OK I Retired But Don't Feel Like I Can Spend Any Money (2015, relatives)
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However miniscule my early retirement income, I could manage to live on it... How do you think I amassed my nest egg in the first place except by living incredibly frugally? So THAT won't work...
IMHO, if you've raised your children right, i.e. to be responsible, successful adults, you shouldn't have to worry about leaving them anything. I never expected to get anything from my parents, and the way they spoiled my younger sister and still throw money at her, there won't be anything left once my mother passes too. That's fine with me.
I also don't expect my child will need anything from me once I kick the bucket either. She's successful enough already.
That said, to answer the original post, I think I'll be able to spend my money just fine. ;-)
Yup.
When I paid for my children's college under grad degrees I told them that they were receiving their inheritance now. My gift to them was a debt free beginning.
Now kids, you're on your own.
I'll spend the remainder to zero. And if I get into trouble they all make plenty enough to help me out.
I quit college (which my parents were paying for) after two years. My dad told me I was on my own after that. It took me ten years, but I finally worked my own way through. Best gift they ever could have given me! And no, you don't owe your kids an inheritance; nor are you obligated to raise their kids for them!
Sometimes that retirement nest egg looks more like a symbol of lifetime accomplishment than a financial resource. That's sort of a trap and it makes it hard to tap into it. Remember what you saved that money for.
This is a very good point.
My goal is to whittle the finances down to where you're near zero balance on final day of life. Unfortunately that final day is hard to predict. BTW, I have no heir to worry about leaving $$ for.
The problem is, we are having a hard time spending any money on "things we don't really need".
An easy solution is to spend money on things which you did not know that you need. Once you develop new interests and hobbies, you will find that you need all kinds of stuffs ;-)
We are not used to this way of living...
Old habits die hard! I have yet to see anyone completely changes his/her way of living or attitude about money in retirement.
and even though I am almost 100% sure we have plenty of assets, feel like I need to make more money.
I think the key word here is "almost". I'd suggest you to check with a financial advisor. Once you are convinced or 100% sure that you have plenty of asset, you will not feel the need to make more money.
Anybody else ever go through this?
I did not go through the same thing but know exactly what you mean by observing the way my parents and parents-in-law lived their lives. They were 'scarred' by the depression and few black swan events in their lives. They just simply could never feel relaxed enough to spend money on 'unneeded' or 'frivolous' things regardless of how much money that they had.
Well, I guess we need to define unneeded or frivolous ! One man's frivolous is another mans affordable luxury. It all really depends on what you planned your retirement to be. Many wish to live exactly as they had, others want to live better in the sense they can spend the amounts that they used to save for, for those very things. Sounds like many here just enjoyed the saving and not the spending .
I hear ya!! Us either!! We have way too much fun NOW. Like my husband always says, we need to have enough money to still be able to go out and do things, and not just sit home because we can't afford to go out, even if we will be in our ideal location.
I may not have a pension but I have something I think is so much more valuable....I grew up with little but I never starved and I learned very early on to make a penny scream. I feel I am maybe not a "have" but I am not a "have notter" either.
I have not found comparable work in my field of litigation paralegal due in part to my age (61) and the fact that I was out of that field at 50. That being said, I married my ex at 50 and we were able to amass 800,000 dollars the seven years we were married. Split that and got roughly 390,000 dollars a piece after the lawyers took their share.
I live in a 1000 square foot apartment that I think is outrageously high and it costs me $1100 a month for rent and utilities. I choose this size apartment because it has a balcony and I have two cats that sun them selves each morning. What we will do for our animals! But I would not give them up for love nor money. They are my friends.
Since I grew up with little, except for the apartment I only eat in, I am a great cook. If I can't get food for 50% off at the sales I just do not buy it. I get my hair cut about every 6 months for $12 bucks (what is left of it) and use my car little (paid for and only has 60,000 miles on it). The insurance is high since I still keep collision on it ($650 a year) but licensing is cheap.
Right now I have fruit, vegetables, milk, orange juice, almond milk, cheese (the good stuff), organic butter, fresh salad greens, ground lamb, pork loin, top round roast, flank steak, sausage (two kinds), chicken, breasts and whole, organic eggs, sprouted bread (three loafs at a dollar of each so I stock up) a Cornish hen (I ate the other one), all of which I bought at 50 to 60% off...oh, yes, I have three pounds of rib eye too. So I won't starve.
I have all the clothes, bling (which I never wear now and am considering selling it all at some point when my resources begin to deplete. I also have china and amish custom made furniture that will be sold when the dog and kitties die (well maybe not the dog) and I will downsize to a very small one bedroom or even a studio...shoot...I started out in a studio so why not end up in a studio!
I try to work a part time job but I just lost one since I got terribly ill with the flu that turned into bronchitis that turned in to a nasal and ear infecting all rolled up into one...it was a H@ll of a month and I lost my job since I was off for a month. But I will get another for pin money as my mother would say.
I do go out to lunch from time to time with friends...that keeps me going. I am a loner not by choice but being single and of a certain age I find I am on the cusp...to young hang out with the younger set (and I would not want to anyhoo) and not old enough to sit back in my rocker and watch the world go by knowing that this is my last harrah!
So what is my point....make a budget, stick to it, budget a monthly allowance to be spent on anything you like and if it takes up more than the monthly budget then save from the allowance until you get to the purchase price.
I really do not see it being any different that when one was working if there was not a lot of extra. That is the problem I see with people I know in their seventies....spent it all up front and now they are forced to downsize at not a good time to do it which is from need not from want. I see a lot of people who just want to live exactly as they did when they had two incomes coming in. Unless you have millions that just is not feasible hence the fear of spending. It just was not much of a budget minded life and now here it is....a certain amount of money that can be spent and as one poster said...if you did not train to live more frugally at a young age then one will really have a hard time learning to live frugally in retirement. Even with much, there is a limit and you gotta know your limit or you are going to be afraid to spend no matter how much you have.
Just my one cent. I give two cents but then I would not have that extra penny to make it scream!
From the road,
TMKSarah
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