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I’m Retired and Regret My Frugal Retirement — Here’s Why
GOBankingRates ^ | June 30, 2024 | Laura Beck

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 ...


TOPICS: Business/Economy; Chit/Chat; Health/Medicine; Society
KEYWORDS: lifefullfillment; liveenrichment; retirement
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To: SomeCallMeTim
Agnes doesn't exist.   This is more social engineering.   Poor me, Poor me, I'm too rich.

I would rather be the ant I've tried to be all my life than the grasshopper this article espouses.

The sad truth about not having friends is that at the age of 78, most of her friends, are dead or too incapacitated to keep in contact.   Agnes (if that really is your name), your wealth enables you to do what ever you want to do.   Don't poor mouth us.

61 posted on 06/30/2024 11:14:31 AM PDT by higgmeister (In the Shadow of The Big Chicken! )
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To: Lizavetta
I will check it out. Thx.:-)

I remember when I was starting out my career, there was a lot of talk about living like a millionaire without spending a million. It was a very popular idea among sensible people who like living well but not spending a fortune.

My dad used to tell me, "You can live like a millionaire or actually be a millionaire...but not both." That was a broad generalization but I took it to heart.

I would amend that to say, "You can live like a millionaire but not spend a million doing it...if you are clever."

62 posted on 06/30/2024 11:14:47 AM PDT by RoosterRedux (It's funny that the harder I work, the luckier I get.)
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To: Jonny7797

At age 78 maybe she can finally take the skiing and diving vacations she always wanted. How about some hiking in the mountains?

Nope, too old. Spend it all on an extended care facility.


63 posted on 06/30/2024 11:15:02 AM PDT by glorgau
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To: Lazamataz

Are you saying you’d hit it?


64 posted on 06/30/2024 11:15:25 AM PDT by Afterguard
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To: where's_the_Outrage?
I'm not a financial advisor but I've done pretty well for myself. When it comes to saving for retirement, I'd just offer three tips that may (or may not) be applicable to anyone here on FR:

1. If you have a 401(k) plan at work, it is always a good idea to save the minimum amount of money needed to get the maximum company match. If the company offers a 25% match up to a maximum company contribution of $1,000 per year, then you should contribute at least $4,000 to your 401(k) account. No reason to throw away "free" money.

2. You should also consider investing OUTSIDE your retirement plans with a similar investment strategy you have for retirement -- though with a shorter time horizon. If you are a reasonably astute investor and you have some ambitions outside work, at a certain point in your life you may find that having access to money that can be withdrawn without tax penalties works to your advantage. Starting a business or making a major purchase are examples of this.

3. Avoid the two emotions that are the biggest threat to any investor: FEAR and GREED. Be meticulous and methodical, and you won't be disappointed.

65 posted on 06/30/2024 11:15:53 AM PDT by Alberta's Child (“Ain't it funny how the night moves … when you just don't seem to have as much to lose.”)
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To: where's_the_Outrage?

She’ll be very happy she did this in the coming years. Besides, the best things in life are free.


66 posted on 06/30/2024 11:16:16 AM PDT by truthkeeper
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To: EvilCapitalist
Once I retire, I plan to buy a metal detector, and have lots of good hunts.

I have a friend who is 90. He had a good paying job, but got so good at detecting, he retired early and took up detecting (highly specialized objects) full time, and made more money. Fantasic guy, and he is a world class expert in his chosen field. He is doubly retired now.

Of course, he mined out the best areas decades ago.

67 posted on 06/30/2024 11:16:54 AM PDT by marktwain (The Republic is at risk. Resistance to the Democratic Party is Resistance to Tyranny. )
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To: higgmeister

We really did have an aunt like this. Her name was Alice. We were the gracious and thankful recipients of her inheritance!


68 posted on 06/30/2024 11:17:06 AM PDT by JusPasenThru (I’m with The Outlaw.)
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To: where's_the_Outrage?

She could make friends now and treat them to dinners and shows. Jeesh!


69 posted on 06/30/2024 11:19:25 AM PDT by 9YearLurker
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To: where's_the_Outrage?

I retired at 57 and have regretted it every single day. I was a workaholic then and am now. My work has changed from computer industry to the yard and garden. I like doing that but each day I still hope that an old customer will call and ask for help with his or her computer systems.


70 posted on 06/30/2024 11:20:36 AM PDT by spel_grammer_an_punct_polise (We are very sorry, Mr. Franklin. We were not able to keep it! ;-()
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To: tired&retired

“The hardest part is downsizing.”

Isn’t that the truth? We have a house chock full of stuff. I need to get serious and unload 90% of it, but I keep putting it off and putting it off. My sister has been tackling that for a couple years now, figuring out what goes to the kids (they don’t want much), what goes to Goodwill, and what can be sold on eBay. She found a local woman who takes only 30% to sell your stuff on eBay, so she’s taking more and more to her. She just discovered her Hummel figurines are worth only $3 each. The younger generations just don’t want that stuff.


71 posted on 06/30/2024 11:24:24 AM PDT by ProtectOurFreedom (“When exposing a crime is treated like a crime, you are being ruled by criminals” – Edward Snowden)
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To: marktwain
$50 kayak

Cheapskate. I spent $250 on two used kayaks. But I agree.

I go kayaking and tubing, hiking and fishing. And I take grand children when I go (hence the TWO kayaks). Last summer we took a couple grandkids to La Jolla. I taught them how to fish, how to snorkel, and how to body surf, on what was actually a frugal vacation (we know of a nice clean CHEAP place to stay within walking distance of La Jolla Shores.)

That's the way we vacationed when we had kids: fun, cheap, outdoor activities. Trips to theme parks were few and far between.

72 posted on 06/30/2024 11:25:14 AM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: Qwapisking

4 questions in Retirement if you managed to retire wealthy
1. Where do you want to live?
2. Where do you want to go?
3. What do you want to do?
4. What do you want to buy?

I did 1 and 4(stereo and soon a car). I thought I would go back to work but that didn’t pan out but I also didn’t need the money. I could not justify the wear and tear considering I am not spending the money that I have.


73 posted on 06/30/2024 11:26:09 AM PDT by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)
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To: spel_grammer_an_punct_polise

I know what you mean, I was a senior engineer and I miss fixing problems. Almost went back to work in 2021 until Covid halted things.

However, I have a house on the water, regularly fish, and have learned to make pickles, sausage and kielbasa.


74 posted on 06/30/2024 11:26:37 AM PDT by where's_the_Outrage? (Drain the Swamp. Build the Wall.)
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To: RoosterRedux

I think you will enjoy those books. :)


75 posted on 06/30/2024 11:26:53 AM PDT by Lizavetta
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To: FamiliarFace

You could probably find a used Intex Challenger inflatable for 50 bucks on Offerup, although I wouldn’t recommend paddling a Challenger on anything more challenging than a calm lake.


76 posted on 06/30/2024 11:28:40 AM PDT by Jeff Chandler (THE ISSUE IS NEVER THE ISSUE. THE REVOLUTION IS THE ISSUE.)
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To: glorgau

78 is not old. I’d suggest a trip to Hawaii with her kids or grandkids.


77 posted on 06/30/2024 11:31:16 AM PDT by Jonny7797
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To: where's_the_Outrage?

I and my wife are attempting to adjust to our new pre-retirement life. We are saving about 75% of our income from jobs we no longer really need.

Today she announced we are paying for a trip to the movies for our children and grandchildren at a cost of about .0008 or .08 percent of the amount we saved over the past six months. Needless to say we fretted over the extra cost.

I hope we find a way to not worry like we did when the children were very young.


78 posted on 06/30/2024 11:31:22 AM PDT by Raycpa
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To: spel_grammer_an_punct_polise

My husband and I are mid-50s and not near retiring. He would hate it - loves his job and people. His retiring wouldn’t change much for me because I plan to farm and garden as long as I physically can.

That said, we take many mini vacations - our favorite is local trips with the camper and bass boat. Every weekend he’s out kayak fishing too. We take 1-2 beach or lake vacations a year. We used to be extremely frugal and worked hard at getting out of debt, repairing everything that needs repaired on our property, and saving a decent nest egg. Now, we feel comfortable spending more on leisure. My dad died at 55, my mom at 65 - neither were healthy in their last several years, so all that retirement was for naught. I don’t want to waste a minute enjoying life (within reason)


79 posted on 06/30/2024 11:32:10 AM PDT by LilFarmer
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To: spel_grammer_an_punct_polise

” ask for help with his or her computer systems.”

Even I knew better than to smack that tar baby. I retired as a software developer and now I am teaching myself Java. I found no one wants a part-time programmer, not even COBOL/CICS/DB2/VSAM shops.


80 posted on 06/30/2024 11:34:45 AM PDT by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)
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