Posted on 06/30/2024 10:20:03 AM PDT by where's_the_Outrage?
Agnes P. saved every penny she could for retirement. Now at 78, she’s got more money than she knows what to do with, but fewer happy memories than she’d like.
“I was so focused on saving that I forgot to actually live,” Agnes said. Her story shows why being too frugal can backfire.
Her entire life, Agnes watched what she spent. Growing up without a lot of money instilled the idea that she had to save every penny. She packed lunches, kept her old car, and rarely took time off. While her friends were taking vacations, Agnes put every extra dollar into her retirement accounts.
“I thought I was doing the right thing,” she said. “But I gave up too much of my life for a future that wasn’t guaranteed.”
Agnes shared that probably the number one thing she missed out on was fun with friends — even into her retirement. She said no to spendy dinners, Broadway shows, and trips (even to nearby locales) with friends to save money.
“I lost touch with a lot of people because I always said no,” Agnes shared. “Now I’m retired with fewer friends and not many good times to look back on.”
Agnes now has a problem many retirees would love to have: more money than she needs. Years of saving and compound interest left her with a huge nest egg.
“I’ve got plenty to live on for the rest of my life,” she said. “But I can’t buy back lost time or missed chances.”
(Excerpt) Read more at msn.com ...
I’ve never seen or heard of it, though I’ll look it up. I watch these guys every Wednesday. https://www.youtube.com/watch?v=_5eX25gqn08
Now I see your problem.
What have you bern up to for the nearly 30 years of retirement, if I might ask?
We ended up better in retirement than my husband thought we would. I now need to nudge him to cut loose a bit. Go ahead and pay for a plane seat that can better accommodate a tall man, for example. But old habits and a heritage of being children of Depression era parents.
You can leave it to me! My mom lives in Freedom Pointe in The Villages.
It’s like the advice to Live Poverty while saving for your children’s college education. What if they don’t want to go to college? What if your child dies in a car accident at 16? Will you be happy that your whole life was about money, then?
This is not to say you can’t have fun without spending a lot - we like camping - but as you said, balance.
I'm currently interviewing people for a Rich Uncle position if you want to PM my your resume.
We have a neighbor, a retired Navy man and motorcyclist, who uses his big RV all the time.
I retired at 58, and, 3 days after, we took off in our sail boat. Moved our residency to Florida, so, no income tax.
Covid slowed us down a bit, but, this spring, we hope to be cruising the Caribbean, then crossing the Atlantic to some of the more stable parts of Europe. The only debit we have is the last payment on my wife’s student loan (which we let ride too long).
Do NOT regret retiring early, but, wish we had a little more room :D
Its an agenda to make sure the most productive keep working.
Recall the Suzi Orman(Sic) stories a few years back about retirement and then shes on the .GOV websites offering the same advice.
Do not believe a word they say and everyone’s circumstances are different.
The median net worth of American Families age 65 is $450,000 Consider that this includes home equity, this is not good. I think the median tax advantage retirement fund age 65 has a balance of $140,000 and 29% of us start to collect social security at age 62.
One thing to keep in mind is if you have one million in retirement investments and you follow the 4% rule you will only withdraw $40K per year.
One of, if not the most miserable persons I know is my sister. She has about 2 million dollars in her nest egg, retired at age 45 now 69 total misery. But it is not because she was frugal she is a difficult person, a narcissistic.
Personally I would rather be a tad shy side on the life experience and have some monies than take a ton of vacations and buy things I cannot afford. I had a friend that lost his home to foreclosure at age 82. Nice place he had. Also had one of his cars repoed. He did exercise the right of redemption with help from his kids and was able to sell the home and received about $100K that is now the total sum of his income plus SS he went from a really nice home to a 1 bed apt just like that.
I think the responses of this thread prove conservatives are happier than leftists. I’m very happy so many of us here are doing well. I’m not well off financially but am generally happy with life which is a gift God gives us each day. Grace and Gratitude.
Most of us didn’t believe the government is responsible for our retirement and would take care of us.
Bingo.
Many times you have to ask. They are not always punlicized.
Yes, by 14 years. I was retired and playing golf full time, she was working full time. My fellow golfers were so jealous!
She could be like me. I lost nearly everything during the government forced lockdowns. Destroyed my business and destroyed my most lucrative customers, trade show. I paid people, my vendors, landlord, mortgages, and everyone else when I should have just become a deadbeat and save hundreds of thousands like politically connected deadbeats.
I’m sure they were jealous! I’m happy that you got to experience fatherhood in such a wonderful way!
This seems like a reasonable way to look at retirement. I think I’ve also been a frugal retiree & I don’t regret it. I had little before retiring & managed to save some after retiring just by reducing as many expenses as possible. I didn’t make much while working, so didn’t lose much in retirement & the resulting decreased income. As far as enjoyment in life, I might wish I had joined the USAF Reserves after leaving the military earlier in life.
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