Saving for retirement vs living a life of adventure now (IRA, salary)
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Sure we won't be the richest retirement couple out there, but we won't be the poorest and were fine with that.
+1, my answer too. Either extreme probably isn't best for most people, but where the balance lies is different and unique to each of us, and there's nothing that says it won't change as we age and have more experiences. We all have to find our middle ground between financial security and a life worth living in the meantime...
Op its your choice .But make sure your comparing apples to apples inthat they are now older and without what they spent before. Some can have it all tho.
They say that the richer man is the man that lived a full life of adventure and experiences. I know several people like this--and they seem the happiest (although, I don't know for sure if they really are happy--but they SEEM to be). They are able not to worry about the future and basically kicked the worry habit. They believe that if no one gets out of this life alive, why live a life of security? They say that, sure, the safe man may be able to live secure in the corner somewhere and take cruise trips once in a while, but what a way to live! After all, you can't take your money with you.
I know this is the age old philosophical question about the true meaning of life...but I have to admit it's very attractive to someone like me that has been saving for retirement (I'm 32). Although I do have the funds to travel and do things of "adventure", what I lack is time. I can't seem to buy time, but I can always make more money. One way I can possibly alleviate this issue is by starting my own business again....but when I did this in my 20s, I had practically ZERO time off and it's a lot of hard work. I would work harder than I would work now at my current job. I don't even have a family, so I can't just imagine how it is with kids. Perhaps I need to find another job that would give me higher job satisfaction, but the current one pays me so well and offers a retirement package that is out of this world--the issue is I can't retire until I'm in my early 60s if I want to have millions in the bank. But, will I be healthy then? Will the stock market still average 7-10% in return? My family suffers from heart disease, what's my outlook?
Any wise men (and women) have advice for me? As CS Lewis once said, I just "feel like I was made for another world."
if you quit your job and started having all of these wonderful experiences, what specifically do you plan on doing?
I think "a happy medium" is the best. I do not believe in scrimping and saving every dime to save towards retirement but again I do not believe in living like "there is no tomorrow".
It was a long time ago but this is the story as I remember it. One of our guidance counselors retired the year that I graduated from high school. He and his wife, a teacher, had always wanted to "travel around the world" as soon as they both retired. The trip was planned to start a couple of weeks after they both retired in June. He implied that they saved everything that they could for this huge trip and never spent money on any other vacations or other nonessentials.
It was very sad but his wife, quite expectantly, died a few days after they retired and thus they were never able to go on the trip. That made a very big impression on me. I always though that it would have been better for them to do some traveling while they were younger instead of waiting until "the big trip".
Last edited by germaine2626; 03-31-2013 at 04:42 PM..
Just remember when your old and grey you may be a homeless person with many life adventures under your belt. Is that a good thing or bad thing?
It's your choice.
I made a choice many years ago to live across the world and it suited me fine. Now I've made the choice to sell up and move back to my home town for my retirement years. Am I rich? No, but I do have some retirement funds.
The one thing that I do have is lots of experiences and adventures that none of my siblings experienced and I would never change that. I am very grateful for the travels and interests that I have had. Now I am also grateful that I have the opportunity to live back in the same area as my siblings.
I've learned over the years that it's not only doing what your heart desires, but also the people that are in your life at that point in time is what makes a fulfilling life.
One thing the OP could consider is the Foreign Service or USAID. That would get you your travel and adventure, you'd also make a decent income and would be assured of a good retirement. They move to different assignments every few years so it allows one to experience several different countries in a career.
I had that life of adventure. The memories fade, all I have is here & now. Somehow, I feel very rich wanting a Big-mac and having money to buy one. I'll be poorer if I go get one, but it'll be an adventure if I do.
If you want a life full of adventure, then don't save for retirement. Living on next to nothing in your 80s and 90s would be really adventurous. It would be one adventure after another.
I had relatives who, from day one of their marriage, saved 10% of his earnings. Wife never worked. He was an engineer w/GM, so his earnings were always well above average. He was no great investment whiz, paid way too much in taxes during his working years, bailed out his kids a couple of times, paid for two college educations, and still ended up at age 70 with about $2 mill., plus a great GM pension, SS, etc. They never lived luxuriously, but were always comfortable.
I have never been able to understand people who have no money beyond their current paycheck. I never lived that way - ever. It is a very a hard world without money. Money should not be a god, but at the same time money needs to be respected. It buys freedom, choices, options, peace of mind. Generally, I have always tried to save money on the little things - and found I usually had what I needed for the big things.
Fortunately, I had done a lot of traveling in my 20s, 30s and 40s, so travel today is more of a chore (packing, adapting to jet lag, etc.), than an adventure. Now, I don't have a real need to do the things I missed - nor do I lose sleep at night for lack of money. It's a good place to be.
Quote:
Originally Posted by packer43064
Sorry. I wish. I meant after bills we might have $400 or so a month of complete discretionary income.
We would save half and blow the rest. Its a start.
If you put aside $200/mo, tax-deferred for the next 35 years, assuming growth at 8%, you would have about $458,000. Clearly, as your incomes increase, plan to increase those savings, and it could be a lot more.
I think saving should be a priority - pay yourself, first - but, you have to live, too. Assuming you can stay employed and no disasters befall, one should be able to save - and have fun.
If you put aside $200/mo, tax-deferred for the next 35 years, assuming growth at 8%, you would have about $458,000. Clearly, as your incomes increase, plan to increase those savings, and it could be a lot more.
I think saving should be a priority - pay yourself, first - but, you have to live, too. Assuming you can stay employed and no disasters befall, one should be able to save - and have fun.
Exactly and were talking about a mere 200 bones. With career jobs and obviously pay raises it can bloom to a lot more.
We enjoy a good life so far and save some. sounds good to me.
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