morning, he asked himself what he would do that day. “I didn’t like that feeling,” said Hwu, whose wife died just after he retired.His home is worth $1.5 million. He owns a second house, worth $1.2 million, that he rents for $3,500 a month. He owes about $500,000 on each house but isn’t rushing to pay his mortgages off because the interest rates are below 3%.
Travel is his big splurge, at $100,000 a year. Other expenses come to about $4,000 a month, not counting his mortgage payments.
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