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Old Yesterday, 03:02 PM
Status: "Life is good." (set 27 days ago)
 
Location: Colorado
83 posts, read 18,824 times
Reputation: 420

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Quote:
Originally Posted by ysr_racer View Post
Nobody lays on their deathbed and says, gee I wish I saved more money.
If my deathbed is in a crappy hospital in the charity ward or in nursing home that needs to be torn down or if my kids need to pony up for my funeral or I don't leave my wife enough money to live on, then Yes, I will say "Gee, I wished I saved more money."

And I doubt that I would have been the first to say it.
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Old Yesterday, 03:11 PM
 
Location: Tennessee
24,137 posts, read 17,971,050 times
Reputation: 28342
Quote:
Originally Posted by Nightengale212 View Post
Just because your art project is meaningful to you does not mean it is meaningful to everyone else. And people for whatever reason choosing not to donate to it their decision should be respected. I wonder if the man walking his dog was holding up a sign soliciting for donations to defray the medical costs for his dog you would have donated to him $5 ??
Exactly. I want things to look nice and tidy, but I couldn’t care less about public art for its own sake.
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Old Yesterday, 03:39 PM
 
Location: Washington State
19,140 posts, read 9,872,379 times
Reputation: 16313
Quote:
Originally Posted by MrRational View Post
You have that backwards... it's the conservatives who spend like drunken sailors
and the liberals who pay down debts and retain.
Nah, you have it backwards starting with the plain meaning of the words and it also works in the political sense as well, I've never met a liberal that wanted to pay down debt (Clinton had a Republican Congress do it and he was too busy chasing Monica around to stop Newt fixing everything for him)....Obama spiked the devt until he had a Republican Congress his last 6 years.
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Old Yesterday, 03:57 PM
 
30,019 posts, read 35,122,369 times
Reputation: 11908
As the OP a few points of clarification regarding the article linked. It is not about the normal spending and reserves most are talking about. The article is based on financial advisors who have told their clients that they have more than enough reserves to cover health care overage ( often estimated to be over 250k for a couple). In addition having LTCi or adequate reserves for long term health are. In Addition money for home repairs and other expenditures etc etc etc. They are talking about large reserves in excess of long and short term possible expenditures including legacy money.
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Old Yesterday, 04:32 PM
 
411 posts, read 1,028,728 times
Reputation: 488
Quote:
Originally Posted by TuborgP View Post
https://www.bloomberg.com/news/artic...n-their-wealth

I suspect there are a number in the forum this might represent!
Going into an election year with the possibility of the country going socialist. Maybe another coup attempt. What's there to worry about? They may just change the currency every few years like the Soviets did to prevent people from saving money
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Old Yesterday, 05:07 PM
 
Location: SoCal
13,889 posts, read 6,633,840 times
Reputation: 10483
Some of you might take your political view to the politics section.

But that said, I’m not worrying or nervous because there’s no wealth to sit on.
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Old Yesterday, 05:15 PM
 
Location: Australia
1,047 posts, read 380,961 times
Reputation: 1920
The same issue apparently happens here in Australia, with many retirees never running down their capital.

This is despite us having a very extensive safety net of government pensions and health care, which extends to government funded nursing home places if need be. My mother spent nine months in a private hospital, unfortunately followed by five years in an Aged Care Facility. She died with more capital than she had at the start of her illness.

We were talking about this whole issue as our government have just reduced the tax rate in a way which should give taxpayers a lump sum tax return, pretty much coming through now. They thought is that this will stimulate the economy. SIL commented that there is only so much you can spend on. This particularly applies to retirees.

I have zero desire to upgrade my devices every year. My iPhone does everything I require. We have avoided redecorating for the time being as we do not want to be paranoid when our grandkids come. We are happy with our cars right now. I want to downsize mine but am waiting til I do not need a tethered car seat for the youngest grandchild.

We limit our eating out to a couple of dinners and two or three lunches a week for health reasons. Clothes are extremely cheap compared to many years ago and we do not require a lot of dressy clothes. My biggest cost there is for shoes that are kind to my knees.

Our biggest discretionary expense is travel and much of it is overseas, which does not help the local economy. But we find we prefer to be only away a month or six weeks at a times because we enjoy a lot if the things we do at home.

There is also the issue that consumerism is being actively discouraged for environmental reasons.

So what are we all supposed to be spending our money on?
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Old Yesterday, 05:15 PM
 
Location: USA
1,102 posts, read 434,359 times
Reputation: 3054
It’s not just about money and simply buying “stuff.”

People also need to think about traveling and enjoying certain experiences when they’re still able to travel and enjoy it. MrsK7 is huge on allowing me to take any trip I want especially those to areas of the world where she has no interest. As long as I have a plan and my safety is somewhat assured, it’s always a “go”. Money never factors into the discussion - she knows I’ve already covered that aspect before we open the discussion.

We had a relative drive in this year’s 24 Hours of Daytona. Who knows, it might be his only chance to drive in that event. Going wasn’t even a question. I went and had a great experience. If he ever gets an Indy ride, I’ll be there for it also.
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Old Yesterday, 05:16 PM
 
Location: Southwest Washington State
22,401 posts, read 14,721,805 times
Reputation: 31861
I know no one like this.

And retirees should do what is best for them. The economy can take care of itself. Taking care of the American economy is above my pay grade!
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Old Yesterday, 05:32 PM
 
Location: Myrtle Creek, Oregon
12,503 posts, read 12,695,585 times
Reputation: 19887
Two things:

1. I already have everything I want. Beautiful home, beautiful setting, art collection, reliable vehicles, fancy computer, great clothes, high end booze, etc. What am I supposed to spend my money on?

2. End of life expenses promise to be high. I have remodeled my home to be handicap accessible, but yard service, home nursing care and maid service will add a few thousand dollars a month to expenses. It will be cheaper than assisted living, which runs about $7,000/month in my area, but going out of here toes up will tap the savings pretty hard.
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