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 ...
In case you don’t already know about this wonderful television series: https://www.youtube.com/watch?v=aAud_H_0R3c
Saved for retirement and live well but I can’t break my penny pinching habits. I currently live in a grandchildren centric universe. The only thing I splurge on is them and I’m still trying to save, hoping to die with enough left to make a difference for each of them.
Your wife must’ve been a little younger than you, I’m guessing?
I’m 53, figure I’ll retire in 10-13 years. Depends on the market. That said, my wife and I were married with a son at 19 - broke as could be. Those early years were hard and instilled a ‘live within your means’ attitude.
That said, I’ve done well since...and realized that I’m at a point where I shouldn’t be quite so frugal. I need to enjoy some of it now, especially as I’m in good health.
Agnes’ problem is that of many, especially conservatives. They have no concept of the future and their mind set is such they cannot generate one.
The future is for living.
I am 60 and retired at 55. I moved from Florida to Missouri into the Ozarks. I am debt free and am building an 8 acre homestead. My nest egg is still growing and we plan to live off the interest in order to leave an inheritance to our children and grand children. I have no regrets and live my life to my satisfaction.
Oh yeah, we are headed to Alaska next week for a two week vacation.
Thanks I will be keeping my eye out for deals.
They’ll be grateful for that stash of cash if they ever need assisted living, memory care, and/or skilled nursing.
Seniors who spend down to go on public assistance will regret it if they don’t have family who live them close by.
The quality of care is not the same.
...family who love them...
Um..Laz, my dear, I think you want to marry a rich widow, as widowers are men.
You can set up a trust that doles your money out based on how much income each kid earns by the sweat of his own brow, or based on how many hours he works per year even if it's for less less compensation, or how much time he spends in volunteer work, or contingent on keeping a clean criminal record, or how many years he stays married, or how high a FICO score he keeps, or any other metric or combination of metrics you feel like rewarding. Maybe you don't really want to punish your own flesh and blood for past misdeeds, but rather encourage the prodigal son to get his life in order and do better in future. A good lawyer who specializes in trust and estate planning can do this easy-peasy for a few thousand dollars.
DON'T YOU JUDGE MY LIFESTYLE!
Agnes needs a young boyfriend.
Me, I’d go to work legalizing ecstasy for seniors.
I’m looking at The Villages. Mid-October until mid-March. That’s only 5 months of tolerable weather. An 8 month stay somewhere would be ideal. 2 plane flights a year on Airbus not Boeing. With the internet nothing at home will be missed and cheaper living conditions overseas would allow one to lunch on cuisine.
Should I sell my Tacoma if I only need it half the year? Great truck.
At age 65 I have a business. I have a tremendous amount of assets that I could never use up in my lifetime, my kids lifetime and if they have grandkids. My problem is it’s harder to get out of business. It is to stay in business. I would definitely like a buyer, but my industries in bad shape. I don’t want to liquidate a 115 year old business, but that may be my only choice.
It’s in the trucking industry where nobody wants to work anymore and there’s way too much government regulation. I also recognize I will never invest in electric vehicles. And they keep coming out with new epa emission standards for diesel over the road trucks. They basically just want to kill The small business person in America.
Unfortunately, I fit that mold of being frugal. I don’t need to be. I can never out spend what I’ve put away even if I spent from age 65 to 90 There would be enough for my next generation and hopefully their grandkids. Assuming money does not become worthless The stock market continues upwards.
For the world of me, I just don’t understand this shitty as this economy is why the market keeps going up. Main St., America and Mom and businesses are hurting because of government regulations.
Seventy-year-old people discover they can’t water ski, play volleyball or climb Mt. Everest. News at 10.
My parents were 20 when the Great Depression hit.
They were frugal all their lives. Even as a PFC during WWII my dad sent about half his pay home to his father.
I trust you know of The Detectorists, and have watched the same.
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