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Nonsense. If anything people in all generations are not frugal enough.
Accumulate capital and get it churning for yourself. Don't spend and try your best to keep the fruits of your hard earned labor out of the hands of the bankers, the big business owners and the tax man.
We all seem to have forgotten about some of the basics.
I've always been cheap, never pay full price for anything, check showgoodwill.com or ebay when I want something. That will not change in retirement.
I think retired people just have fewer things to spend money on, unless you are a big traveler. I anticipate spending a lot of money on finishing my home renovation, garden, flowers.
it all depends . i can easily spend 2 or 3x our budget . we love doing things , going places ,eating out , i can easily get in to very expensive photography gear . there is so much we would like to help her kids with too like day care if the budget allows . 2 kids in day care where my son is in scarsdale in westchester is 60k .
so we could easily find what to spend on and no budget would be to big .
it all depends . i can easily spend 2 or 3x our budget . we love doing things , going places ,eating out , i can easily get in to very expensive photography gear . there is so much we would like to help her kids with too like day care if the budget allows . 2 kids in day care where my son is in scarsdale in westchester is 60k .
so we could easily find what to spend on and no budget would be to big .
I am comfortable in my ability to spend up to any budget, no matter the size.
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We are doing well in retirement but my main fear is the rising cost of health care and since the advent of Obamacare, we are paying more and getting less. I really have my doubts that unless something big happens, we will need more of our income to pay for health expenses.
Ah, so most seniors are too smart to be driven by the consumerism that younger people are addicted to. Instead of spending it all they spend for what they need and realize that their money is not going to be replaced. So it's take out instead of a restaurant, and a Tracfone instead of an Apple iphone, and a Toyota instead of a Lexus, and comfortable clothes instead of a stylish wardrobe, and cable TV instead of front row seats. Sounds like common sense to me.
I plan on spending it..why leave too much to the kids, who may fight over its distribution anyway?
If you leave too much, the lawyers have a field day managing the distribution.
Enjoy yourselves. You deserve it and earned it.
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