Join Early Retirement Today
Reply
 
Thread Tools Display Modes
First Class Retirement?
Old 03-23-2013, 01:37 PM   #1
Thinks s/he gets paid by the post
gcgang's Avatar
 
Join Date: Sep 2012
Posts: 1,568
First Class Retirement?

A few years ago there was a commercial where a guy was on a plane and his "retired self from 30+years in the future" came back and told him how good he was doing saving (LBYM). As "future self" said good bye he went back to his seat in First Class. He had earned it through his diligent LBYM while he worked, was the message I got.
FI. What does it mean to you?
Now you are retired, do you indulge/pamper/treat yourself more?
I had a friend who told me FI meant not having to look at prices when he bought things. I caught myself going thru the airport buying what I wanted, not fretting about what it cost, lately, and felt a sense of what he meant.
I don't think I'll ever be able to completely stop myself from lifetime ingrained habits of comparison shopping, but it is nice to feel I'm at the end of the rainbow and can relax and enjoy things, not worrying about what minor things cost.
I just cleaned my office out this morning. Last day is Thursday!
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
gcgang 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 03-23-2013, 02:24 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,401
I recently ER'd and so far I am the opposite. I find myself procrastinating over small financial decisions, consciously saying "I really don't need that", and avoiding shopping malls. Perhaps once I have a year of experience under my belt, and see how markets and my budget perform, I may feel more comfortable spending money.
Meadbh is offline   Reply With Quote
Old 03-23-2013, 02:36 PM   #3
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
I cannot imagine flying first class after I FIRE, even if I can afford to. A couple of thousand dollars' difference in airfare can go a long way when buying medicines or medical supplies for the free clinics abroad. A couple of times in the past, I saw children eating grass as they were so hungry. Totally heartbreaking. I just would not be able to look in all these hungry children's eyes and say "sorry, kids, I flew first class this year, so no amoxicillin for you. " I just could not do it.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 03-23-2013, 02:44 PM   #4
Recycles dryer sheets
 
Join Date: Nov 2012
Location: Kearneysville
Posts: 237
I hope to have more available income after retirement than I do now....I guess that would be how I would define a first class retirement. Whether I succeed only time will tell.

However, I will never be in a position (unless I win the powerball tonight) to consider flying 1st class a smart decision. The only exception may be the first post-retirement trip the wife and I take.
Sniggle is offline   Reply With Quote
Old 03-23-2013, 03:03 PM   #5
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,657
My grandparents liked to travel and while they never did the First Class airfare (which is a short part of any trip), they did enjoy the ability to upgrade to more accommodating destinations and services (such as freely using taxis or a private driver) once they got to where they were going. Having the ability to increase their spending probably kept them able to enjoy travel much longer as they aged. Similarly, they were able to stay living "independently" much longer as they were able to afford to hire additional help that they never would have considered as younger, more able bodied versions of themselves.

I'm seeing similar effects with my parents, who have retired to their "vacation" house, despite having to hire a maid service and working with local handy men for most of the outside chores my dad used to enjoy doing, but cannot keep up with anymore. I believe they are much happier living where they want to, with accommodation they can purchase, than they would be living in a less expensive lifestyle but missing out on some of their old interests.

I understand the notion that the old old may decrease their spending as they are content with less adventurous activities, but in my experience older folks who can afford to increase spending to stay engaged with activities seem to really enjoy doing so. Part of my ER planning is focused not just on how soon I can ER, but how I can have sufficient resources to fund this kind of lifestyle creep as I age.
growing_older is offline   Reply With Quote
Old 03-23-2013, 03:10 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
This is our second year of ER and we watched things carefully the first year but still by no means deprived ourselves. Since Mr. Market has been kind over the last year and a half I am now getting a bit more confident about our decisions and am starting to losten up some. I think I'll always be a comparison shopper, simply because I like getting a good deal, but we're starting to loosen up on the purse-strings for the occasional splurges.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 03-23-2013, 03:11 PM   #7
Thinks s/he gets paid by the post
heeyy_joe's Avatar
 
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
I would only consider first class if the plane flight was over five or six hours. I plan on paying for quality, not spending money indiscriminately.

By the way, any commercial remembered where one doesn't remember the product is a lousy commercial.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
heeyy_joe is offline   Reply With Quote
Old 03-23-2013, 03:41 PM   #8
Recycles dryer sheets
ChainsBeGone's Avatar
 
Join Date: Apr 2011
Location: Front Range
Posts: 150
I think First Class Retirement is having the financial independence to be able to live the life you've imagined and dreamed of. For me, it's living with my better than I deserve DW, in a nice house, in a beautiful area, near lots of family. I've lived much of my life in Europe, so we're already kind of traveled out. It will be nice to be rooted. I know this is just the opposite of what many anticipate for their own First Class Retirement. Our first event as a FIRE'd couple will be a family reunion, one we haven't been able to attend for years and years until now, because our choice to retire near family now makes it possible.

To me, FI is not about being able to not look at the price, it's about having the passive income cash flow to sustain your desired standard of living and desired lifestyle without working a j*b. I won't be cheap, but a little healthy frugality will have to be exercised to ensure I don't boomerang back to the ranks of the w*rking class.
__________________
"Our lives are what our thoughts make them" - Marcus Aurellius
FIRE'd on 1 June, 2013 at age 48, DW FIRE'd with me on same day at age 47.
ChainsBeGone is offline   Reply With Quote
Old 03-23-2013, 03:44 PM   #9
Moderator Emeritus
 
Join Date: May 2007
Posts: 12,890
We don't have a first class lifestyle now that we can afford it so it's doubtful we'll have one when DW retires.
FIREd is offline   Reply With Quote
Old 03-23-2013, 04:25 PM   #10
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
We do not fly first class or have a luxurious lifestyle, but I would call our retirement first class just because we were able to retire early, and for me that's better than first class any day.
MichaelB is offline   Reply With Quote
Old 03-23-2013, 04:35 PM   #11
Recycles dryer sheets
Snidely Whiplash's Avatar
 
Join Date: Apr 2009
Posts: 206
I really think that the frugality that allows us to become financially independent is, in some ways, the same frugality that keeps us from recklessly spending it once we have accumulated it.
.
__________________
-
Love others. Forgive. Be kind.
-
Snidely Whiplash is offline   Reply With Quote
Old 03-23-2013, 04:38 PM   #12
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,468
Quote:
Originally Posted by gcgang View Post
Now you are retired, do you indulge/pamper/treat yourself more?
Absolutely! This year is my 4th year of retirement. Although I do not spend much compared with some people, I am spending more this year than I have in the past. There are several reasons for this, and here are some that immediately came to mind:

1. I no longer need to tuck away every possible cent in order to save for retirement.
2. Retirement turned out to be cheaper than I thought it would be.
3. The market is surging, my portfolio has grown, and thus a given percentage of my portfolio is more than it was.
4. I spent less than planned during my first three years of retirement so I am ahead of the game.
5. You can't take it with you.

I honestly have no desire to fly or travel, but I have been spending on other things that make life easier and so pleasant.

Quote:
Originally Posted by gcgang
I had a friend who told me FI meant not having to look at prices when he bought things.
I still look at prices for most things. It is fun to get something for a few dollars less than I thought it would cost.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Old 03-23-2013, 04:43 PM   #13
Gone but not forgotten
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 6,335
Steerage Class.

Haven't flown since 1987 or worked for pay since 1989.

Frugality ingrained.

Never concerned about money.

Live beyond anything we ever expected.

Life IS good!
__________________
If you want others to be happy, practice compassion. If you want to be happy, practice compassion.
--Dalai Lama XIV
imoldernu is offline   Reply With Quote
Old 03-23-2013, 04:49 PM   #14
Thinks s/he gets paid by the post
Live And Learn's Avatar
 
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
Quote:
Originally Posted by MichaelB View Post
We do not fly first class or have a luxurious lifestyle, but I would call our retirement first class just because we were able to retire early, and for me that's better than first class any day.
+1 - that is expactly how I feel about my upcoming ER.

I need more of nothing other than time to smell to roses.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11

ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
Live And Learn is offline   Reply With Quote
Old 03-23-2013, 05:09 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 21,148
We planned all along to live the same as when we were both working, no better, no worse. Planning to 'go first class' in retirement implies you'll live better than when you were working, which in turn implies you're willing to work longer so you can up your spending. Some irony in that?

But I've been retired just under 2 years, so I don't assume how the next 40 years will play out. We may be able to pamper ourselves years from now, or we may be pinching pennies, no way to know this early on...

And FI doesn't mean not looking at prices for me, I'll always want to know I'm getting value for our spending, even if I don't need to...
__________________
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: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 03-23-2013, 05:15 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
I expect my day-to-day existence to be similar to now, though there won't be as much "disposable" income...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 03-23-2013, 05:23 PM   #17
Recycles dryer sheets
Stanley's Avatar
 
Join Date: Jan 2013
Posts: 194
I am careful with my money, but I am also aware that not spending enough of it will negatively impact my quality of life.

I would not fly first-class or even business class due to the extra cost. But, very occasionally an airline will offer me an upgrade that adds about 20% to my ticket. I will spring for that.

Being FI means not having to go to work to earn what I need to live and enjoy life. It does not mean spending without thought.
Stanley is offline   Reply With Quote
Old 03-23-2013, 05:29 PM   #18
Moderator
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 10,622
I'm cursed with the thrifty gene, so I doubt my retirement will be of the first class variety. But because I'm a planner, I can use a budget to my advantage. For instance, if we got a great deal on an apartment for our last trip of the year, and we would be coming in under budget, I don't see why a 1st class upgrade would be off the table.
sengsational is offline   Reply With Quote
Old 03-23-2013, 05:33 PM   #19
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 25,155
We live exactly the same LBYM lifestyle we always did, with one exception.
When we take a European vacation (typically every 1-2 years), we spring for business class on the trans-Atlantic leg. Sometimes that can be done with frequent flyer miles, but if we have to pay for it, we will.
braumeister is offline   Reply With Quote
Old 03-23-2013, 05:37 PM   #20
Recycles dryer sheets
KM's Avatar
 
Join Date: Jan 2007
Posts: 481
Quote:
Originally Posted by Midpack View Post
We planned all along to live the same as when we were both working, no better, no worse. Planning to 'go first class' in retirement implies you'll live better than when you were working, which in turn implies you're willing to work longer so you can up your spending. Some irony in that?

But I've been retired just under 2 years, so I don't assume how the next 40 years will play out. We may be able to pamper ourselves years from now, or we may be pinching pennies, no way to know this early on...

And FI doesn't mean not looking at prices for me, I'll always want to know I'm getting value for our spending, even if I don't need to...

Agree with everything, especially the last line. Actually when I got home from work my last day, DH and I actually sat down over a drink and talked about exactly that.
KM is offline   Reply With Quote
Reply


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


» Quick Links

 
All times are GMT -6. The time now is 11:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.