Economists say spend it while you're young

[audreyh1]

FWIW I notice that seniors enjoy RVing all the way through their 70s. RVing is pretty physical and requires some stamina. There is the driving. There is the camp setup with lots of bending and lifting. Sometimes I'm amazed at how much they are able to do, but I see it all the time. There are lots of folks out there in their 70s and late 70s camping and RVing. One spouse may not be able to physically do much but as a couple, they can do it.

At about 82 is when the RVers finally hang it up. You just don't see people doing it past about 82. It's just too hard (especially the driving).

I would consider the RVers to be a self-selected group in that they tend to be populated by the more physically active seniors. So to me this is a useful measure of how long one might expect to be able to enjoy a lot of outside physical activity - or at least a moderate amount, as long as one stays physically active.

Audrey

 

[FUEGO]

I think some are relying too much on anecdotal evidence to get a picture of what life in your 70's is like. For half the folks, it means you are either dead or with one foot in the grave.

All the active folks in their 70's have obviously managed to avoid "a premature demise", stay healthy and are able to get out. The bedridden ones or physically limited ones you don't see much because they aren't out much.

In looking at a sample of my 4 grandparents who are (or would be) in their late 70's, 2 didn't make it to 80. A third has severe mobility limitations and can't really hear anything. The fourth grandparent (in the "best shape") just rounded the corner past 80 and is fairly active - ie can walk and cook and clean house and generally do for herself. But she is afraid of her own frailty and doesn't engage in many physical activities due to fear of serious injury (ie - falling and breaking a hip among other things).

 

[Zoocat]

I've encountered several women in their 70s lately who are still going strong. One is completing a master's degree at the local University. Another was on my trip to Peru and Ecuador; she was about 78,enjoyed the trip very much even though she couldn't do all the hiking many of us enjoyed. Another couple in their 80s was on my trip to Costa Rica; neither was in the best condition. The husband had a hearing aid but he could still hike with the rest of the group; the wife had some dementia but still was enjoying many of the activities.

What I've noticed and admired about all of these people is that they are still using their skills and abilities as best they can, and enjoying life despite any disabilities. I hope I can do the same. It would be sad to have run through all the money before one reaches a ripe old age.

 

[dex]

I think some are relying too much on anecdotal evidence to get a picture of what life in your 70's is like. For half the folks, it means you are either dead or with one foot in the grave.

I think you are correct.
Life expectancy - Wikipedia, the free encyclopedia

We see people around us in the 70's and think that is a correct picture.
We don't ask ourselves about the people we don't see and ask about the quality of their lives.
US Census Press Releases
Thirteen percent of the total population, 37.9 million people, was 65 and older in 2007.

Has anyone seen these 38 million people?

 

[cute fuzzy bunny]

I think they were all in line in front of me at Costco this morning.

 

[Redbugdave]

My 2 cents...(or 2 dollar bill),
When you are young, most folks are money poor, trying to save and raising a family. When you are middle aged...you are saving for a decent retirement and paying off any debt. Then you become old... I don't see how many people can freewheel it when they are young unless they have been blessed with "family money" to begin with. Or have really exceptional jobs/businesses that can pay for that kind of thing...and have the time off to do it. Very few people are in that boat...

 

[plex]

Yea, the big problem for the young is, people like working us to death. "You have to learn the ropes" "Your billing rate is lower than mine so you can get more work done"

That sort of thing...

And there really isn't any choice at that point because you are just starting off and don't really have a lot of leverage through job experience or collected wealth. Sure, there may have a large diversity of jobs you can choose from but they are almost always in one of two categories

1) Normal hours and really bad pay
2) High hours and decent pay

The only way to get out of this type of cycle as early as possible is to doing something like build a buisness...which also takes a very large time investment at the start.

...or find a significant other to have support you...that's the option I'd prefer

 

[CuppaJoe]

Taking the time for travel, lots of time off and cultural interests got me better j*bs with more interesting people. Don't regret that.

 

[Surfs_Up]

when your young you want to be older, when your older you want to be rich, when your rich you want to be young...

 

[pedorrero]

This appeared in student paper of USF ("The Oracle", 9/11/08 ) and I thought it applicable: "[Once a person is aware of the finality of death] excuses are abandoned, leisure and happiness are seen as paramount, and a sense of urgency is placed on experiencing and accessing the best life possible when death is kept a consideration. The structure of priorities changes when confronted with looming death. Stress over the next pay raise or keeping the lawn well maintained seems utterly insignificant. This practical relativism makes what is truly valuable in the living world blindingly apparent."

- Pedorrero, who has his own time wasters, but stresses over the amount of the next trust check, and gets letters from the vigilante committee (normal people call it a "home owner's association") annually about his yellow lawn.

 

[MGYog]

By the way, when Warren Buffett says "Don't save sex for old age", I'm inclined to have faith in his credibility. I'm not going to avoid popping any wads, let alone financial ones, just for the benefit of my heirs or charities...

I have a colleague whose well preserved 72 year old Dad goes EVERYDAY to a day care center for older folk, connected to a nursing home. He is the stud-muffin of the geriatric groupies, and is probably more active then when was married (his wife died about 3 years ago), with the help of a little blue pill. I sorta envy him, but not too much.

 

[rs0460a]

He is the stud-muffin of the geriatric groupies, and is probably more active then when was married (his wife died about 3 years ago), with the help of a little blue pill.

Which proves the statement "I'm not as good as I once was, but I'm once as good as I ever was" ...

- Ron

 

[pedorrero]

[Of older women:] "They don't yell, they don't tell, they don't swell, and they're grateful as hell." -- paraphrasing Ben Franklin

 

[harley]

I've been watching the aged at my dads retirement community for about 6 years now. Seems like everyone does pretty well up until around 70-71, then one spouse or the other develops a fairly serious/debilitating illness or injury that pretty much keeps them in the house. Many do well until around 75. It doesnt look too good after that for running around town until all hours, spending money and howling at the moon. The place looks like a neutron bomb landed after about 2 in the afternoon.

Some people keep going though. Some travel a bunch, some hit the casinos every day, some still show up to swim laps in the pool and walk on the treadmills.

I was reading an article today in Smart Money that had an interesting damned lie in it. It said that "the proportion of people over 65 with a disablility serious enough to cause "a substantial limitation in major life activity" dropped from 26.2% in 1982 to 19.7% in 1999, according to a 2006 Census Bureau report." I'll take that as a hopeful sign for me. Keeping my fingers crossed until arthritis makes it impossible.

 

[lazygood4nothinbum]

i'd question my values before i'd worry about "dying with too much money". if i wanted to spend more money now, i'd still be out there earning it. but i didn't even want more when i was working. had i wanted more, i'd have put career over family, or gotten a second job or whatever. but i stopped working when i figured i had enough to maintain the lifestyle that made me comfortable when i was working. seriously, does anyone on their death bed actually think: i have too much money to die. if that's gonna be your last thought, keep working because whatever you have to spend will never satisfy.

 

[Donzo]

I have been free for a little over 2 years now. I find it much easier and stress free to spend money now on all the basics - utilities, gas, insurance, repairs and the unbasics nice eating out, traveling, general entertainment - this is because tracking expenses shows that we are as a family are staying well w/in budget.
My problem is buying higher end toys - even though the money is there (I'm tempted)....I will not buy another toy until the market rebounds - I am afraid that I will not enjoy it because of my frugal/careful "soul". I have been throwing money in the market as it has been falling and want to extra-refill this safety "bucket" before spending a wad on another toy (the current toy interest is $20,000). I have an internal struggle with this - because on one hand I feel it is safe to spend on the other........
Either way this "struggle" beats the hell out of working -- I guess that I always need to have something to consider/worry about!

 

[dex]

I have been free for a little over 2 years now. I find it much easier and stress free to spend money now on all the basics - utilities, gas, insurance, repairs and the unbasics nice eating out, traveling, general entertainment - this is because tracking expenses shows that we are as a family are staying well w/in budget.

I act the same way. It is a little like night and day.
I used to be very concerned about my small spending while working. Now I'm more worried about not spending enough.