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Old Today, 01:02 PM
 
Location: The South
5,356 posts, read 3,709,402 times
Reputation: 8158

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My folks didn't have a lot and I have a pretty good memory of how it was. I suspect most of the authors of the article have never been without. I know what it feels like to be always broke. Now I know what it feels like to be old and I don't want to experience both.
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Old Today, 01:06 PM
 
Location: Texas
1,986 posts, read 1,397,365 times
Reputation: 6807
So what are we retirees suppose to buy with all our money, to keep this economy afloat? Everything is paid for, the expensive new car paid cash, mortgage paid off years ago. I always have three cars insured and in great contrition. I pay for weekly landscaping and also pool cleaning. We also take vacations.
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Old Today, 01:11 PM
 
1,659 posts, read 323,374 times
Reputation: 1880
There was one company that had $0 debt. They totally operated on cash only basis.
That was Wrigley Company..traded on the NYSE
Solid stable company that outperformed the index.

And that model worked up until new people got in charge and they jumped into debt.
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Old Today, 01:12 PM
 
1,659 posts, read 323,374 times
Reputation: 1880
Quote:
Originally Posted by txfriend View Post
So what are we retirees suppose to buy with all our money, to keep this economy afloat? Everything is paid for, the expensive new car paid cash, mortgage paid off years ago. I always have three cars insured and in great contrition. I pay for weekly landscaping and also pool cleaning. We also take vacations.
crap, lots of crap..go buy another new car, a second home, clean out the dollar store, buy ever pair of pants in Kohl's
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Old Today, 01:12 PM
 
Location: The Triad (NC)
28,813 posts, read 62,855,812 times
Reputation: 32776
Quote:
Originally Posted by TuborgP View Post
There’s an aversion to seeing their balances go down, even if it’s excess wealth” that they’ll never need.
That they personally may never need (and lets hope not).

But what about the grands getting a leg up in life (I have three)? Or their church or a charity
or whatever else they might want to see helped and furthered along by their "excess wealth"?
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Old Today, 01:26 PM
 
2,530 posts, read 653,546 times
Reputation: 4397
Quote:
Originally Posted by TuborgP View Post
The following is from the link:

If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work. Their heirs eventually benefit, but the vitality of the American economy suffers. “Wealth is getting more and more concentrated among households that are averse to spending it,” says Matt Fellowes, a former Brookings Institution fellow who’s founder and chief executive officer of United Income, a retirement planning startup. “It’s trillions and trillions of wealth that is not benefiting anyone except asset managers.”
The quote from the article is evidence the journalist retained little from Econ 101.

In aggregate, Savings is identically equal to Investment. To say “We are saving too much” is identically equal to saying “We are investing too much.”

Savings doesn’t hurt the economy any more than investing does.

Last edited by RationalExpectations; Today at 01:43 PM..
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Old Today, 01:38 PM
 
2,530 posts, read 653,546 times
Reputation: 4397
Quote:
Originally Posted by txfriend View Post
So what are we retirees suppose to buy with all our money, to keep this economy afloat? Everything is paid for, the expensive new car paid cash, mortgage paid off years ago. I always have three cars insured and in great contrition. I pay for weekly landscaping and also pool cleaning. We also take vacations.
Vegas, baby. Vegas.

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Old Today, 01:39 PM
 
Location: Scottsdale, AZ
8,165 posts, read 4,983,991 times
Reputation: 29828
The article strikes me as just more fear-mongering and pearl clutching. I don't see us in it, but maybe we're not wealthy.

I have doctor's appointments next week back in California, a mere 750 mile drive away, but I want to have some fun so I booked sleepers for us on Amtrak, round trip. Let somebody else drive. Eleven days out of the Phoenix heat is worth $1200 to me.
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Old Today, 01:48 PM
 
Location: East of Seattle since 1992, originally from SF Bay Area
30,253 posts, read 55,129,726 times
Reputation: 31789
I have to admit, that while I'm not retired yet I'm putting more into the last few years of the 401K, 457 and other investments to supplement my pension/SS rather than spending on things that we don't really need. I don't see the
"vitality of the American economy" as my responsibility.
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Old Today, 02:29 PM
 
Location: SW Florida
9,861 posts, read 7,151,896 times
Reputation: 14487
Quote:
Originally Posted by TuborgP View Post
The following is from the link:

If well-off retirees are more frugal than necessary, they end up denying themselves the fruits of a lifetime of hard work. Their heirs eventually benefit, but the vitality of the American economy suffers. “Wealth is getting more and more concentrated among households that are averse to spending it,” says Matt Fellowes, a former Brookings Institution fellow who’s founder and chief executive officer of United Income, a retirement planning startup. “It’s trillions and trillions of wealth that is not benefiting anyone except asset managers.”
So Bloomberg and company are kvetching because some folks with lots of money aren't blowing it all over creation on a bunch of stuff they don't need or want???

I don't think we fall into the top tier of those well-off retirees they talk about, but we're financially very comfortable, and more than content with what we have and where we are. We spend for what we need, and for what we want, but still save ( or sit on, I guess Bloomberg et al would say) a significant amount of our income. We have no desire to have the latest and greatest gadgets, live in a conspicuously upscale house or neighborhood, or compete with our peers over who's got the most/biggest toys, takes the most expensive trips or what have you. We also don't feel compelled to ensure the American economy is as bloated with consumer spending as possible through the above activities.

So to the authors I'd say: you go ahead and worry about the money you think I'm hoarding under my mattress, if you like. I sure won't.

Last edited by Travelassie; Today at 02:41 PM..
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