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 retired at 57 age, never worked a day since then, now at age 84. Best decision I ever made was to retire early. Can’t believe how cheap it is to retire if house mortgage is paid for and have no health issues. Senior discounts everywhere, and no expense for commute to work, no need for good clothes, and income taxes dropped into 2 or 3 tax brackets lower.
Everything in balance
When we were living in CA we were never really able to save any money even with two incomes. Most all the money went to the mortgage and all the things that go along with that, raising family, insurance, etc.
We counted the days until the home was paid off and it was time to retire and get TF out of dodge. We liquidated everything in CA, and moved out of state leaving the CA meat grinder behind...Now finally, life is waaaay better.
“Everything in balance”
Yep, that sums it up. Of course, when you are in the thick of your career years, it can be hard to determine that balance point. Plus, you never know how long you are going to live and how much you’ll need for medical expenses.
I know several people that did just that.
Died Millionaires, with bad teeth, worn through pillows on couches, tape on window screens, only shaved once a week to save on razors. House was absolutely spotlessly clean, but in need of basic repairs. Every machine and tool was old as dirt, but oiled, greased, and in top condition.
Always bought from the day old bread rack. Only stuff marked down for last sale.
Lots more stuff. It’s not easy to get out of that mindset, especially if you grew up poor.
If you didn’t, you simply can’t know what it is.
You live by serving.
Well said! My husband and I are both retired and have limited savings. We enjoy the occasional week at the beach or long weekend at the cabin, go out to dinner once a month with friends and mostly live a simple life on a fixed income. No regrets because we have the Lord, each other, our kids and grandbabies. Enough for us.
I Like Dave Ramsey but his interest snowball reminds me a little of that.
Starting at 18 only eat rice and beans, work 2 jobs and do nothing but save. Go on vacations to the next town and check out their McDs and Sam’s club.
At 67 you will be a millionaire and you can start to spend and have fun👨🏻🦳.
(A balance is needed)
“better to have it and not need it than to need it and not have it” applies. we’re just trying to figure out how to make sure our hard working kids get everything that the lazy one’s think they’re going to get. some of the kids are going to get the “gran torino” treatment. they were warned. am I a bad grandpa?
Financial Security is worth what it costs. Ask anyone who is in financial trouble.
I am retired and will be fine, absent a major medical - knock wood, my check up is on Tuesday
I an frugal by nature, more of a stay-at-homer than a doer. I no longer fret, for myself, about the high cost of groceries or my Subway tunas and I have disposable cash for the home improvements and landscaping. My minimally used auto is in good condition. I buy clothes and “things” only occasionally, as well as periodic gifts on the occasions.
All is good.
I retired at age 56, moved to Thailand and was expecting to do lots of traveling. God had other plans and gifted me a daughter. So this past week I took her to Space Camp in Huntsville, wife and I went to see some friends, and then we just got back home. Life is very good. I turn 70 next year and believe I’m blessed and lucky, no better time to have a kid than when you can spend time with them.
Amen!
There are no guarantees in life, Chadwick Boseman (famous actor) died at the age of 43.
Panama City Beach?
Watch out for the sharks, Agnes. Trust no one.
The attraction of travel is really for the younger folks.
Toys likewise.
Both are now so prohibitively expensive for all but the wealthiest. If I were fresh-out-of-the-box today I would cultivate a smaller house and set of possessions.
BTW friends are not friends because you travel with them. Real friends cost nothing except staying in contact with them.
Rick Steves type checklist tourism is a phony laborious hell.
Visiting a series of historic landmarks or towns is an empty experience unless you're interested in the place and have read a lot about it. That kind of trip is very different from the standard tour.
“God had other plans and gifted me a daughter. “
Good for you. We had to resort to sex.
Exactly
Then take a trip and enjoy!
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