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I have cleaned up this thread. This is not the correct forum to discuss religion. Stay on topic and please report posts that are off topic or an attempt to hijack a thread.
When you hear on the news about healthy older folks all of a sudden being diagnosed with Cancer or something and dying before they even reach 70, do you ever wonder if the 'current system' is fitting for 'you'?
My goal is to retire at 50 (at the latest) and i'm saving accordingly.....but i'm considering my 'expiration date' to be at 85...which seems at times to be too optimistic!
i'm 30 now, healthy, never smoked, never drank......but yet, i worry that i may retire at 50, and only have a few years to live before dying.
It almost makes you want to save up and "retire" by 40, so that you have at least a couple of decades of retirement....
in other words, why work hard and save hard until 64, and then die "rich", when you can saved hard until 40 and die without having much. (you won't need the money when you're dead anyway)
anyone ever think that way?
There is good reason to have those concerns, there are no guarantees in life how long you will live. My twin was killed in an accident when we were 12. So I thought about it more then most probably. You should save for your future just in case you are lucky enough to have one. But...
You should do many of the the things that require physical fitness while you are young enough to enjoy them. As you get older things can get harder and physically more difficult to do and less enjoyable. My wife and I spent some of our money while we were younger owning frugal sailboats 21-28' long. They were old, used boats that required work and maintenance, but still large enough we could spend long weekends on them with friends cruising the local lakes and the Texas gulf coast. We also tried to take one "exotic" vacation each year, for us exotic were relatively inexpensive things like taking the train from Nuevo Laredo to spend a week in San Miguel de Allende. Flying to Mexico for a week on the island of Coxumel, three trips to the Virgin Islands where we spent 11 days on a 41-45' sailboat with a couple of friends cruising among the islands. Yes that was affordable, less then $1,000 per person. All of those experiences involved a lot of walking while exploring and on occasion carrying our luggage and provisions considerable distances. Those things would be harder for us to enjoy these days, what with bad knees, back problems and assorted other physical ailments. We are glad we got to experience them while we were young enough to enjoy them. We are more inclined to less strenuous travel experiences these days.
Don't put off all of your living until you are older, you might miss some of it.
There is good reason to have those concerns, there are no guarantees in life how long you will live. My twin was killed in an accident when we were 12. So I thought about it more then most probably. You should save for your future just in case you are lucky enough to have one. But...
You should do many of the the things that require physical fitness while you are young enough to enjoy them. As you get older things can get harder and physically more difficult to do and less enjoyable. My wife and I spent some of our money while we were younger owning frugal sailboats 21-28' long. They were old, used boats that required work and maintenance, but still large enough we could spend long weekends on them with friends cruising the local lakes and the Texas gulf coast. We also tried to take one "exotic" vacation each year, for us exotic were relatively inexpensive things like taking the train from Nuevo Laredo to spend a week in San Miguel de Allende. Flying to Mexico for a week on the island of Coxumel, three trips to the Virgin Islands where we spent 11 days on a 41-45' sailboat with a couple of friends cruising among the islands. Yes that was affordable, less then $1,000 per person. All of those experiences involved a lot of walking while exploring and on occasion carrying our luggage and provisions considerable distances. Those things would be harder for us to enjoy these days, what with bad knees, back problems and assorted other physical ailments. We are glad we got to experience them while we were young enough to enjoy them. We are more inclined to less strenuous travel experiences these days.
Don't put off all of your living until you are older, you might miss some of it.
thank you for the reply.
Sound advice.
Yes, we are doing pretty much all the things we love NOW. we take two 10 day vacations a year....without exceptions for the past 6 years. one or two mini-vacations a year (Florida, California, etc.) in addition. So i'd say we are traveling as much as possible.
We're also saving as much as possible, but like you said, i wouldn't want to become old and unable to enjoy all the money i have!
There are many uncertainties in life. Retirement planning is a wise thing to do. However, like anything else it must be kept within reasonable boundaries. For example, what if you save every spare penny you have, but die in a car accident at age 49? The money in your retirement account was wasted. It represents dozens (perhaps hundreds) of lost opportunities to have improved the quality of your life.
How right you are, it isn't how long you live it's how you live.
I didn't save anywhere near as some tell me I should have during my peak earning years.
For 15 out of 30 years I could have saved an additional $3,000/month if I had only "lived down" but didn't. I blew it, I spent it and I am happy I did. No regrets.
My folly was an airplane, actually two airplanes, a Cherokee Arrow and Cherokee Archer. Both single engine, both capable of 600 to 700 mile flights, one cruised at 150 mph the other at 130 mph.
We flew 500 miles (straight line) to watch Phantom of the Opera when it was playing in Toronto. Leaving Toronto the next morning I snapped this photo of the Toronto skyline with Lake Ontario in the background. The airport you see is Toronto's Downtown Airport.
Flown several times from the Great Lakes area to the Bahama's. I always enjoyed being on top of the clouds knowing below was gloom.
My wife and I have been all over the country able to see it from a perspective not that many ever have. The desert Southwest and I think this was taken in New Mexico along the Mexico border.
Our favorite getaway was Stella Maris on Long Island in the Bahamas. Totally out of the way, no scheduled air service you got there by boat or your own plane. You can see the Stella Maris Airport here and beyond on the ocean is the resort.
We enjoyed most the seclusion where a beach was privately ours. We spent more than one day on this beach and never once saw another person. No footprints (if you see footprints in the photo they are ours), no garbage and no people. Little fish would swim around you in the water where you could walk out on a sandy bottom and be waist deep at a thousand feet off shore.
Heading back to Fort Lauderdale we were in a race with seven powerboats (http://img257.imageshack.us/img257/7207/flying6.jpg - broken link)you can just make out on the water. I think I was about 10,000 feet. I would guess water depth was 80 to 100 feet and you can clearly see the sandy bottom.
Without the airplanes I would have an additional $250k in my retirement savings but whoever got it can keep the money, I'll keep the memories. The whole family has a lot of memories and do you think the kids will remember me as a prudent saver for retirement or the time we spent a week on a practically deserted Bahama island? Or maybe the time we went out for dinner....a four hour flight but the family had Cajun shrimp in New Orleans (http://img511.imageshack.us/img511/7051/flying7.jpg - broken link). Oh yes we did! That was a little far, not to mention a little nutty, but dad was like that. I want to be remembered for being like that. BTW that shot of New Orleans was before Katrina.
So I saved a little for retirement and not a lot. I am going to have to work longer than most, right now the plan is age 70, but I am still flying and as long as I keep that up, I will until I lose my medical certificate, I couldn't afford to retire anyway. I tell my wife chasing women would be cheaper but she adds not as safe.
Regardless of how it comes out I will have no regrets.
NIcet4's above post reminds me of a favorite quote by writer Jack London:
“I would rather be ashes than dust!
I would rather that my spark should burn out in a brilliant blaze
than it should be stifled by dry-rot.
I would rather be a superb meteor, every atom of me in magnificent glow,
than a sleepy and permanent planet.
The function of man is to live, not to exist.
I shall not waste my days trying to prolong them.
I shall use my time.”
Given the OP, it occurs to me that if one who retires at 64 only has only until 68 to expect, I should be checking out of the net and assuming room temperature next year.
For 15 out of 30 years I could have saved an additional $3,000/month if I had only "lived down" but didn't. I blew it, I spent it and I am happy I did. No regrets.
My folly was an airplane, actually two airplanes, a Cherokee Arrow and Cherokee Archer. Both single engine, both capable of 600 to 700 mile flights, one cruised at 150 mph the other at 130 mph.
You know I think one of the things that young people overlook when they decline to engage older people in conversation is not a discussion about retirement. Its a discussion about "how to live life". Its a pity they don't pay more attention to us. Its more their loss than ours.
I was pleased read your discussion about airplanes and flying. Flying my own airplane is not something I've ever done. Frankly, I'm not sure I have the guts to do it. It takes a certain type of personality to scuba dive, mountain climb, or fly your own airplane.
What is important and clearly comes through is that you found something in life that you enjoyed doing and you made it your passion. If tomorrow you drop dead, no one can take away the fact that you had all that fun while you were here.'
We travel a lot. I believe we are up to 15 foreign countries. We own our second home in St. George, Utah and spend some time during the winter there enjoying the nice weather. I'm a hiker and backpacker. I still hike from the top of the rim of the Grand Canyon to the bottom every few years (and plan on doing until the day I die). Those are my passions.
"Our lives are measured not by the number of breaths that we take, but my the number of breathtaking moments"--(Best source I could find was our Mary Engelbreit Calendar)
My parents worked incredibly hard their whole life, and saved everything. They came from families that had no money, and were always fearful about their future and security.
2 months before my mom was hoping to retire (age 65) after suffering silently for many years with advanced chronic pain conditions (severe arthritis, daily migraines... ), my father was almost killed by a taxi. His early retirement started that day, and he was hospitalized for 6 months and left with devastating injuries. Soon after, my mother was diagnosed with widely metastatic cancer and died.
Life can be cruel, and unfair. And it can change in an instant, with no warning.
This has definitely changed me. I do realize it is even more important to live somewhat for the moment, since tomorrow may not come. But honestly most of us do not have that luxury due to the constraints of our jobs/incomes/support network.
I don't understand how people plan to retire so young. From my parents' experiences, I've realized there is nothing more important then health insurance. And this can become incredibly expensive if you are not eligible for Medicare, trying to purchase private policies on your own. Even Medicare is not very good for some problems (it wouldn't pay for much of my fathers expensive medical equipment, or some of my mom's chemotherapy) so if we hadn't had some additional coverage from my mother's employer due to her long long long service and retirement at age 65, we would be completely broke.
You cannot underestimate how a catastrophic medical situation can change your family forever. Are you prepared for that?
The real answer is to live every stage of your life fully and enjoy every minute. If you focus too much on retirement and saving for the future, you will miss out on your life today. Tomorrow isn't promised to any of us. It may or may not happen.
Sir - I really do like your message
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