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I'm early middle-age, so I can't speak as if I'm retirement-aged (not likely to retire younger than 55, unfortunately), but I'm not sure I quite understand why "fun" needs to translate into never saving money. I had a refresher on fun when I went to a rock/metal concert not long ago. It must have been over a decade since I had been to one, and I went to a lot of them when I was younger. It wasn't a conscious effort on my part to avoid them, I just had life to live and going to them got away from me as an adult with full-time commitments. Digressing now, I went to one, and I was reminded of a few things: (1) I had a gnawing feeling of "been there, done that." The band that was popular in the '90s was just phoning it in for money as well. Not my idea of fun. (2) I'm leaning against the railing and a drunk guy comes up to me rambling about a bunch of nothing. Not my idea of fun. (3) Seeing an entire sea - just about every one of the people there - with multiple tattoos, even a few face tattoos, I had an extreme realization that a segment of society has passed me by; not having tattoos made me feel like an alien in a group that 20 years ago would've been closer to my peer group in style. Ergo, it wasn't as fun of an experience as it used to be. I guess they changed and I stayed the same (I prefer "consistent")...or vice versa, who knows anymore? But either way, my efforts are better used elsewhere for other hobbies that fit my current lifestyle and age.
I live in the heart of downtown in my city, so fun for me now is walking to the trail while listening to music on a bright, sunny day. No expense needed other than the phone/ear gear. I did a number of multi-state road trips when I was younger, but I never felt the need to go to Timbuktu to look at similar types of rocks that I can find here in order to enjoy myself. I like dining out every once in a while as well. This is as about as exciting as I get in 2024. Lots of cool-to-me experiences in my youth not mentioned here, but they're just memories now where their only value is talking points or to say I got some firsts out of the way, I suppose.
$125,000 should be plenty to not have to live paycheck to paycheck, especially if you don't have any chiildren. Now, if you're simply not interested in being the money-saving type as you've stated, then that's that. But you're also questioning it a bit, which at 35, is a perfect time for such quandaries. At that stage in life, either what you have been doing is working, or it hasn't been working. At 125k and still living paycheck to paycheck, I'd say it's time to fine-tooth-comb the budget. There is some wiggle room to still take risks at age 35, but especially by age 40, that's when it's time for no more excuses, no more pretense to one's self about dreamer ideas, etc. You should still do them if they make sense, but not at the expense where they fail entirely and you never focus on anything else.
I'm sure there are success stories of people who hit it big later in life, but 35 - 40 seems a good litmus age for which to gauge progress. The one thing you'll never be able to create or buy more of is time, so not making adjustments at this age is a recipe for poverty in old age if nothing changes, if you aren't able to work in old age. If you're fine working until you have that final, personal conversation with Father Time, then more power to you. That's up to you. Working until I drop? Not my idea of "fun." Working until you keel is what people always had to do historically before there was a modern era of investment where retirement was a concept. Humans have toiled for thousands of years to reach the level of comfortability we can enjoy in 2024, and I see no reason not to take advantage of the opportunity.
Being crazy and passionate doesn't pay the bills, and you've stated it has not made a profit at this point in time, either. Being "lazy" won't get you there, either. The general rule of thumb that gets floated out there is that you will need a nest egg that will replace your salary in retirement that will last until you pass. A 4% or less withdrawal rate is generally considered safe enough to last without depleting your entire nest egg before you die. Numbers will vary by nest egg amount, at what age you plan to retire, and how long you expect to live. As an example, to replicate $125,000 yearly with a withdrawal rate of 4%, you would need a nest egg of $3,125,000 at a standard retirement age of 65, which just gets you to maintaining your current paycheck-to-paycheck lifestyle, with almost no breathing room whatsoever. These numbers are excluding inflation, and since deflation has seemingly been outlawed, inflation will likely always be a guarantee in your expenses and should be planned for as best as one can.
For what it's worth, I took a few home-run swings when I was younger, but they didn't pan out for me, and continuing to try to do that as I approached middle age would be not only senseless, but stupid. Not for everyone, and maybe not for you, but for me, it would have been reckless and I realized I couldn't keep doing that - that the debonair, youthful multimillionaire, playboy lifestyle would not be achieved and had to pivot (settle) to being a regular 401K maxer with W2 income who will still be able to, hopefully, not worry about money in retirement because I saved. Is what it is, brohiems.
Again, though, if you and your wife are fine doing what you're doing, that's okay as long as you are okay with the future you're building together and accept the outcome. I have seen ageism at play in the workforce, especially for people with health issues. Generally in the older population people start having health problems in their 50s and 60s. Sometimes cancer in their 40s. I have also seen entire industries decline for some people, plus we don't know how AI will affect the job market in the future, and so on. To still have to work and deal with all of that? Not my kind of "fun."
The original topic was asking whether or not people in their 60s, 70s, and 80s felt happy and enjoy their money.
Some of us certainly are. My wife and I are in our 60s, and having fun doing lots of things. We went to wine country for a couple of days last month (we try to go to some wine region each year), we're going to the Bay Area to visit friends and go sailing this summer (we took sailing classes in the Virgin Islands for my wife's 60th birthday). Last year we bought paddle boards and are having fun with that. We went to a MLB game earlier this week, and two spring training baseball games back in March. Yellowstone trip last fall.
... I did a number of multi-state road trips when I was younger, but I never felt the need to go to Timbuktu to look at similar types of rocks that I can find here in order to enjoy myself. I like dining out every once in a while as well. This is as about as exciting as I get in 2024. Lots of cool-to-me experiences in my youth not mentioned here, but they're just memories now where their only value is talking points or to say I got some firsts out of the way, I suppose. ...
This is precisely why equating retirement with a prioritization for travel and adventure, is such a canard.
Speaking as one of the more parsimonious and money-obsessed people on this forum (thank you, thank you...), if I were to actually spend any substantial amount of money in retirement, or in older age (whether retired or not), it would be on prosaic comfort. A larger dwelling, with privacy, strong and reliable climate control, plenty of space... in a locale where I had something in common with my neighbors. Hiring-out of various domestic functions, such as cleaning and (within reason) cooking. Top-notch health insurance. "Fun" would be mainly social things that are orthogonal to money... regular bridge games, at a club that would accept me as a member. Chess... tournaments, blitz, just slamming the pieces on a concrete table at the local park. A reliable circle of buddies at the model airplane field.
In a +55 community. Teed off at 9 am with 16 other golfers from the community. Hit the bar for lunch and beers at 1:30. Home at 3, cards at 7. Yes I’m having fun.
This is precisely why equating retirement with a prioritization for travel and adventure, is such a canard.
Speaking as one of the more parsimonious and money-obsessed people on this forum (thank you, thank you...), if I were to actually spend any substantial amount of money in retirement, or in older age (whether retired or not), it would be on prosaic comfort. A larger dwelling, with privacy, strong and reliable climate control, plenty of space... in a locale where I had something in common with my neighbors. Hiring-out of various domestic functions, such as cleaning and (within reason) cooking. Top-notch health insurance. "Fun" would be mainly social things that are orthogonal to money... regular bridge games, at a club that would accept me as a member. Chess... tournaments, blitz, just slamming the pieces on a concrete table at the local park. A reliable circle of buddies at the model airplane field.
My uncle had a friend in his 80s who passed earlier this year. A few years ago his wife wanted to take a trip to China. The cost: 55k, for an international trip where no treaties were signed, no business agreements were to be made, and as far as I know, no piece of art was created from the memories. 55k, at 80 years old, for fun. Even if I had enough millions, I wouldn't want drop 55k for one or two weeks of fleeting fun. If that makes me the fuddy duddy the OP wants to avoid being, then guilty as charged.
As you further allude to, that's 55k that I would much prefer being in an account that grows in order to pay for other creature comforts or services as needed.
This is precisely why equating retirement with a prioritization for travel and adventure, is such a canard.
Speaking as one of the more parsimonious and money-obsessed people on this forum (thank you, thank you...), if I were to actually spend any substantial amount of money in retirement, or in older age (whether retired or not), it would be on prosaic comfort. A larger dwelling, with privacy, strong and reliable climate control, plenty of space... in a locale where I had something in common with my neighbors. Hiring-out of various domestic functions, such as cleaning and (within reason) cooking. Top-notch health insurance. "Fun" would be mainly social things that are orthogonal to money... regular bridge games, at a club that would accept me as a member. Chess... tournaments, blitz, just slamming the pieces on a concrete table at the local park. A reliable circle of buddies at the model airplane field.
For you. But not for others. I like to travel. I always have. So for me, retirement means more of it. And I don't mean exotic trips to hidden lands. I have been to a lot of places, some I would like to go back to (Greece! I loved it. And Paris!) some places, once was enough - Hawaii, London, Guam. But there are a few places I want to see - I happen to love exploring new places, for me, that's just a hugely enjoyable thing. Not so much "adventure", but the experience and seeing new places. I totally love to do that. But I also love working in my yard, and doing stained glass...lots of things that I don't really cost much. So while I am not "money obsessed", I have no intention of sitting on the sidelines and not doing the things I want, and can afford, to do.
For you. But not for others. I like to travel. I always have. So for me, retirement means more of it. And I don't mean exotic trips to hidden lands. I have been to a lot of places, some I would like to go back to (Greece! I loved it. And Paris!) some places, once was enough - Hawaii, London, Guam. But there are a few places I want to see - I happen to love exploring new places, for me, that's just a hugely enjoyable thing. Not so much "adventure", but the experience and seeing new places. I totally love to do that. But I also love working in my yard, and doing stained glass...lots of things that I don't really cost much. So while I am not "money obsessed", I have no intention of sitting on the sidelines and not doing the things I want, and can afford, to do.
This. Like you, and apparently hikernut, I'm going to be all about travelling and exploring places I've always wanted to see. Since I was a kid I have always been fascinated by maps, geography, different cultures, National Geographic, the wonders of the world. That said, I've done very little travelling outside of North America. I've hit 42 out of 50 states, a few Canadian provinces, Mexico, and Central America, but I've never been to South America, Europe, Asia, Africa, Australia...all places I'd love to see at least some small part of and learn the history, enjoy the food, and immerse myself in the local customs. I've only got one life, it's a big planet, and I want to see as much of it as I can.
But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it? I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.
I'm 75 and have been fully retired for 15 years. Yes, I enjoy life! The past 15 years of retirement have been the absolute best years of my life, by far. I wish I had known this when I was younger, but everyone kept saying that old people are all miserable all the time. Not so! At least not for me.
As during other times in your life, what you really want during your older years is up to you and not up to other forum members. In my case, I have zero desire to travel (been there, done that) or "splurge on something nice" (a.k.a. future landfill, in my case), but in 2015 it was a dream come true to have enough money to buy (in cash) and move into the home right next door to my best friend/companion/sweetheart. Best purchase of my life. We spend hours together every day and yet we each have our own private space nearby. That may not be everybody's dream but for us it is.
Keep saving, keep dreaming of the future... it may be far better than you think. And don't forget that it's YOUR future, not mine or anybody else's. You get to make of it whatever you want.
The original topic was asking whether or not people in their 60s, 70s, and 80s felt happy and enjoy their money.
Based on existing responses, it seems many people do enjoy their money. Though it is subjective on how they enjoy their money but I haven't read any bad responses.
The reason why I ask is because it seems like there are people who are retired and still live frugally which makes me wonder....what kind of investments do you have that would still make you feel like you need to live frugally at such an old age.
I think the key is to figure out what YOU want to do with your life and during your retirement.
Don’t worry so much about what others are doing.
If that doesn’t appeal to you, then don’t do those things.
It’s all about different strokes, as they say.
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And don't forget that it's YOUR future, not mine or anybody else's. You get to make of it whatever you want.