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Old 10-18-2009, 02:02 PM
 
12,677 posts, read 14,059,781 times
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Quote:
Originally Posted by TuborgP View Post
The picture painted by Money Magazine etc and others is that retirement is suppose to be spent on a beach or the golf course. Retirement is the absence of working and building an alternative life style to one that involved work etc. It does not need to be expensive and you make a great point.
While working my salary was gobbled up by the daily expenses of living in a very expensive city. When I retired I had a very small nut, and a couple of concerned friends felt that I could really go under.

But I moved to a less expensive environment, bought my first car and my first home ever with cash...and I live very simply. I am happier and living better than ever before in my life....and I have actually grown a bigger bank account than I ever had in my life.

If there is a secret to this, it is that I do almost nothing in the way of entertainment or life style that the "good life" of your Golden Years is supposed to include - the only club I pay to belong to is a small basic, no-frills health club for working class folks, and I eat every lunch out, but at the same cafes that are patronized by working class people in my adopted country.

I think I am living very much like my family did in the Forties and early Fifties except in far nicer surroundings. And it is the best time of my life.
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Old 10-18-2009, 03:05 PM
 
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its all about living the life that you are content with... to many people gauge themselves with what others do...
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Old 10-18-2009, 03:07 PM
 
71,461 posts, read 71,629,249 times
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Quote:
Originally Posted by TuborgP View Post
The picture painted by Money Magazine etc and others is that retirement is suppose to be spent on a beach or the golf course. Retirement is the absence of working and building an alternative life style to one that involved work etc. It does not need to be expensive and you make a great point.
im soooooo glad i dont play golf, im saving a bundle right there
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Old 10-18-2009, 05:24 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by mathjak107 View Post
im soooooo glad i dont play golf, im saving a bundle right there
Yessssssssssss, so many people plan a retirement based on being able to tell people still working how they spend their time.
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Old 10-18-2009, 06:45 PM
 
9,807 posts, read 13,447,720 times
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Quote:
Originally Posted by mathjak107 View Post
it only makes sense for that age group. first off its larger then any other group by a huge margin, been around longer and had the most disposable income, and 2nd thats the group thats about to bump the house limit by retiring.

there may be just as much debt in other groups but since they can work longer they got more earning years before they get to bump the house limit .

its not Any news thats shocking to anyone i think..

its like the 50's are the biggest dying group.... if you make it thru the 50's odds are your next stop will be at least 65..... its just the dynamics of that big group and the events that tend to strike them...

thats the group that probley just paid college expenses, wedding costs, medical expenses etc...that left them with less cash to pay down the debt that may plauge other age groups but those other groups havent reached this far yet to get whacked with the other expenses too.


its very easy to have large numbers show anything for any purpose.

just last night i saw an add for drunk driving. it said 45% of all traffic accidents involve drunk drivers. i said to my wife that statistacally then its safer to drive drunk then straight.... she thought it was funny but i pointed out that any and every statistic you read can be shifted one way or another.
I somewhat disagree.

The percent of people retiring today( and the near future ) that still have huge mortgages on their house and credit card debt is a higher percent than in the past.

Years back, entering retirement with a huge mortgage was unheard of.
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Old 10-18-2009, 06:49 PM
 
Location: WA
5,392 posts, read 21,382,389 times
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I am retired with a less lavish lifestyle than I anticipated because my plan simply did not allow for the economy and the markets imploding when they did... but I am in much better shape than some of my neighbors.

One ran a successful custom home business for seven years that dried up, one a successful realtor that now does not have enough business to support his family, and another a corporate executive that lost his position and is unemployed with depleted resources caring for a chronically ill child.

It is surprising to me that each of these people that live close to me are going into the years when it is imperative that they prepare for retirement and are unable to even thrive for the current. It was not only my diligence working a plan that has helped my situation but a good deal of lucky timing and good fortune.

It is very worrisome that so many with a modest plan for retirement have been badly hurt by this recession and will find themselves in their sixties needing to work but having few opportunities.
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Old 10-18-2009, 07:15 PM
 
Location: Great State of Texas
86,093 posts, read 72,460,873 times
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Quote:
Originally Posted by kevxu View Post
While working my salary was gobbled up by the daily expenses of living in a very expensive city. When I retired I had a very small nut, and a couple of concerned friends felt that I could really go under.

But I moved to a less expensive environment, bought my first car and my first home ever with cash...and I live very simply. I am happier and living better than ever before in my life....and I have actually grown a bigger bank account than I ever had in my life.

If there is a secret to this, it is that I do almost nothing in the way of entertainment or life style that the "good life" of your Golden Years is supposed to include - the only club I pay to belong to is a small basic, no-frills health club for working class folks, and I eat every lunch out, but at the same cafes that are patronized by working class people in my adopted country.

I think I am living very much like my family did in the Forties and early Fifties except in far nicer surroundings. And it is the best time of my life.
Well grats to you for doing that. That is my plan as well.
2 more years and counting but financially I'm living it now while I work to make sure it can work out for me.

-the cell phone is gone
-no more cable
-movie trips are once per month at afternoon prices
-food shopping changed to basic foods and more make from scratch items
-frequent visitor at local library to read all those magazines for free now

I set a "retirement" budget and I'm trying to stick to it. In December I'll reconcile the year and see how I did and tweek for next year.

I found your post very encouraging.
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Old 10-18-2009, 07:29 PM
 
Location: Fairfield, CT
5,841 posts, read 8,599,318 times
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I think a lot of the issue here is that we Americans don't like to acknowledge our limitations, or that life has a cycle. People say age is only a number, but it's really not true. Your financial behavior should be different at 40 than it would be at 30, and different at 60 than it would be at 40 or 50.

It used to be common wisdom that an older person shouldn't have a mortgage. Banks often wouldn't give a mortgage to people over a certain age, for fear they wouldn't have the income to repay it later. But in the last couple of decades, all this has changed. People took out huge mortgages on homes at older ages, as if they were going to be able to work forever. It's just stupid.

I'm 47 and I can't wait to get my mortgage paid off. I want to have some good years working without making mortgage payments to pump up my savings. And I don't carry credit card debt. If you have credit card debt over a period of time, it means you bought something you couldn't afford. If you couldn't afford it working, what makes you think you can afford to carry the debt retired? A lot of our financial and economic problems come from the death of common sense, and from a sense of entitlement that we deserve certain things whether we can pay for them or not.
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Old 10-18-2009, 07:49 PM
 
Location: Oregon Coast
1,848 posts, read 6,247,204 times
Reputation: 1383
Way back a couple of years ago I got some Personal finances tips here on city-data. I decided to get rid of all my debts. I still have a small mortgage but that's all. I'm feeling much better about our financial future now. I'm in my late 50's and retirement for my husband could happen any time now, and we'd be doing alright. It seems this retirement thing is something you have to plan. I think some people have not been very realistic about their future retirement.

I do fell badly that so many retired people are not doing well money wise. It's probably not going to get any better for them. It's best to adjust for less before you retire.

Yes moving to a less expensive place is one way to save money. I thought we might do that at one time. Now it looks like we won't need to do that. If we found some place we liked better that was less expensive then we might move. That really hasn't happened yet.

Good luck to everyone on their retirement.
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Old 10-18-2009, 08:15 PM
 
Location: Western Colorado
11,079 posts, read 12,458,603 times
Reputation: 26079
When I retired, I sold the house and all the junk. Moved to a small town, renting and really downsized. No credit cards, no debt. I'm not spending the rest of my life paying creditors. I am very happy.
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