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Funny, several of his talking points are about working (ex. consulting), this is semi-retirement at best. He's not proving his point if he has people still earning money with their time.
But overall his point is well taken. I think the financial services industry wants us all to believe we won't have enough money so we must hire them to shoot for $1M minimum. The peanut gallery also wants you to believe you can't retire early or must be fearful of massive 'possible' expenses, as if we all will need hundreds of thousands of dollars of medical treatment.
Good things almost never happen when motivated by fear.
We all also make things work even if it means cutting our lifestyles or not being able to make choices in things we would have done differently. if i did everything on our wish list or things we want to list i could easily jeopardize our success without a major cut back. so we tend to self regulate along the way
Yes, that's what we're doing here. We gave up car ownership and now can afford trips to Europe. We spend almost nothing on entertainment/hobbies the rest of the time, so it works out.
Then there's the cheap healthcare and almost zero property taxes too.
so what do you do? work until you drop dead because you're scared of what healthcare cost will be?
sounds like the middle ages to me.
It seems to me the best course of action is to put aside money for retirement a great many years in advance. I started with my first job...moving lawns as a pre-teenager. The money that is set aside will grow and work for you.
Many people complain that life got in the way and prevented them from planning. Maybe for few but for the majority, they just failed to save. I had my share of setbacks. I lost a great many jobs due to mergers, downsizing, bankruptcies, etc. Numerous times I had to move across country to find a replacement job. I went most of my working years without taking vacations. I saved those days as money in the bank and of course I also saved the expenses of taking those vacations.
I know plenty of people who worked harder than I did. I still marvel at a man who worked a full time day job and also worked another full time job on nights and weekends. When I retired he had been doing that for 10 years. Some work. Others are great at excuses.
Unfortunately, as opposed to the feel good article, there are a great many retirees living on very little. We can blame poor planning or accidents of life. They get by as well as they can. A great many skip taking prescriptions because they cannot afford them. Others are dependent on Medicaid and other forms of public assistance. These are sad facts the feel good author wanted to ignore.
We all also make things work even if it means cutting our lifestyles or not being able to make choices in things we would have done differently. if i did everything on our wish list or things we want to list i could easily jeopardize our success without a major cut back. so we tend to self regulate along the way
We see this, more and more, here in Cali ... people who either don't make enough ($$$), or are living by virtue of the State Government, and seem to be doing "OK" ... Not necessarily thriving, but able to getby. Somehow, they're able to have food, clothing and some form of shelter ... and to live here; I have two sisters-in-law who are in this 'mode'.
For DW and I, I hope to not have to go into "survivor mode" , just to be able to live close-by Family, and everything-familiar. We've worked too hard, and too long, to allow us to do that.
I'd move at the drop of a hat - and, I'd be glad to drop the hat!
Last edited by tomchard; 08-17-2018 at 10:57 AM..
Reason: GRAMMAR!!
It seems to me the best course of action is to put aside money for retirement a great many years in advance. I started with my first job...moving lawns as a pre-teenager. The money that is set aside will grow and work for you.
Many people complain that life got in the way and prevented them from planning. Maybe for few but for the majority, they just failed to save. I had my share of setbacks. I lost a great many jobs due to mergers, downsizing, bankruptcies, etc. Numerous times I had to move across country to find a replacement job. I went most of my working years without taking vacations. I saved those days as money in the bank and of course I also saved the expenses of taking those vacations.
Unfortunately, as opposed to the feel good article, there are a great many retirees living on very little. We can blame poor planning or accidents of life. They get by as well as they can. A great many skip taking prescriptions because they cannot afford them. Others are dependent on Medicaid and other forms of public assistance. These are sad facts the feel good author wanted to ignore.
LOL yeah my husband did the same and then he died at 51 yep I'm pissed. Al those times when we had opportunities to go see a play, have a nice dinner out etc. It's funny when i was in young widows counseling not one person said "I wish we had more money".
My baby brother did the same and he died from cancer at 50
My best friend did the same, no vacations, no eating out.... had a major heart attack at 53.
So I'm not skipping another vacation, another meal out or any thing else chasing the elusive "million in the bank". Just blew a few hundred bucks on Hamilton tickets (lol this play better live up to the hype). Yes I could have saved the money but nope not denying myself a darn thing anymore
I'm retiring next year, If I don't have enough for health care, then I guess I'll be sick but I've seen way to many people scared because of what will happen when they get "old".
Now I do have retiree healthcare so that helps but I don't have long term care insurance, have no plans on purchasing it and damn sure ain't working another 5 years because I "might" need a nursing home when I"m 90.
you've seen to many folks just getting by?? I've seen too many of my friends and family work themselves to death or die before they get a chance to even remotely enjoy what they sacrificed so much for.
just me. I just thought it was a nice change from the "work until you drop because you'll need 50 million dollars" mantra that you hear all day.
Last edited by eliza61nyc; 08-17-2018 at 12:10 PM..
look, not all of us have families to turn to, and all it takes is just major illness or even just a downturn in health to start the long road to oblivion I have a limited income, but my needs and wants are simple and i don't go crazy with travel, new toys, status named clothes, sheesh, what is with these broads who buy $20,000-$50 grand handbags.... are you kidding me? No one needs that. but so so many women MUST have status brands. i guess it makes them feel like SOMETHING. i'm realistic and live within my means. that being said, i'm approaching 70 and all i've seen thru life, the downturn in health can start somewhere near 75..... judging my from forebears, the DNA hand i was dealt..... and i have planned for that too. just saying
I found it interesting though, mainly because it's very different from the usual "Americans are going to be living under a bridge" stuff that I generally see.
Sam Dogen is the founder of FinancialSamurai.com, a leading personal finance site established in 2009 that teaches people how to achieve financial freedom sooner, rather than later.
Excellent article, and I agree. Most retirees won't need as much as they think.
Nice site, too! I added it to my "Personal Finance" folder.
Excellent article, and I agree. Most retirees won't need as much as they think.
Nice site, too! I added it to my "Personal Finance" folder.
I would bet you are just making noise and you are not retired. Healthcare costs are only one issue. Many of us find that we can no longer do many of the things we used to and need to pay for services. I am reaching the point where yard care and especially the Fall leaf cleanup are getting to be too much. I also find I do not tolerate heat or cold as well as previously so my heat and electric costs are going up. Now that I have more time, I find I cannot afford to do many of the things I would like. Travel, photography, art supplies and courses are getting to be considerable.
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, just to be able to live close-by Family, and everything-familiar. We've worked too hard, and too long, to allow us to do that. 
