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 ...
For example, as an avid bicyclist, I own and ride some incredible bikes...purchased used for pennies on the dollar from kids who overpaid and never used them.
I love great food, so I learned to cook great food. I have a great library...many of the books of which were purchased for almost nothing at garage sales. I have an incredible and vast library of music...assembled on Spotify for $11 a month.
Even when I used to travel a lot, I enjoyed staying in B and Bs that were charming...and good bargains.
I drive an ancient truck which I love (straight stick, roll up windows...a 1997 Nissan).
When people tell me I can't take it with me (my portfolio), I tell them I'm leaving it to charity (which is true).
That's never a good idea.
I would prefer to live in a cabin in the woods with my animals and books. And I will, if and when I can find the right cabin.
We never could save any money in CA, because early on in life bought a home with a view to the ocean and invested in other properties in the local mountains near LA.
We literally held our breath for years hoping the bloated ridiculously inflated CA home prices held. They did. On retirement day everything went up for sale and we bailed...
Life is now good!☺
I know that first hand bro, had my first child at age 51, 2nd child at age 53, I was very off financially by then, was more mature to raise kids, and had so much more time to spend with them from ages 4 & 6 and on.
We just returned from a 10 day excursion to Huntsville AL dropping the daughter at Space Camp and Raleigh NC to visit friends. Picked the angel up Friday and back home, nice to be back. Have some upcoming international travel, so life is good.
I gathered all of my favorite music by searching on Youtube, copy the URL, and then use an app which downloads MP3 file on my laptop using the Youtube URL. No cost!
Watch out for the sharks, Agnes. Trust no one.
I retired at 58 I am now 65, haven’t regretted it at all, in fact every day that goes by I am more certain I made the right decision.
My wife also retired, she was an attorney, I was a computer engineer, we both had good incomes but lived a very ordinary lifestyle, virtually no vacations, stayed out of debt and made a few good investments that have paid off nicely.
My advice would be if you truly love what you do then keep doing it, if you like I did allow stress to enter your life, leave immediately, the stress will kill you, then what good does all the money in the world mean if you aren’t alive to enjoy it.
There is no right or wrong decision, except those in stressful jobs, really need to pay attention to their health because you make not get warning signs of impending doom.
“am I a bad grandpa?”
No. You’re a smart and fair grandpa.
That’s a great way to do it.
Well, Agnes could GIVE away some of those $$ to deserving kids, grandkids, friends, relatives who are struggling to fund THEIR retirements. That is fun.
You are right, there's a certain thrill in seeing how much you can cut back and save - that's the whole point, save - for your future.
So many things I wish I could go back and do over in the financial area. Well, parenting too, actually. :(
Its a balancing act. Not everyone does it well.
Also, she may need that money and doesn’t know it yet. Disasters, medical problems, kids need help, etc.
“The attraction of travel is really for the younger folks.”
Not really. The key is to travel inexpensively. We take day trips into West Virginia. Maybe a few days at an AirBNB at Beech Mountain or Blowing Rock. It’s 85 here in this Appalachian town, 92 in the city where I grew up and 75 on Beech. One thing that helps in retirement is where you live. You want to live somewhere where people like to go(mountains) and where it is safe (small town). Many of my friends have retired to the coast of the Carolinas.
great outlook on real life laz! took full retirement just a few years ago but have never been busier...or happier. was in my early 30’s when I briefly dated a woman from an uber rich family who told me something I have never ever forgotten and set the tone for the rest of my life...”Money is only important if you haven’t got enough of it”. most of my friends at the time thought her pompous or an elitist but I understood the import right away. IF one has enough money to pay for the needs of life then money is no longer the most important aspect of life leaving one free to explore other aspects of life. that one single statement changed my life! not rich by a long shot but we have everything we need and enough of what we want to make our lives a joyous occasion every single day! good to know other folks think the same way. “live long and prosper” is more than just a Vulcan greeting...it’s a way of life.
Thrift shop on 50% off day. Still have it. Wonderful boat, a Perception 9 ft. if I recall correctly.
Used kayaks are often available in the fall.
If there we’re still debtor prisons we’d be in trouble. 😳. Well, we pay often and early but not much left over. .🤔
and in Canada, if you’re old and broke and depressed, they have a cure for that. Euthanasia.
Everybody’s different, but I find the most regrettable part of this is missing out on travel.
I’ve tried to focus on getting in any really active or far-flung trips while I’m physically able, even if it’s a bit tricky while still working.
When I’m older I can do something more passive like a cruise.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.