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Old 08-25-2019, 11:14 PM
Location: Rust'n in Tustin
2,401 posts, read 2,497,244 times
Reputation: 4580


Originally Posted by NewbieHere View Post
Hey, you repeat that line 3 times already.
There times? More like three hundred times.
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Old 08-25-2019, 11:45 PM
Location: Myrtle Creek, Oregon
12,519 posts, read 12,704,083 times
Reputation: 19926
Originally Posted by RationalExpectations View Post
When I was growing up, my dad, a product of the Great Depression, taught me how to straighten used, bent nails. I don't recall that he ever purchased actual new nails or screws.
The old square nails were laboriously hammered out by blacksmith apprentices by the nail keg. They were expensive. You didn't throw away a nail that could be hammered back into shape.
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Old Yesterday, 12:18 AM
Location: Las Vegas & San Diego
340 posts, read 58,415 times
Reputation: 345
Originally Posted by tijlover View Post
Just so it's not taken to extremes. When my sister serves coffee, I don't think she puts more than a teaspoon of coffee grounds into the coffee maker. When me and a cousin were visiting one time, my cousin looked puzzled at the coffee cup, thinking it might be weak chicken bouillon. And I said: Just be thankful she didn't serve chicken soup, as neither of us brought a magnifying glass with us!

I once knew a penny-pinching senior man who went around the neighborhood collecting used coffee grounds, to be re-used in his coffee maker. And this man had no reason to do this! I had to pinch myself real hard, to keep myself from laughing, when his son came visiting, while he was in the hospital, he gained access to his bank account and blew $30,000 of it on the Las Vegas Strip.
Wow, I didn't mean to imply anywhere close to that level frugality. Most would consider us well off for retirement income - we spend money but nowhere close to what we could spend.
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Old Yesterday, 01:51 AM
14,362 posts, read 24,188,061 times
Reputation: 20366
Originally Posted by ysr_racer View Post
Nobody lays on their deathbed and says, gee I wish I saved more money
True, but having seen a number of very old people sleeping in the urine stained sheets in a Medicaid funded nursing home away from their family and friends, they are probably thinking that they wish they could have gone out of this world in a much more pleasant atmosphere.
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Old Yesterday, 02:22 AM
Location: Tucson/Nogales
17,595 posts, read 21,466,029 times
Reputation: 24567
I worked in LTC/Rehab facilities for 17 years, and so many of these patients are so heavily medicated, or senile, they have no idea they're lying there with a wet diaper. There'd be times I'd be doing rounds, and I'd ask them if they were wet, and they'd say No, but I'd insist that I check anyway, and they were wet.
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Old Yesterday, 03:13 AM
Location: Central NY
4,793 posts, read 3,329,078 times
Reputation: 12388
Every time I visited my sister the first thing she said to me "I have to go to the bathroom."
I always chased down someone who could help her with that.

It never occurred to me that this was the only time they listened about her bathroom needs.

I "get it" now but she passed a couple of years ago.
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Old Yesterday, 03:37 AM
4,518 posts, read 2,695,422 times
Reputation: 10588
We won't, by any means have a lavish retirement. Because we will have only our savings and SS.

And, as of right now, while still working, we ain't spendin' no retirement savings!

We actually went broke this summer because my OH s hours got cut severely ( to 4 hours a week!!!)so "the college kids could earn some money too". They didn't care to work, wouldn't actually do the job effectively and called off for lots of, ahem, "reasons " ( mostly partied too much or wanted to go to a party).

But. We did NOT touch retirement savings!!!!

We've never worked where there was a pension, and even 401ks are drying up, especially for part timers.

The lack of desire to spend any retirement is because in the 80s i amassed a tidy sum between $75-100k. But due to medical issues I went through ALL that in the 90s to pay living and medical expenses, to a point I endedup homeless living under a bridge next to the RR tracks.
I now collect SSDI, but am also allowed work part time, and often do to save extra for retirement.

This summer ( from late April to now) went from bad to worse. $2600 in vehicle repairs for both, regular living expenses, i even went to a food pantry, first time since being homeless in the late 90s. Net/tv/phone got cut off cause we had no current funds to pay it. Had to chose between lights and the cable. My OH NEEDS to file reports online for second job, which is ALWAYS A crap shoot for hours, and is part time too. Among other things that all went wrong costing money this summer. Pous attorney fees for issues dealing with my FIL w/dementia now in a nursing home.

We could have touched the accessible retirement, but I'm of the theory that once touched. It will be forever gone and never replaced, causing future problems.

When we actually get to retirement, it will be the same, we will also be counted as one who wont spend much fir fear of running out.

Till then we still have a work life we can live on ( well not this summer)and add to savings, and two mattresses to start stashing extra into.

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Old Yesterday, 04:57 AM
6,449 posts, read 4,858,023 times
Reputation: 13428
I cannot believe how supposedly mature people can fall for the stupid click bait articles.

Let me guess.....we have another 20 or 30 something professional "writer" who knows nothing but can crank out click bait articles for little money. It does not matter that the whole premise of the article is ridiculous. Of course retirees horde their resources. We are supposed to!! The 4% rule is well known and we are supposed to be spending 4% annually and sitting on 96% of our resources.
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Old Yesterday, 05:38 AM
Location: Philadelphia/South Jersey area
2,921 posts, read 1,444,559 times
Reputation: 10367
Originally Posted by Ringo1 View Post
Exactly. I'm not a retiree YET but plan on becoming one in two years so I am definitely sitting on my savings; my 401K is fluctuating like crazy and it's scary.

Lots of people in my age bracket are terrified to spend their money in case everything goes *poof*.
and then they die.

so most here have probably heard my story so I apologize if I've told you before.

2013 lost my husband of 30 years at age 51 to cancer
2014 lost my baby brother to cancer, age 52
2015 lost my best friend of over 40 years to a heart attack.

talk about a wake up call, I seriously thought I was cursed for a few years. anyhoo I watched all of these people work like dogs, scrimp and save for some unknown "future" because every single message now is BE AFRAID, BE AFRAID, BE VERY AFRAID.

not one of them got to enjoy one day or one dime of their money.

Hell to the naw. I'm done. retiring next year March 1st god willing. I leave for two weeks in Greece on hte 13th and yep I'm spending the dough to go first class.

And you know what?? if at 99 I run out of money, lol I doubt if I'll really care. now don't get me wrong, I made a plan, I have put my ducks in a row as best as I can but I'm sick of being nervous nellie over crap I can't change.
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Old Yesterday, 06:43 AM
Location: SLC
498 posts, read 445,804 times
Reputation: 936
Originally Posted by kavm View Post
The retirees with money are looking at two scenarios: (1) die with money left behind, vs. (2) run out of money before death. In the very individually (as opposed to group) rational system we have, the backstop for those running out of money is thin to non-existent. So, it is completely rational to try to eliminate the chance of scenario (2), making scenario (1) more likely. This has as much to do with the asymmetry of the costs/consequences of the two outcomes.

The asymmetry can be reduced if there were a backstop such a social welfare system which that guaranteed adequate care of the aged retirees (including those who run out of assets late in life). But, that is definitely not happening.

Furthermore, most people who build up assets on their own combine hard work and good fortune with responsible spending habits. Those aren't going to change because some 'financial adviser' thinks it is better for the economy.

It is a tussle between individual rationality vs. group rationality. We cannot ask the retirees going into their diminishing capacity years to be big on the group welfare and risk scenario (2) while teaching them to be in individually rational throughout their lives.
To add something to what I wrote above - a retiree has to account for serious income and cost uncertainties over an uncertain but possibly long remaining life. I list some of them below:
  • Income uncertainties:
    • Social Security viability and changes - The demographics around retirement, the cynical tax cut strategies geared to starve the beast rather than proactive strategies to confront the problem in our political system suggest that the social security income isnít all that secure. And, the richer retirees (who the article is addressing) are likely to draw the short straw.
    • The stock market investments see a lot of fluctuations in value. A lot can happen over a 20 to 35 year horizon. And, there are considerable trade and competitiveness issues on the horizon - along with demographic shifts than can upend some successful business models (and create opportunity for new ones).
    • Tax law changes ostensibly to shore up our poorly funded programs like Medicare, social security changes can take a big bite - particularly from those who have savings.
  • Cost Uncertainties:
    • Climate change can result in unforeseen and serious costs. We have cities (e.g. Cape Town) running out of water, prospects of bigger and more frequent hurricanes, big earthquakes (not necessarily climate change issue), rising water levels. These are not the costs we foresee or foresee clearly but they can be substantial - and big enough to also disrupt the income side at the same time.
    • We have interesting advances taking place in medicine that can significantly improve the length and quality of life. But, the pricing of some of these drugs (or even older drugs under patent protection or under monopolistic control) is quite exorbitant. And, they are not covered by any insurance. So, the richer retirees should consider the possibility of requiring large and possibly recurring expense on such remedies for themselves or their loved ones.
    • The demographic changes are already producing shortage of retiree care personnel. So, the care costs will have to rise to bring more supply into this area.
My point is not gloom and doom but to observe that the so called analysis by these financial planners is rather shallow and superficial and not something to base financial decisions on. [Unfortunately, I find that to be the case with a lot of what is sold as financial planning.] A proper analysis would have to consider more than the simplistic factors and past patterns as the guide to future in the rapidly changing world.

Last edited by kavm; Yesterday at 06:53 AM..
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