Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Developing a taste for luxury in retirement
Old 08-25-2013, 08:17 AM   #1
Recycles dryer sheets
WestLake's Avatar
 
Join Date: Jun 2011
Posts: 239
Developing a taste for luxury in retirement

After living so many years frugally (with some splurges) I find that I now (having paid everything off but still w*rking) can afford some luxuries. I have to admit I enjoy them. I'm still maxing out the 401K and Roth.

I'm worried I'll want these even more when I have more time to enjoy them in retirement.

What has been your experience?
__________________

__________________
WestLake is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 08-25-2013, 08:27 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,019
I think the biggest luxury you will enjoy in retirement is time and it's free because you've earned it.
__________________

__________________
Meadbh is offline   Reply With Quote
Old 08-25-2013, 08:42 AM   #3
Recycles dryer sheets
 
Join Date: Oct 2012
Location: Houston
Posts: 67
"I'm worried I'll want these even more when I have more time to enjoy them in retirement. "

Once you taste the finer things of life, you can never, I mean never go back - so you better learn how to pay for them -
__________________
Loving Life is offline   Reply With Quote
Old 08-25-2013, 09:01 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,019
Quote:
Originally Posted by Loving Life View Post
Once you taste the finer things of life, you can never, I mean never go back - so you better learn how to pay for them -
I'm not sure I agree entirely. When I was a high earner I spent more on material luxuries than I do now, e.g the club floor at hotels, eating out, clothes, entertainment, and "stuff". These things are now less important to me and I am more selective about how I spend my money.
__________________
Meadbh is offline   Reply With Quote
Old 08-25-2013, 09:11 AM   #5
Full time employment: Posting here.
 
Join Date: Oct 2009
Posts: 943
Certainly "stuff" has gotten less important to me over the years especially has I've aged. The " luxuries" that are important now relate to making life easier: paying for services for things I no longer want to be bothered with or money spent for increased "comfort" or decreasing the "hassle" factor.
__________________
LARS is offline   Reply With Quote
Old 08-25-2013, 09:56 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2013
Posts: 5,592
Depends what you mean, I still love sushi, but I don't eat it every week now.

We still love to shoot our 1911s, but I'll never spend 5k on one again.

There's a very high end restaurant on a lake close to home. The owner no longer greets us by name.

I'd rather not be at Megacorp living in insanity. That's luxury.

There's no right or wrong only choices.

MRG
__________________
MRG is online now   Reply With Quote
Old 08-25-2013, 09:57 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,625
Once you have the gold cutlery and silverware, the leather furniture, the Rolexes, the antique Maserati, then you don't need to buy them every year. That is, your luxury items should last essentially forever, so you won't need to spend money on them in retirement.

And if you meant vacations and eating out in nice restaurants, then you should have no problems funding those in retirement as that's not really expensive.
__________________
LOL! is offline   Reply With Quote
Old 08-25-2013, 10:37 AM   #8
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,920
Quote:
Originally Posted by WestLake View Post
After living so many years frugally (with some splurges) I find that I now (having paid everything off but still w*rking) can afford some luxuries. I have to admit I enjoy them. I'm still maxing out the 401K and Roth.

I'm worried I'll want these even more when I have more time to enjoy them in retirement.

What has been your experience?
I wondered about this too, though during almost 4 years of retirement it hasn't been too problematic (yet). I have been enjoying lots of little luxuries and feel suitably pampered. The majority of luxuries that appeal to me now seem to be smaller and less expensive than I feared. Something cheap like a soap dish that I was reluctant to buy before, is likely to make me feel like the Queen of Sheba. I look at more expensive things like Rolexes, BMW's, and expensive handbags, and find that when the possibility of buying something like that becomes real, they are not what I actually happen to want. It's all an illusion.

I think probably the scariest possibility in this regard would be for those who have "the travel bug" and suddenly have all the time in the world for travel. I haven't had this desire but if that is the case for you, then heaven help you! Maybe there are some less expensive trips that you might enjoy.

What has been more of a surprise to me in retirement than the budgetary effect of indulging in luxuries, has been the amount I have had to spend on medical, dental, and eyeglasses. I guess the older we get, the more this costs.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 08-25-2013, 10:45 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 3,862
As long as you can afford it, go for it. That's why you're w*rking.
__________________
Animorph is offline   Reply With Quote
Old 08-25-2013, 11:16 AM   #10
Full time employment: Posting here.
 
Join Date: Sep 2012
Location: San Jose
Posts: 607
I can definitely relate. My parents were very frugal, but it didn't rub off on me. In fact, I think it drove me in the opposite direction. I've always had expensive tastes, just never the ability to acquire those kinds of things.

For example, watches. I like a nice watch, but I've never owned one, or been able to afford one. Once I (hopefully) get to cash out of the company I'm at, and leave, one of the first things I'll probably do is reward myself with something I've had my eye on for years...a nice IWC Portuguese. I don't need several nice watches, but I do want just one, and I'm going to buy one with no regrets.

I think rewarding yourself with small (small being relative to your overall financial picture, of course) luxury items is fine. As long as they don't compromise your ability to stay FI.

As much as I want some nice touches in life, be it watches, cars, houses, etc, I will NOT allow such things to interfere with my FI, or having to go back to work to pay for such things. I'd rather do without because the FI and freedom is more important to me.

So if you have the ability, and it won't compromise your FI, I say go for it. Reward yourself and enjoy it! You only live once.
__________________
LoneAspen is offline   Reply With Quote
Old 08-25-2013, 11:29 AM   #11
Thinks s/he gets paid by the post
MooreBonds's Avatar
 
Join Date: Aug 2004
Location: St. Louis
Posts: 2,091
Quote:
Originally Posted by W2R View Post
I think probably the scariest possibility in this regard would be for those who have "the travel bug" and suddenly have all the time in the world for travel. I haven't had this desire but if that is the case for you, then heaven help you! Maybe there are some less expensive trips that you might enjoy.
Travel is my biggest "concern" - I'm a fantastic deal shopper, and know how to squeeze those pennies into nickels, but when retired, I'll definitely want to do a ton of traveling...and whomever my wife is at that time, probably won't want to cut as many corners as I would (like staying in nice hostels/farm stays, etc.). So for now, just padding the stash a bit more so I'd rather have the problem of figuring out how to spend that extra income on trips rather than not having enough for our wanderlust and adventure.
__________________
Dryer sheets Schmyer sheets
MooreBonds is offline   Reply With Quote
Old 08-25-2013, 12:06 PM   #12
Recycles dryer sheets
inky's Avatar
 
Join Date: Apr 2009
Posts: 125
Quote:
Originally Posted by MooreBonds View Post
Travel is my biggest "concern" - I'm a fantastic deal shopper, and know how to squeeze those pennies into nickels, but when retired, I'll definitely want to do a ton of traveling...and whomever my wife is at that time, probably won't want to cut as many corners as I would (like staying in nice hostels/farm stays, etc.). So for now, just padding the stash a bit more so I'd rather have the problem of figuring out how to spend that extra income on trips rather than not having enough for our wanderlust and adventure.
Travel is my biggest concern too. I've never been too interested in accumulating things, but I have the travel bug bigtime. It will be the largest item by far in my discretionary budget after retirement.

I've always been a frugal LBYM traveler, but my desire for comfort has definitely increased as I've gotten older. In my 20s I was happy to stay in dorms in hostels, but now I always stay in a private room in a hostel or guesthouse, preferably with private bath.

Private rooms are still a bargain in many parts of the world like southeast Asia, but if I want to spend more time in Europe I think I'll have to look into housesitting or other less expensive alternatives. I'm also considering stints teaching English to cover my room and board. Another option is building up a career as a travel writer or blogger to defray costs.
__________________
inky is offline   Reply With Quote
Old 08-25-2013, 12:13 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,617
We've always been fairly frugal, and there isn't much change now. The only difference since retiring has been that we tend to stay in somewhat nicer hotels (still far from the luxury category). We don't fly much, but business class makes such a difference on long trips that it seems worth it now.
__________________
braumeister is offline   Reply With Quote
Old 08-25-2013, 12:15 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2013
Posts: 5,327
We aren't retired but have more time since DH left megacorp. Our expenses have gone down a huge amount because we have gotten interested in simple and sustainable living. We have also had more time to comparison shop and do more things for ourselves.

I get a lot of books from the library on sustainable living. We cut our energy bills by over half just with simple actions like weather stripping, LED bulbs, and going around the house with a Kill A Watt. We swapped out the land line for Ooma. We found out the library has free passes for many of the local tourist attractions. We stopped a collecting hobby that was costing a lot and bringing in clutter. We use Entertainment coupons for half price meals out a few times a week. We see movies at the early bird matinee. When we were both working more we didn't have time to research any of these things.

It has been kind of wild how many expenses we were able to cut and not really miss. We actually get out and do a lot more now for less money. We invited some former coworkers to join us an event at a park and they kept asking how I found out about it because it was so much fun and didn't cost anything. The only reason I knew about it was that I had time to look for free events like that on the Internet.

We are sorry we didn't take the time to do all this years ago, especially the energy bills. That was like throwing money out the window. Our latest energy bill was only about 25% of what it was a few years ago.
__________________
daylatedollarshort is offline   Reply With Quote
Old 08-25-2013, 12:20 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 11,978
We've always been LBYM, but as another here who used to covet and indulge in the "finer things in life" more often when we were younger, we mostly grew out of that many years ago. We truly believe "the best things in life aren't things" and "the richer your friends, the more it will cost you" among other adages. We still indulge ourselves from time to time, but far less often and less conspicuously, and find we actually enjoy those occasions more now that they are less frequent - makes them feel special instead of routine/expected. We enjoy our decluttered life more if anything, and we find we treasure having the means to do what we want, more than anything.

That said, we've been tempted more often in the past few years watching our nest egg steadily increase, but we resist those urges because I am sure they'll (quickly) subside with the next market downturn...inevitable.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 60% equity funds / 35% bond funds / 5% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 08-25-2013, 02:23 PM   #16
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,244
My dad had an expression which has stuck with me (and which I used to use on the kids). "You can have ANYTHING you want. You just can't have EVERYTHING you want." I have found this to be very true. The "trick" (which my kids could never understand) was that implied in the saying is that you are willing to sacrifice to get the few things you are passionate about. For us in ER, it was the ocean view in Hawaii (but we have ALL used furniture, used cars, fly coach, drink water when we go out, etc. etc.) The kids could never understand why we didn't buy sodas with our burgers and fries or add desserts at the "nice" places. We tried to explain that we were making choices that gave us the most pleasure. Naturally, YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 08-25-2013, 02:40 PM   #17
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,129
Quote:
Originally Posted by Loving Life View Post
Once you taste the finer things of life, you can never, I mean never go back - so you better learn how to pay for them -
It depends what you mean by "the finer things in life". For me, the finest things are not dining out, travel (though I would like to) or any kind of material good (other than comfortable accommodation and food). No - for me, the finest thing is being able to wake up in the morning knowing that I can do anything I want, each and every day. That is the finest thing. My idea of heaven is a whole month (or even more) with no social commitments, other than with my SO. The feeling of all that free time lying in front of me is wonderfully liberating.

I have never placed a very high value on the things that money can buy, above and beyond the basics. Having shelter, food, an internet connection, 3 cats, and plenty of time are fantastic luxuries which I am very happy to have.

Oh - and being able to come up with $75 to pay a bicycle tech to install a new rear wheel on my bike a couple of weeks ago felt pretty luxurious! I probably spend about $100/yr maintaining my bike, which is my main mode of transport, and it's a bargain.
__________________
ER, for all intents and purposes. Part-time income <5% of annual expenditure.
Major Tom is offline   Reply With Quote
Old 08-25-2013, 02:58 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,897
In retrospect, a lot of the money that I spend preretirement on "luxuries" was a salve for my harried, overworked, overstressed, under slept soul.
__________________
Yes, I have achieved work / life balance.
travelover is online now   Reply With Quote
Old 08-25-2013, 04:30 PM   #19
Dryer sheet wannabe
 
Join Date: Jun 2013
Posts: 12
Quote:
Originally Posted by travelover View Post
In retrospect, a lot of the money that I spend preretirement on "luxuries" was a salve for my harried, overworked, overstressed, under slept soul.
Amen! Couldn't have said this better myself! The closer I get to retirement actually becoming reality, the less I care about "things". My luxuries these days are memories, and they can be very inexpensively made.
__________________
FrugalMcDougal is offline   Reply With Quote
Old 08-26-2013, 12:01 AM   #20
Recycles dryer sheets
 
Join Date: Aug 2013
Location: Cocoa Beach
Posts: 406
Even though I can afford them, many of the things that are highlighted as "the finer things in life" (in reference to strictly material consumption goods (wines, flashy watches, flashy cars etc.)) have just never really appealed to me all that much. I basically have a peasant's palate I think and for that I actually am very thankful as otherwise I am sure I would have spent significantly more money than I should have for things that I really didn't need over the years when I was trying to accumulate wealth so that I could hopefully achieve FIRE. Getting to the point where I can finally retire will be the second finest thing in life I will need, after my wife of course!
__________________

__________________
Lucantes is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 01:11 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.