Daily Money - An Upside to Supply Chain Delays

November 16, 2021

‘Tis the season for supply chain woes. Many holiday gifts aren’t making their way to the stores on time, due to bottlenecks at the ports and worker shortages. But there could be a silver lining for customers in the form of steep discounts — if you’re willing to wait. I count myself lucky that I’m not in the market for any items that are delayed, whether for my home or my kids. Whatever your plans, it’s a good idea to make and stick to a holiday budget. It can be easy to get caught up in the frenzy of the season, especially when economic conditions create a sense of urgency. 

Best wishes,
 
 
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Timely Retirement News, Insights and Advice

This could eventually result in steep discounts.

Most shoppers say no.

Bidding wars are on the wane.

Retire With Money Community News

What are you up to these days?

Being on the verge of retirement, I do the things I enjoyed before, like reading, watching T.V. I’ve recently connected with people in the community through an app and we plan to meet up for various activities such as breakfast and whatever makes sense to most in the group. I have three grandchildren who I FaceTime or play with in real time.

I am single/ divorced so reaching out to friends has always been important. I listen to music and love to knit and cook. I love Broadway and the opera, Covid-19 permitting. I love learning new languages and am currently learning Spanish via an app called Babbel.

Nice! What are your saving and investing philosophies?

Well, this is a tough question to answer as money for us was always in short supply. I have been a single parent to my three children most of my life. Happily, they are all over 30 and well established in every imaginable way.

I started saving in my late forties initially by way of a 6% 401(k) match since it was free money and hard to pass up. I have invested my money with funds that are linked to the S&P 500, as over the long term the stock market does not disappoint.

To save money on groceries, I also bought bulk food. We ate mostly ground meats and chicken, rice and beans, as those were the cheapest things you could buy back in the '90s. Our clothes came from sale items, etc. Anyone on a budget should shop the lower shelves of a supermarket, and meats on sale, store brands, etc. Shop from your pantry. Cook at home. If you can read, you can cook.

I’m a clothes horse, so I curb my impulses by trying on clothes, putting them on hold and surprisingly never buying them. This takes care of my itch.

Smart tips! Any regrets you’d like to share?

As a single working mother, I put myself last. I would advise all women to take care of themselves first if they can. I also withdrew money from a 401(k) a couple of times, which I wish I had not done as later I learned that compound interest is your best friend. I always wanted to take my children on vacation but when they were young it never worked out as we were on a very strict budget. I’m most proud of my children, who grew up with limited resources but have done exceptionally well.

Retirement News From Around The Web

Medicare Part B Premiums for 2022 to Jump by 14.5%
The increase is a lot more than the projection. CNBC

What's a Safe Retirement Spending Rate for the Decades Ahead?
Morningstar’s experts recommend lowering the standard withdrawal rate of 4%. MORNINGSTAR

Buy Now, Pay Later — Should You Spend This Way?
You should probably avoid these modern layaway programs. NEXT AVENUE

Puppy Love: How Pet Parents Cope With Costs
Here’s how much the average pet owner spends per year, according to a new survey. REUTERS

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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