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Old 05-25-2011, 12:40 AM   #61
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My parents (75 and 70) seem to be doing the opposite. They've always done a reasonable amount of travel but over the last few years they have been doing noticably more than usual.
I think that sometimes people that age do see that they will be slowing down soon and think it is the last chance to get all those trips done that they wanted to do. Even my parents did some of that in their early 70s. But there is a huge, huge difference between my mom, say, at 70 or 75 and her at 87. I personally think that most of the huge slow down is in the 80s and beyond (from what I've seen of relatives) as opposed to those younger.
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Old 05-25-2011, 12:58 AM   #62
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For example, I probably will still want a high end computer when I'm 80 but I don't expect I will want to do a lot of travel.
Maybe, but that's a lot of guesswork when you start predicting so far into the future. We'll all probably want new whatsits that won't even be invented for another 10 years.
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Old 05-25-2011, 01:24 AM   #63
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Maybe, but that's a lot of guesswork when you start predicting so far into the future. We'll all probably want new whatsits that won't even be invented for another 10 years.
To an extent, but I don't think I will change my basic personality. That is, I'm sure I'll love whatever new technology there is 20 years from now. But I'm probably not going to suddenly decide to take up extensive travel.

Regardless, I am pretty firmly convinced that most people in old age do spend less money than when they were younger. I know there are exceptions but I think the general rule holds true. What is important though is to look at yourself and figure out if you think you are one of the exceptions or not.
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Old 05-25-2011, 09:20 AM   #64
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. But there is a huge, huge difference between my mom, say, at 70 or 75 and her at 87. I personally think that most of the huge slow down is in the 80s and beyond (from what I've seen of relatives) as opposed to those younger.
I have to agree . My Mom who is 95 started really slowing down in her late eighties and especially after 90 . She still thinks about traveling and will even start planning a trip and then realizes she is not able to do it . It's sad but she still is very active and enjoys dining out ,the movies and shopping .
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Old 05-25-2011, 02:13 PM   #65
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It all depends. I was sitting in Vegas at a poker table about 10 years ago. An elderly gentleman was helped by his grandson (I found out though talking with the man) out of a wheel chair into his seat. Some of the 'young guys' started to try to isolate the older guy in pots, thinking they would take advantage of an old 'slow thinking' guy. He proceeded to take their money. I found out that he was in his 90's and his grandson worked for the airlines and sent him a ticket (from Hawaii) every month, so he could come and play poker. I turned to him and told him that when I grow up I want to be him. He smirked and told me 'good luck'.
I think it's good to be me, ... but I hope I get to be like him.
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Old 05-25-2011, 03:28 PM   #66
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For me I am 38. I started tracking every expense at the end of the month by pulling my checking account. My checking account is the only place where money comes in and goes out. From there I take the income total and the expense total and put it in a spreadsheet. I also track additional details but these two relate to what you are asking about.

From the spreadsheet I generate a average monthly expenditure Then I plot those three lines on a graph. I have been doing this for about 6 months now.

As I am 38 I plan on having a running average that will show me many years of history. It will include car purchases, vacations, unexpected costs, house maintenance etc.

This trend line will let me know my exact living cost on average and I can plan for that moving forward. The nice thing is over many years I can also see what my Personal Consumer Price Index actually is so I can use that to project costs into the future.

On this chart I also track one more line. It is all my investment Account Totals. I take that total and times it by 0.04 and plot that line on the chart. From there I can actually see where my net worth needs to be for it to stay above my expenses. I call that Line My Financial Independence Line. Or Freedom Line.

Once I hit that FI line on the chart, I can look at building another few years of buffer money and then kiss the job goodbye.

It is a simple process takes me all of 10 minutes each month. I print off the chart and add it to my binder.

Good luck.
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