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 ...
On the flip side I gave up a lot time, remember once coming in 6 weekends in a row while having a full time job.
In sum, don’t save, don’t consider the future, and become a debt-slave
Sincerely
The woke deep-state.
Agnes is a unicorn in America
I have the opposite problem. I had a ton of great times, have a boatload of friends, and very little money saved for retirement. Maybe her and I should marry.
She still has time. I tell retired people in her situation to use your money to buy experiences. However, even if they like the idea, many are too stubborn, too cheap, and too set in their ways to change. Most who are 70+ are very frugal and will always be frugal.
Better to have lots of money than none at all.
My dad and stepmom saved money. They are living comfortably in retirement and have been able to handle big expenses they incurred.
I don't regret it.
I am living the best I have ever lived.
I enjoyed my $50 kayak more than most people enjoy their $50,000 boats which mostly sit in the driveway and collect dust.
Most people spend lots of money on expensive toys they seldom use, to pretend to have a high status.
Enjoying life is far more about attitude than expensive vacations or toys.
The thing to really regret is not having more children or close friends.
Once you have basic food and shelter needs met, life is far more about your internal attitude than spending money.
I enjoy traveling the world in retirement. Honestly feel I would be happy living in most countries.
The hardest part is downsizing.
I’ve been noticing a lot of articles with the theme of “why I regret my retirement, “ and “why you should not retire.” Almost like there is an agenda out there 🤔
I retired early with plenty of money AND have many great memories and travel from my younger days. The two aren’t mutually exclusive if you aren’t an idiot and actually do some planning and risk management.
Yeah, my take was the same.
The idea that you should spend everything you have now because its not going to be safe tomorrow is something that destroys countries and cultures.
Once I retire, I plan to buy a metal detector, and have lots of good hunts.
She did the right thing. Maybe she should get better friends.
Sounds like me, now a Sunday diner breakfast is a luxury... poor me...
Where did you find a $50 kayak? Would love to get my hands on one at that price.
We retired to The Villages FL a few years ag. I have more friends now then I ever have. We’re very active and there is always something to do. Add to that, retirement is much cheaper then I planed. My only regret is it is hard to make the transition from saver to spender, and we’ll probably die with a a bunch of property and money with no one to leave it to.
I enjoy spending my kids’ inheritance.
Let’s go marry some rich widowers!
Good article. We were good savers during our work years, but lived modestly in a 1952 ranch house that we updated during our 43 years in it, drove used cars, took economical but fun vacations, indulged our daughter’s passion for horses. It’s tough to adjust to a lower spending rate in retirement.
We are now in our early 70s and still trying to get our spending down to about 5% of our savings per year. We are cutting back on things. But we still have a fun 11 day trip in the Canadian Rockies planned for the first two weeks of September and are going to splurge at the Prince of Wales in Waterton, Chateau Lake Louise, and Banff Springs Hotel.
Fortunately, we are very happy with economical things like dinner parties, hiking, pickleball, enjoying nearby towns within 200 miles, meeting friends at the dog park, walks in town. We really enjoy taking our kids out to dinners and events. I took my son to the IndyCar race at Laguna Seca last weekend. Yesterday I took our oldest daughter and boyfriend to lunch at the “Sailing Goat” restaurant on the waterfront in Richmond, CA (highly recommended!) and we went to the “Rosie the Riveter” museum afterward.
My wife cashed in her accrued vacation when she retired and bought a used boat; we enjoy cruising around the lake with friends. The boat is expensive, but that’s another trade-off of joy versus penny pinching. My wife loved boating on Lake Tahoe when she was a girl and has always wanted a boat, but we could really never afford it while working. So we decided to indulge her life-long dream of boat ownership. There weren’t any lakes convenient to Silicon Valley for boating when we were working, but now that we have the lake place in North Idaho, it makes a lot more sense to have a boat.
I think we have retirement all figured out.
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