I am 88 yrs. old. I have a bank account, no debts, drive an old car & am widowed. I live as cheaply as possible & am anxious for little. I do miss some of my older passions such as motorcycling, but realize what it could mean at my age, so I don’t really miss it a lot. I live simply & am not anxious for much, but look forward to the day when I meet my Lord & Savior Jesus Christ & all that will mean. Old age can mean that you don’t worry so much for things that used to concern you deeply.
Not sure about that, once the widow's (widower's) penalty kicks in. With my mom's passing, my dad's FOUR taxes are going up nearly 50% (Fed tax, state tax, loss of $6,000 BBB senior exemption, higher Medicare costs) combined with lower standard deduction and higher single-person tax tables.
A big hit is the increasing fully taxable RMD for successful IRA investments that should have been put in Roth IRAs rather than traditional IRAs. Oh well...
I echo your perception of elderly. I’m almost 72, and I certainly don’t feel “elderly”. Once I reach 80 (God willing), I will re-asses.
“I’ll be 70 in August. I just retired. I hardly feel “elderly”. “
Good for you man, that is truly great to hear! I’m in my mid 50s, active, and still working and SAVING! I do want to make sure I have enough go-go years to enjoy in retirement; a topic a dwell on more and more as the years go by.
I’m targeting 66/67 timeline, especially having a wife that’s a few years younger than I. Were anyone to view me as having a net worth that seems larger than most, that was by design; I worked and saved consistently over a 28 year career - EVERY paycheck!
The goal should be to have the needed wealth to live and enjoy as you please, while having ZERO reliance on the Social Security scheme. If it’s still there, it’s the proverbial cherry on the cake!
Enjoy your retirement freedom FRiend!