More older Americans are being buried by housing debt

[stevek64]

Originally Posted by Ultrarunner

I know a few people that live with no regrets and save little.

Sure, they made good money and they spent it... always paid their way and never went Bankrupt or walked away from a debt.

One guy lives in a trailer park... his trailer is maybe worth 10k and his rent and utilities are $450.

He enjoys women and travels a lot... name just about any far off destination and he has been there... also has nice cars... rents a garage for more than his park rent and has a Jag 120 and 150 and drives a 2 year old Corvette at age 74.

I say more power to him... no kids and no wife... spends his pension and has lifetime medical from his time in Law Enforcement... retired early with just enough time in to cover medical.

Never set out to be a bachelor... just one day he was in his 50's and friends were becoming Grandparents.

I've had lunch with him at his favorite lunch spot... you would think he owns the place... he walks in and his table is waiting and his order is prepared... last Christmas he put $500 in a card for his waitress and another $500 to be split with the rest of the staff...

Whatever remains after he's gone is going to the local pet rescue where he volunteers...

So not everyone is drowning in debt... even if they don't have a bundle socked away.

That's a nice story but many people working today don't have the option of relying on a lifetime pension/lifetime medical as this individual and not worry about saving because most people are on their own for funding their own retirement and health care these days. And given most people live like this guy and beyond in their working years, many will never be able to retire as a result and enjoy the lifestyle this individual is living in retirement, no matter how modest, with little regards to saving.

But I agree on the level that for those who have a pension and/or have saved enough to live comfortably in retirement, defined by the individual, the rumor that there are no luggage racks on hearses to store the money when we are gone drives the point that money saved for retirement should be enjoyed in retirement, though to a point that the person can reasonably expect to not run out of money in retirement and live at the level they find comfortable. And of course plan ahead/fund it in their working years.

[Ultrarunner]

I don't have a pension... yet I am surrounded by folks that do and for many it includes medical...

Lots of police, firefighter, military and teachers... of course they do all have one thing in common... they were government employees...

The guy I mentioned had never been married... has a zest for life and lives in a 10k trailer... his cars and traveling are what he enjoys and always seems to have company.

I think seeing his trailer coach is enough to keep his companions from getting serious...

For a time, I worked in Germany and Austria and glad I did... really got a different perspective on things.

Many there also save little... they love to travel and worry little with universal health care and very low property taxes... most also have no need to file tax returns each year... the money they receive is theirs... taxes already deducted... my CFO friend found it hard to believe that just about all Americans with earnings have to file... they also find it hard to believe how little vacation we have or that it is not mandatory... there... the lowest apprentice has a total of 6 weeks... with all the holidays.

What they do have is very high Sales Taxes... which I find preferable... lots of discretion when it comes to buying things... at least for me... still have the $800 car I bought back in school...

I guess if you have a pension, medical and low property taxes... no need for a big what if nest egg...

[TuborgP]

^^^^^^Some would say that the liquidity offered by a strong nest egg is always advisable. Just not as necessary with a pension etc but sure doesn't hurt and provides a margin of error.