Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-27-2008, 12:17 AM   #21
Recycles dryer sheets
Gardnr's Avatar
 
Join Date: Jul 2008
Location: ENE MO - near STL
Posts: 424
Quote:
Originally Posted by SarahW View Post
Why all the hate for McMansion owners? Geeze, get over it. I'm a boomer, live in a mortgage-free McMansion, and drive a big-ass SUV. I also "get to retire" whenever I choose and you are correct, I chose this lifestyle and I am not helpless. And no worries, I can still easily pay my utility bills so relax, I won't be asking you for money.

Seems a lot of painting situations with a broad brush here.
Well then you're clearly not one of those being referred to here. But there are A LOT of Americans who've bought into the oversized lifestyle and couldn't really afford it and now are moaning about how high energy costs are, etc.

I've heard them first hand.
__________________

__________________
Gardnr 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 09-27-2008, 04:18 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
I can understand why people might decide to delay retirement at this time. Part of it would depend on how much cushion they felt they had in their money.

If one's nest egg just meets their income needs... they might be less confident about making ends meet.

I would be inclined to wait until the smoke clears.

I am still planning on ER... However, my planned FIRE date is still 3 years away. I am hoping everything has shaped up by then. I am confident that it will.
__________________

__________________
chinaco is offline   Reply With Quote
Old 09-27-2008, 06:16 AM   #23
Recycles dryer sheets
Budman's Avatar
 
Join Date: Feb 2007
Posts: 120
Quote:
Originally Posted by Want2retire View Post
"Baby Boomers are Delaying Retirement".

Oh, really? Not this baby boomer...

Just 411 more days, 410 tomorrow.
Not this baby boomer either! I have done the just one more year thing for the last couple of years and I am putting a stop to it. Enough is Enough! Sure, I'm missing my goal nest egg since the market has been unfriendly this past year, but I'm not going to let it change my mind. I have 95 days to go.
__________________
My beer has a hole in it!
Budman is offline   Reply With Quote
Old 09-27-2008, 09:43 AM   #24
Recycles dryer sheets
oma's Avatar
 
Join Date: Mar 2007
Location: Tampa/St Petersburg, FLA
Posts: 314
Quote:
Originally Posted by Want2retire View Post
"Baby Boomers are Delaying Retirement".

Oh, really? Not this baby boomer...

Just 411 more days, 410 tomorrow.

292 here - although I have a retirement check to count on, I sacrificed luxury in order to save $$$. Can't feel too sorry for those who had to have that big house, expensive car, and all those cruises.
__________________
oma is online now   Reply With Quote
Old 09-27-2008, 09:57 AM   #25
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,823
Quote:
Originally Posted by Budman View Post
Not this baby boomer either! I have done the just one more year thing for the last couple of years and I am putting a stop to it. Enough is Enough! Sure, I'm missing my goal nest egg since the market has been unfriendly this past year, but I'm not going to let it change my mind. I have 95 days to go.
Good for you!! The "one more year" thing can stretch on forever, or so I've heard. I wish I was that close to ER. You are SO CLOSE....

Quote:
Originally Posted by oma View Post
292 here - although I have a retirement check to count on, I sacrificed luxury in order to save $$$. Can't feel too sorry for those who had to have that big house, expensive car, and all those cruises.
Me too, although in my case it didn't seem like much of a sacrifice (I am one of those who just never increased spending as my salary increased).

I just looked at my Wellesley dividend that came in Thursday, and to me the amount is breath-taking. I am sure that to those baby-boomers who gave in to their perpetual shop-a-holic urges, it wouldn't seem like so very much but it is more than my present budget and it sure raises my confidence about ER (especially since Wellesley is less than 30% of my portfolio at present). Life is good and I believe I am going to slide into ER without a hitch.

And this morning, I only have 406 more days to go. Waiting for lifetime medical.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 09-27-2008, 10:42 AM   #26
Full time employment: Posting here.
Retire Soon's Avatar
 
Join Date: Nov 2005
Posts: 655
I've always been careful with my money too, as many people on this forum have reported. I retired at the age of 55, not really an ER by the standards of this forum, but well below the average age of people in the U.S. which is 62. I drove used cars most of my life, and didn't even buy a new one until I was 50 and am still driving it.

DW and I were always careful with our money. We did not deprive ourselves, but saved as much as we could our 401k and 403b.

We did make a move that has helped a lot. I'd probably be working now If we hadn't took some risks. We traveled out of state one Memorial Day weekend in 2004 an bought a house and rented it out for two years. The area we bought it in was still a long ways from peaking out in real estate prices, so our house is still worth much more than what we paid for it.

In the summer of 2006 we sold our house in San Diego. This was not at the peak of the market, but far away from the bottom.

After selling our San Diego house, we moved our of state the same day that escrow closed. We now live in a modest home (1630 square feet) on a half-acre of land that is free and clear.

Whenever visit friends in San Diego they always remind us that we sold at the right time as housing prices have crashed there. I have admit that DW and I are fortunate. We have made some good decisions, but we're also fortunate that we cashed out of the housing boom at the right time. Also, the fact that I am now collecting a modest cola'd pension is also an asset.

The poor decisions made by financial corporations and poor oversight by the government during the housing boom will have a permanent and lasting impact on the lives of many Baby Boomers. Many people in this age group did not help themselves either by buying houses they couldn't afford and leasing or financing luxury vehicles that were far above their means. Now many of them may end up working past the age of 65. This is the price they'll have to pay for striving to impress others.
__________________
"I went to the woods because I wished to live deliberately... and not, when I came to die, discover that I had not lived."

--Henry David Thoreau
Retire Soon is offline   Reply With Quote
Old 09-27-2008, 02:34 PM   #27
Recycles dryer sheets
guest's Avatar
 
Join Date: Jan 2008
Posts: 148
Quote:
Originally Posted by Budman View Post
.....Sure, I'm missing my goal nest egg since the market has been unfriendly this past year, but I'm not going to let it change my mind. I have 95 days to go.
Same here. Fell a little short of the goals but the AA is such that nothing is changing even in these times so when things pick up it will only get better. I set my retirement date for the 25th of December.....just a little gift for me!
__________________
guest is offline   Reply With Quote
Old 09-28-2008, 07:43 AM   #28
Recycles dryer sheets
Budman's Avatar
 
Join Date: Feb 2007
Posts: 120
Quote:
Originally Posted by guest View Post
Same here. Fell a little short of the goals but the AA is such that nothing is changing even in these times so when things pick up it will only get better. I set my retirement date for the 25th of December.....just a little gift for me!
I like your Christmas gift! I've toyed with that idea myself, but I think I will just work until the last day of the year. Everyone will be on vacation anyway, so it should be pretty low keyed. I'll just clean out my desk during that time. My real day of joy will be Jan 2nd, the day that I would have returned to work after New Years!
__________________
My beer has a hole in it!
Budman is offline   Reply With Quote
Old 09-28-2008, 08:18 AM   #29
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by SarahW View Post
Why all the hate for McMansion owners? Geeze, get over it. I'm a boomer, live in a mortgage-free McMansion, and drive a big-ass SUV. I also "get to retire" whenever I choose and you are correct, I chose this lifestyle and I am not helpless. And no worries, I can still easily pay my utility bills so relax, I won't be asking you for money.
Neither of the pieces you quoted were painting a broad brush over all owners of large and pricey homes.

The point is that there are many who do so and then struggle, and they seem to want our sympathy and perhaps our financial assistance at the first sign of struggling. It sounds like these things are not beyond your means, so I don't see how anything you quoted could have been directed at you or those in your situation.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is online now   Reply With Quote
Old 09-28-2008, 09:07 AM   #30
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,823
Quote:
Originally Posted by Retire Soon View Post
The events of the past few weeks on Wall Street are causing many Baby Boomers to consider spending more years in the w*rk force before retiring.

With the spend and borrow mentality Americans have embraced, especially over the past decade, it should come as no surprise that savings took a back seat to McMansions, luxury suv's and exotic vacations.

WSJ published the results of a recent survey by Employee Benefit Research Institute which showed the percentage of people over the age of 55 who had reached certain savings and investment levels:

Less than $10,000 --28%

$10,000 to $24,999--8%

$25,000-49,999--- 7%

$50,000-$99,999-- 16%

$100,000-$249,999--18%

$250,000 or more-- 23%

It is very sad how Americans who have been overly influenced by mass advertising and peer pressure to keep up with the Joneses have misplaced their priorities and will now will suffer the consequences by having to w*rk longer than what was originally planned. Deferred gratification is quickly disappearing and has been supplanted by our need to impress others with lives of extravagance.

Baby Boomers Delay Retirement - WSJ.com
This is a discouraging situation, indeed.

Like many here, I have little or no sympathy for those who chose a luxurious lifestyle beyond their means that ended up delaying their retirement, simply because they could borrow enough money to do so. Warnings about the consequences of this type of spending were everywhere, yet they went unheeded and these individuals essentially reaped the consequences of their spending habits.

You can buy a lot of things with money; the choices are staggering. For now I choose to buy TIME with my money. That's what ER will give me - - time to enjoy my life.

If someone could not afford both a McMansion and retirement, but chose the house, I do not expect him to feel sorry for me because I live in a small house. I am perfectly happy. But he should also realize that I will not feel sorry for him either if he has to work until the day he dies as a consequence. We make our choices and must live with them.

Now if some other person can afford both a luxurious lifestyle and retirement without taking any undue risks with their investments, more power to them! I hope they do not feel they are entitled to my envy, though. I am very satisfied with my life.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 09-28-2008, 10:25 AM   #31
Recycles dryer sheets
Hobo's Avatar
 
Join Date: Sep 2008
Posts: 274
Don't underestimate the benefit of living abroad if you are planning ER and can muster a per month income of $3000/month. I have lived in Indonesia for 7 years after I reached age 55. Southeast Asia is filled with expats living very inexpensively. You can buy a nice house for under $100,000. Health care is about 15% of what you pay in the US - and good doctors at good health facilities are available. The weather is almost perfect, so no heating cost and electricity is cheap.

My point is this: If you can't - or don't want to live in the same place you have been for years, then consider retirement abroad. Most Americans have no idea how cheap everything can be in other countries. Plus, in most countries you can have maids, a young wife/ husband (if you need one), and a lot more luxuries than you could ever afford in the US. With satellite TV and Internet life feels just like home. Plus lots of new things to do, places to travel - the list is endless.

I would never consider living in the US, paying taxes, and high prices for everything. If you do have a brain aneurysm you can fly home and use Medicare - or like me just plan on checking out of Hotel Earth.
__________________
Hobo is offline   Reply With Quote
Old 09-28-2008, 10:53 AM   #32
Full time employment: Posting here.
Retire Soon's Avatar
 
Join Date: Nov 2005
Posts: 655
I suppose we should just take comfort and be thankful in knowing that there'll be plenty of Baby Boomers who'll still be w*rking to fund our Social Security and Medicare.
__________________
"I went to the woods because I wished to live deliberately... and not, when I came to die, discover that I had not lived."

--Henry David Thoreau
Retire Soon is offline   Reply With Quote
Old 10-05-2008, 08:31 AM   #33
Thinks s/he gets paid by the post
 
Join Date: Dec 2004
Posts: 1,798
What's that saying, "Most people can look wealthy or be wealthy, but not both." I think it's a good thing that those people, who chose to look wealth are having a bit of a time right now. Maybe their youngin's will figure it out and quit spending like drunk sailors.

I bite my tongue pretty much daily at work. I don't like to let people know how I'm doing financially but, assuming my expenses stay consistent, allowing for inflation, I will be able to easily retire on just my pension. I don't count on Social Security. Anything I save will be cushion and/or retirement lifestyle. The people I work with seem to be stuck in one of two situations spend until there's nothing left or let's time the market. It takes all of my effort not to call my co-workers idiots, for just blowing through their paychecks. Maybe this financial trouble will open some of their eyes, but I doubt it.
__________________
You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
lets-retire is offline   Reply With Quote
Old 10-05-2008, 10:06 AM   #34
Recycles dryer sheets
Hobo's Avatar
 
Join Date: Sep 2008
Posts: 274
Yes, I think it is safe to say... if you don't have some sort of plan or program on how to save and invest your money by the time you are 45 or 50, then life is not going to be fun when you hit ANY retirement age.
__________________
Hobo is offline   Reply With Quote
Old 10-05-2008, 10:50 AM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
Quote:
Originally Posted by guest View Post
Same here. Fell a little short of the goals but the AA is such that nothing is changing even in these times so when things pick up it will only get better. I set my retirement date for the 25th of December.....just a little gift for me!
Not to argue against a great Christmas gift, but just one point. A friend of mine was going to do a similar thing, except on her birthday, which is in the general vicinity of Christmas. Then someone pointed out to her that if she didn't retire until after the 1st of Jan, she would get her entire year's allotment of vacation credited. That was 6 weeks, and she just turned it in for extra pay. If you have a similar set up, it's a nice reward for 6 more days of showing up at the office and surfing the forums.
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 10-05-2008, 10:52 AM   #36
Recycles dryer sheets
Beryl's Avatar
 
Join Date: Jun 2007
Posts: 413
Quote:
Originally Posted by Hobo View Post
My point is this: If you can't - or don't want to live in the same place you have been for years, then consider retirement abroad. Most Americans have no idea how cheap everything can be in other countries. Plus, in most countries you can have maids, a young wife/ husband (if you need one), and a lot more luxuries than you could ever afford in the US. With satellite TV and Internet life feels just like home. Plus lots of new things to do, places to travel - the list is endless.
Many of us are considering this option. More people than many would imagine over the last 6 months have informed me that they may remove their assets out of the US and live abroad.
__________________
Beryl is offline   Reply With Quote
Old 10-05-2008, 10:46 PM   #37
Thinks s/he gets paid by the post
Finance Dave's Avatar
 
Join Date: Mar 2007
Posts: 1,046
Quote:
Originally Posted by Want2retire View Post


Waiting for lifetime medical.
Boy that would be nice. My company doesn't offer that. My biggest concern about ER is how to afford health care coverage. We have some options, but none of them look that good to me. We'll just have to save more, and invest in a healthy lifestyle (I've lost 22 lbs in the past year, wife and I both work out 3x a week, and have reduced fat and meat intakes by 50%.). I am hoping that will both make it easier to get health care insurance (if I get fat and contract diabetes it may be tough) and reduce our health care expenses in ER. I know that a healthy lifestyle cannot fix all ailments, but it at least increases our chances.

Dave
__________________
Finance Dave is offline   Reply With Quote
Old 10-09-2008, 10:22 PM   #38
Recycles dryer sheets
 
Join Date: Jan 2005
Posts: 322
Quote:
Originally Posted by SarahW View Post
Why all the hate for McMansion owners? Geeze, get over it. I'm a boomer, live in a mortgage-free McMansion, and drive a big-ass SUV. I also "get to retire" whenever I choose and you are correct, I chose this lifestyle.....
b/c this life style is unsustainable for this earth.
here's another broad paint stroke: the sense of entitlement displayed by baby boomers continuously amazes me.
__________________
P.S. is offline   Reply With Quote
Old 10-09-2008, 10:26 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
 
Join Date: May 2008
Location: Following the nice weather
Posts: 6,418
Quote:
Originally Posted by P.S. View Post
b/c this life style is unsustainable for this earth.
here's another broad paint stroke: the sense of entitlement displayed by baby boomers continuously amazes me.
So, oh enlightened one, what size recycled plastic jug house do you live in?
__________________
"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers, or maybe Sam Clemens
DW and I - FIREd at 50 (7/06), living off assets
harley is offline   Reply With Quote
Old 10-09-2008, 11:39 PM   #40
Recycles dryer sheets
 
Join Date: Jan 2005
Posts: 322
1100 sq feet non-recycled 1950's home, including the office/ BR from which dh telecommutes.

thank you for the compliment, but I would hardly count myself amongst the enlightened, considering how much junk I have bought during my adult life. ...am though, continually on the path to reduce my carbon footprint. You know, trying to tread lighter.
__________________

__________________
P.S. 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Who are the Baby Boomers? CuppaJoe FIRE and Money 22 08-05-2007 10:05 AM
How the Baby Boomers will Rock the Market PsyopRanger FIRE and Money 17 07-10-2006 11:00 AM
Effect of baby-boomers retiring FI@35 Young Dreamers 4 06-09-2006 04:22 PM
baby boomers article farmerEd FIRE and Money 33 03-08-2006 10:16 PM
Baby Boomers renferme Life after FIRE 64 02-09-2006 06:01 PM

 

 
All times are GMT -6. The time now is 05:56 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.