chris2008
Thinks s/he gets paid by the post
@Retireby90: Our moms are sisters - or are we siblings?
We spend significantly less than we can afford according to all spending models I know of. But we've always LBYM, so we don't feel deprived at all, why spend more just because maybe we could? I've only been retired for 8 months, so I assume we'll be more comfortable spending more in a few years. And though history is on our side, who knows what the future will bring?Don't mean to scare you, but wait until you do retire and then realize no regular paycheck coming in. It does take awhile to get used to that feeling.
I do find myself too in retirement, LBYM and try to spend less than my budget. Old habits die hard.
The limited examples I have witnessed first hand agree with the last part of your post which I highlighted.@Midpack. Agree with you from a financial point of view. Problem is many people want to spend more early in their retirement when they feel more energetic. Somehow I doubt frugal conservative spenders will actually want to or be able to mentally, raise spending later in retirement.
Can't disagree, but I'd rather be challenged to spend more later than having to figure out how to spend (substantially) less later, it's not like we can go look for work at 80 or 90 years old.@Midpack. Agree with you from a financial point of view. Problem is many people want to spend more early in their retirement when they feel more energetic. Somehow I doubt frugal conservative spenders will actually want to or be able to mentally, raise spending later in retirement.
Can't disagree, but I'd rather be challenged to spend more later than having to figure out how to spend (substantially) less later, it's not like we can go look for work at 80 or 90 years old.
We all had to strike a spending balance between saving for the future and immediate gratification while working, and we still have to strike a prudent balance in retirement - surprise!
YMMV
we were the same way as far as saving etc.While planning for my eventual retirement I have discovered a hurdle to finally making the move. From the time my DW and I started out we always saved from every paycheck, bonus, gift ,etc. After 35 years I find it very difficult to reverse this mindset.
I can see us cutting back to the point of pain to save from even our retirement withdrawals. Does anyone feel this way or deal with this?
Can't disagree, but I'd rather be challenged to spend more later than having to figure out how to spend (substantially) less later, it's not like we can go look for work at 80 or 90 years old.
agree. It is at least as much of a balancing act early in retirement as it was when we were working.
Habits: How They Form And How To Break Them : NPR seems to apply here. Just go on vacation and spend lots of money.
I don't see it as a curse. There are many disciplines in life- money discipline, eating discipline, drinking discipline, exercise discipline, cleanliness discipline, neatness in one's home discipline.I know about this problem myself but I do not know what the solution is. We have always saved and so we want to continue saving. Who among us would have thought that our LBYM mentality could eventually become a curse?
I don't think LBYM in retirement is a virtue? You will either spend it or give it away. Obviously you don't want to LAYM either. Maybe it's a terminology issue that revolves around the uncertainties of future investment returns?I don't see it as a curse. There are many disciplines in life- money discipline, eating discipline, drinking discipline, exercise discipline, cleanliness discipline, neatness in one's home discipline.
These are all virtues; why try to make yourself lose a life virtue? We will all eventually confront big problems, in fact most of have have already done so. All our history of discipline in these many areas will help us to meet these life challenges ahead.
IMO there is nothing dumber than trying to make oneself spend money he doesn't really want to spend, for stuff or experiences that he doesn't really want.
Ha
In my mind it is not something that easily yields to algorithmic analysis. My goal is neither to save money, nor to spend it, but rather live in a way that I enjoy and that is in accord with my values-which include a degree of restraint. Others may well be different, but I find that purchased pleasures dim with frequent repetition. Often enough, but not too often is for me a satisfying schedule.I don't think LBYM in retirement is a virtue? You will either spend it or give it away. Obviously you don't want to LAYM either. Maybe it's a terminology issue that revolves around the uncertainties of future investment returns?
That sounds like a very good trip to me also. Enjoy!We don't do the vacation shopping for pleasure thing. But we are going off to Paris for 2 weeks this year. Will be indulging our love of art and mostly tourist haunts. My spreadsheet says we are doing reasonable spending.
IMO there is nothing dumber than trying to make oneself spend money he doesn't really want to spend, for stuff or experiences that he doesn't really want.
My father lived like this for nearly two decades. His idea of a "big trip" was a two-week drive through the Rockies, camping & hiking. In later years when he got tired of sleeping on the ground, he'd do the same with cheap hotels.So some like Nords have spoken of parents, and others have more income than they need or spend. My mom is in a situation where she gets 2 checks each month, one from pension and one from SS. She also has paid off her home and has about $450K in investments.
Each month she spends one check and deposits the other into a savings acct. She has asked me to watch over her investments so every 6 months or so I sweep savings into her investments and invest according to AA I set up for her with her broker. She is worried she will need long term care and spend her savings and end up needing help.
She is happy, but it pains me to see her saving at the age of 80 and not enjoying her assets. But she is happy, so why screw with it. Just another example FWIW.
Same here. Although it's not for lack of opportunity to spend it (like during my working days), but it seems like such a hassle to actually do it.I find it difficult to cease frugality.
Have found it easier to give away money than to spend it.
Knowing that I *can* buy a McMansion is far more beneficial to me than actually buying one.
This is pithy, but incorrect. Plenty people have found and will continue find that they can no longer sell their time to the man, or to anyone else, as no one appears to want to pay for their time any longer.I believe somebody at this site once made the comment that his father said "You can always sell your time to the man, but you can never buy it back."
By the time we were finished with the conversation we'd ended up reserving their 1400 sq ft "suite". With free coffee!
This is pithy, but incorrect. Plenty people have found and will continue find that they can no longer sell their time to the man, or to anyone else, as no one appears to want to pay for their time any longer.
Ha
+1.....It is like you hit the lotto every month.DH will retire sometime this year and almost from day #1, we have been savers. Ya, that first pension check is probably going to freak me out.