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Old Yesterday, 03:44 PM
 
Location: Florida -
8,836 posts, read 10,976,180 times
Reputation: 16956

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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.
Absolutely! - These articles often project the concerns of those still in the 'accumulation stage' of their life - on retirees, who are no longer accumulating more junk. IMO, not that many real retirees truly feel the need to spend more ... simply for the sake of spending more .... to (Keep the economy afloat?, Keep up with the Jones's?, Accumulate more stuff?, Appear more affluent to (whom?)?, ... etc.).

Those of us who consider ourselves "comfortably well-off" (aka: enough income and savings to live the rest of our lives in relative comfort), didn't get that way by living paycheck to paycheck, spending beyond our means or living hand-to-mouth in order to impress others with our 'imaginary , credit-based wealth' and unnecessary toys/junk.

This has nothing to do with "being nervous or sitting on one's wealth," but, is simply a reflection of confidently and comfortably living the lifestyle one has chosen to live.

The kids are raised, educated and raising their own families; houses/cars etc. are paid-off, We fish, play golf, travel, live in paid-off houses/ condos, drive newer, paid-off cars, go out when we feel like it, afford whatever we 'want' to buy; help the kids and grandkids, etc.. We've got LTC insurance, life insurance and some degree of inflation protection -- and don't expect the government to take care of us. We've got savings and investment accounts that we don't regard as only an 'available slush funds' to finance every new whim someone else says we must have in order to be fulfilled.

We also don't get hysterical every time some "left-wing, hair-on-fire, talking-head" starts dithering about "an imminent recession," over which we (and they) have no control (even if such a thing did occur!).

There IS, however, a "retirement reality point," where actual retirees KNOW what they have to spend for the rest of their lives; VERSUS pre-retirees who are still anxiously worrying "how much they can save to have enough for retirement" --- or "what they can do to further 'pad their nest egg" --- or "how they can pay off excessive school loans, mortgages, kids college costs and credit card debt ... in time to still retire early."
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Old Yesterday, 03:58 PM
 
Location: SW Florida
9,863 posts, read 7,155,470 times
Reputation: 14487
Quote:
Originally Posted by NewToCA View Post
There is no such thing as excess wealth.

Life can toss stuff at you that was never anticipated. What if you have a grand kid whose born severely disabled? What if your kid has been very responsible in life but gets injured or suddenly loses his/her job? What if parents live much longer than averages, and end up needing some financial help at very elderly ages?

I'd just as soon spend as I'm comfortable, and be ready to handle life's unexpected events.

Pissing away "excess" money just to "enjoy" yourself seems a bit nonsensical to me.
That's pretty much "on the money"

Actually, we're in that boat now. My mother, soon to be 93, has pretty much run through any savings she had. Her income now comes solely from SS. We're now paying a significant portion of her expenses. I suppose that could happen to any of us should we get that old, though I doubt seriously I'd have anyone able and/or willing to come to my financial rescue should I find myself in her boat 20-some years down the road. So it would behoove us not to overindulge in crass consumerism even should we be tempted.

We also help out our daughter, who has developed a number of serious health issues related to a genetic disorder. She's working and paying as many of her expenses as she can, probably could get disability but wants to keep working and contributing, and she doesn't ask for that help. How could a parent not help such an offspring to keep his/her head out of water? We're just happy we have the means to help her.
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Old Yesterday, 04:11 PM
 
Location: The Triad (NC)
28,816 posts, read 62,875,911 times
Reputation: 32800
Quote:
Originally Posted by Mirabella View Post
Not me. I am not nervous. I just bought a Porsche so doing my part to keep the economy going.
I hear ya. I really do need a second car.
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Old Yesterday, 05:01 PM
 
7,131 posts, read 1,539,800 times
Reputation: 17603
Articles like those often overlook the very basic fact that many of us who retire with a "nest egg" are reluctant to spend that nest egg because we have no more additional income coming in except for Social Security and/or pensions. (I am talking about "average" people and not those who have thousands of dollars coming in each month through interest or stock dividends or retirement accounts.) If the nest egg is gone or greatly reduced, then what are we supposed to do if a major financial catastrophe occurs, other than to sell our home (assuming we have one) and then worry about raises in rent?

No, thank you! However, if the article is talking about those with more than $2 million stashed away, that might be different, but I don't think that applies to most retirees.

[Btw, we are fortunate in that our SS and very small pension will cover our monthly expenses, and our home will be completely paid for after we retire, but most people are not that fortunate. (Our nest egg will consist of our various retirement and bank accounts, but we will only deduct from our retirement accounts as required by law and transfer those amounts into our savings account.)]

Last edited by katharsis; Yesterday at 05:49 PM..
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Old Yesterday, 05:23 PM
 
2,541 posts, read 657,086 times
Reputation: 4407
Quote:
Originally Posted by fluffythewondercat View Post
Eleven days out of the Phoenix heat is worth $1200 to me.
Wait. It's hot in Phoenix???
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Old Yesterday, 05:30 PM
 
Location: southern california
55,980 posts, read 75,025,502 times
Reputation: 48582
Being tight with our money got us this far not going to change now
If you have been down and out you can’t say it can’t happen again
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Old Yesterday, 05:40 PM
 
819 posts, read 482,054 times
Reputation: 2705
Quote:
Originally Posted by tijlover View Post
I'm living in a senior Mobile home co-op in Tucson, and I decided to head up an Art Fund Drive to put some art work/statues, sculptures in our artless community plaza. I kicked it off with a $250 donation, and I requested that 200 individuals in the park contribute $10 each.

It's been 6 months now and the fund is barely over $400, not enough $$ to buy anything decent. The office assistant said that you have to remember there's people barely scraping by here, and $10 is a lot of $$.

Ok! I asked for too much! Then how about $5 each and that would bring the fund up to $1250.

I was in accounting for 10 years and I have a keen nose for those scraping by and those that could write a check for $1000 or $5000 and not miss it the next day. One theory of mine is seniors are living under a veil of fear, fearful SS will run out some day, along with Medicare and better not spend it.

I ran into a man walking his dog the other night. He told me he just spent $6000 on an operation for his dog, and $1000 to remove 5 teeth. And not even $5 for the art fund? Scraping by?

I've grown so disgusted with it all I'm now going to request the Board refund the donations to the donees and close it down.

I had put together a nice catalog of potential works of art, for people to look at, and I added that anyone giving to the art fund would be able to vote on which art work they prefer for the plaza.

Maybe that person cares more about their dog more than some statue in a community plaza. Overall though a 20% participation rate seems pretty good.
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Old Yesterday, 06:07 PM
 
7,131 posts, read 1,539,800 times
Reputation: 17603
Quote:
Originally Posted by tijlover View Post
I'm living in a senior Mobile home co-op in Tucson, and I decided to head up an Art Fund Drive to put some art work/statues, sculptures in our artless community plaza. I kicked it off with a $250 donation, and I requested that 200 individuals in the park contribute $10 each.

I ran into a man walking his dog the other night. He told me he just spent $6000 on an operation for his dog, and $1000 to remove 5 teeth. And not even $5 for the art fund? Scraping by?
.
I would also put my pets ahead of a sculpture, but then I am not cultured enough to appreciate sculpture enough to write a check for it (although I do very much enjoy it in towns and museums). Different people have different priorities, as I am sure you know! If you did not have a dog and didn't even like dogs, and you were asked to voluntarily donate money for a fenced-in community dog walk and play area with a doggie water fountain, would you do so? Of course, I know that community artwork is something that might be enjoyed by everyone in the co-op, but what if someone living in your co-op did not like what the majority selected?

However, that being said, if more than 80% of the residents put in a certain amount toward a community project, if there was any way that I could possibly afford it, I would donate to it, also, just so that I would not be considered a cheapskate.

P.S. I wonder what the response would be if you had suggested a "Co-op Improvement Committee" instead and listed some of your ideas (including your idea for some community art work), but asked for other ideas, as well. Is it possible that perhaps you came across to some people as being just a little too autocratic and bossy? (However, I do very much doubt that you were because judging from your posts, you come across as being very nice and not "demanding" at all! )
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Old Yesterday, 06:29 PM
 
442 posts, read 169,041 times
Reputation: 1499
For many of the past years I have been spending my "excess" money paying monthly health insurance premiums, because I retired before 65. That's where many people spend their money. Does it go into the economy? Has anyone seen any evidence that the cost of health (insurance, RX meds, surgeries, physical therapy) has made our economy better?

Jobs are generated in healthcare but many are low-paying. Even doctors complain that insurance companies don't pay them much and then tell them their patient doesn't need what the doctor ordered.

Young people are the ones who spend more money because they need stuff, for themselves and for their growing families. Grandparents also spend on their kids and grandkids.

Personally I know a lot of older people (70's-90's) who spend a boatload of money traveling, mainly cruises. They don't need "things" to buy they want to see the world. We took a cruise, it was OK, probably never take another one.

I like art but would never donate to a public art project the OP described. I only like certain kinds of art and know for sure that art decided on by a committee would make me regret donating.
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Old Yesterday, 07:27 PM
 
Location: Scottsdale, AZ
8,170 posts, read 4,991,094 times
Reputation: 29853
Quote:
Originally Posted by RationalExpectations View Post
Wait. It's hot in Phoenix???
Only 24 hours a day.

The rest of the time itís quite pleasant.
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