U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-21-2014, 08:15 AM
 
Location: Long Island
8,743 posts, read 12,190,584 times
Reputation: 5048

Advertisements

As a 30-something, I'm wondering how many retired folks feel they COULD HAVE spent more when they were younger - that you have too much $ in retirement now and hardly anything to spend on. Would you do it differently if you could go back? I'm not quite sure how your money is used other than vacations and for rainy day medical fees perhaps. Do you go on vacation more than 5 or 10 weeks a year? Despite having enough in savings, is it as boring outside of vacations as I would imagine? I'm sure you have hobbies but that only carries you so far. Don't be shy to talk about your personal situations, because general information about retirement planning is already out there. You can of course mention if the general advice helped guide you correctly. My goal with this thread is to determine if I should really care that much about retirement savings (I already do 401k). We have 2 kids if that makes a difference - whatever is left over is obviously going to them... which is the same thing my parents are doing for us.

Last edited by ovi8; 12-21-2014 at 08:24 AM..
Reply With Quote Quick reply to this message

 
Old 12-21-2014, 08:47 AM
 
Location: The Triad (NC)
28,497 posts, read 62,167,040 times
Reputation: 32182
Quote:
Originally Posted by ovi8 View Post
My goal with this thread is to determine if I should really care that much about retirement savings
Yes, you should. A lot.

You should also actually enjoy your life getting to retirement age.
It's possible to do both.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 08:48 AM
 
Location: Southwestern, USA
15,379 posts, read 12,133,948 times
Reputation: 16624
Care that much about retirement savings?
Please...enjoy yourself now...but save...and then enjoy the $$ you
saved when you get older, also!! A win-win.
In this world, my gosh, we have no idea what the World Economic system
is going to be like in just a few years...please prepare for anything.

The ripple effect of these low gas prices is going to be interesting for
Russia and Venezuela and thus
the World!
Always be safe and wise...but don't deny yourself having FUN!
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 08:56 AM
 
Location: Orlando
1,987 posts, read 2,637,223 times
Reputation: 7553
No, I don't wish I'd spent more when I was younger; I wish I had spent less on STUFF and saved a lot more. While I'm certainly glad we spent a lot of money on travel, I also spent way too much on junk that I didn't need.

I'd like to have saved a lot more money for my retirement, so I could be as anxiety-free about money now as I was then.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 09:34 AM
 
Location: Greenville, SC
703 posts, read 796,323 times
Reputation: 834
Quote:
Originally Posted by WellShoneMoon View Post
No, I don't wish I'd spent more when I was younger; I wish I had spent less on STUFF and saved a lot more. While I'm certainly glad we spent a lot of money on travel, I also spent way too much on junk that I didn't need.

I'd like to have saved a lot more money for my retirement, so I could be as anxiety-free about money now as I was then.
I agree. Forget about the STUFF. Later in life, you will be getting rid of the STUFF. I have said SO many times, that I wish I would have saved more and spent less. We did not prepare well for retirement, but, we are managing. Fortunately, we have NO debt, and that is also a huge positive factor in retirement.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 09:37 AM
 
Location: Loudon, TN
5,783 posts, read 4,838,667 times
Reputation: 19458
Regret saving too much? Have too much money in retirement? Are you serious? I will assume you are and not trying to be funny. No I do not wish that I had spent more when I was younger, and I have plenty of things to spend my money on in retirement (after I pay the bills that are at least twice as high as they were when I was in my 30's). Having lots of retirement savings means you can retire earlier, and not have to spend all your days at work and try to live your life on the weekend. Because of our planning, we were able to retire at 56 (DH) and 51 (myself). At this point we can now do as we please, although we do try to watch the budget pretty carefully.

You say you are not sure how money is used in retirement...mainly bills, health insurance (if not covered by a former employer), home maintenance, pets, children's needs, gifts, hobbies, travel, all the same things you spend money on now, except that you are not working for that money anymore.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 09:53 AM
 
8,197 posts, read 11,913,206 times
Reputation: 17984
Quote:
Originally Posted by ovi8 View Post
I'm not quite sure how your money is used other than vacations and for rainy day medical fees perhaps.
You're joking, right? We spend money on the same things now that we did when we were younger. The only difference being is that since we have more free time, we spend a great deal more on travel, entertainment, dining out, and other leisure activities. We also spend a great deal more money on casual clothes since we have a great deal more casual time. However, that is offset somewhat by the fact that I no longer need to buy business suits.

Also, since we don't need to save for retirement any longer, we can buy more "toys" just for the hell of it. A couple of months ago I whipped out my checkbook and bought a Maserati just because. We had absolutely no need for it (Who needs a Maserati?), but it sure as hell is fun to drive whenever I don't have a need for driving a larger car. (Speaking of which, I traded in a 2012 Jaguar XJL for a 2014 shortly after purchasing the Maserati. Again, just because.

Quote:
Originally Posted by ovi8 View Post
Do you go on vacation more than 5 or 10 weeks a year?
Yes, most definitely. Here is our schedule for the six-month period from Oct 2014-Mar 2015:

Week of Oct. 15: Cruise to Central America & Mexico.
Week of Oct. 29: Trip to Orlando
Week of Nov. 3: Trip to D.C.
Week of Nov. 15: Caribbean Cruise
Week of Dec. 21: Caribbean Cruise (we board in 2 hours)
Week of Dec. 28/NYE: TBD
Week of Jan. 19: Trip to Fiji
Week of Jan. 26: Trip to Australia
Month of Feb: Travel in Australia, Tasmania & New Zealand
Week of Mar 1: Travel through Outback
Week of Mar 8: Stopover in L.A. & SoCal

We have several other trips planned as well all the way into 2016. We will be in South America in winter (summer) 2016 and will be spending time in Argentina and Brazil, including attending Carnival in Rio. We're also planning to fly to London next fall to attend the NYJ/Miami NFL game. And if the University of Miami has a decent season, we'll attend their New Year's Bowl Game. In May/June my wife usually goes to the Amalfi Coast for a month or so with a friend. I'll probably fly to Las Vegas during that time to attend the World Series of Poker.

And that's just what we have planned this far in advance. I'm sure that there will be plenty of other trips that we decide to take on the spur of the moment. For example, we didn't book our November cruise until we got home from the October one. And the cruise that we're boarding this afternoon wasn't booked until the week following the November one.

Quote:
Originally Posted by ovi8 View Post
Despite having enough in savings, is it as boring outside of vacations as I would imagine?
Then you obviously don't have much of an imagination.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 09:58 AM
 
71,584 posts, read 71,751,865 times
Reputation: 49194
we are both retiring the end of july coming up. we have a huge list of trips on the drawing board.

our budget we set for the first 3 years exceeds what we earned while working.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 10:34 AM
 
Location: too far from the sea
19,839 posts, read 18,861,423 times
Reputation: 33746
I spend about the same now as I did before except that now I have more time. I have never been into buying "stuff", I buy what I need and sometimes a few little extras. I'm glad that I traveled while I was young and I'm also glad that I did it on the cheap. We always took camping trips, we traveled Europe on the cheap and stayed with people we knew most of the time.

We owned modest homes and cars, never anything extravagant. I never had a really high paying job so no, I am not swimming in money and taking expensive vacations in retirement. I would advise you to live your life now and don't sacrifice to the point of being miserable. When you buy important purchases, buy quality that will last a lifetime. If you get an opportunity to travel on the cheap, do it, but don't throw your money away, don't waste it.

Spread the good times out over your lifetime because you never know what the future holds and you may never get the chance to do things. I'm so glad I did some traveling in my twenties. Don't live to work, work to live.

When you retire, try to find a place to live that has things to do--classes to take, volunteer opportunities, organizations to become involved in. Most of what everyone has already said I would agree with. The extravagant trips and over the top possessions that a few speak of are not important to most people. It's your home life, your family, your day to day experiences and a few extras now and then. You will use your imagination to make your retirement life interesting.
__________________
my posts as moderator will be in red. Moderator: Health&Wellness~Genealogy. The Rules--read here>>> TOS. If someone attacks you, do not reply. Hit REPORT.
Reply With Quote Quick reply to this message
 
Old 12-21-2014, 10:43 AM
 
Location: Loudon, TN
5,783 posts, read 4,838,667 times
Reputation: 19458
Quote:
Originally Posted by ovi8 View Post
As a 30-something, I'm wondering how many retired folks feel they COULD HAVE spent more when they were younger - that you have too much $ in retirement now and hardly anything to spend on. Would you do it differently if you could go back? I'm not quite sure how your money is used other than vacations and for rainy day medical fees perhaps. Do you go on vacation more than 5 or 10 weeks a year? Despite having enough in savings, is it as boring outside of vacations as I would imagine? I'm sure you have hobbies but that only carries you so far. Don't be shy to talk about your personal situations, because general information about retirement planning is already out there. You can of course mention if the general advice helped guide you correctly. My goal with this thread is to determine if I should really care that much about retirement savings (I already do 401k). We have 2 kids if that makes a difference - whatever is left over is obviously going to them... which is the same thing my parents are doing for us.
Oh yeah, here's something else you'll need to save for (bolded above).... You never know what life will hand you, but kids who need help can be a huge drain on your retirement savings. Check out the threads on this forum about how having children impacts retirement for many people. Kids with disabilities, kids with tragic accidents/diseases, kids who want you to pay for their college and/or advanced degrees, kids who can't get jobs even with college degrees, kids who want you to pay for their weddings (plural per child possibly), kids who get divorced and want to move back in with you with their own children, kids who need help with a down payment on their first home, kids who are losing their home to foreclosure, kids who need to go to rehab, kids who need to be bailed out, and kids who need a defense lawyer.

I laughed when I read your post because it sounded so nave about what life in retirement is like. How in the world could I possibly be bored when I finally have the time to do anything I want?? The trick is to be able to save enough to do "anything you want". If you love sports (golf, tennis, cycling, kayaking, softball, fishing, hunting, hiking) you have the money to buy the equipment and the time to perfect your skills. If you love crafts...ditto. Need to get healthy? Good news, you now have time to go to the gym EVERYDAY if you want. If you love travel, you have all the time in the world to research, plan, save for, even learn the languages of the places you wish to go. Love learning? You can audit almost any college course for next to nothing. You can truly take the time to learn in-depth about anything that you want, you can visit museums, civil war battlefields, national monuments, parks, the possibilities are endless. If you love boating, you can move to an area on a lake or coast and boat all you want. If you love children, you can volunteer at a school. If you love helping people, you an volunteer for any one of thousands of charities. If you want to start a business or just work at something you love, but knew you could never make a living at, retirement's the time. Maybe you have never been around someone who has retired well, and therefore have not been able to witness a truly happy retirement. Boredom is not a word in my vocabulary.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top