Getting Older--Not Spending Enough

[Music Lover]

I have zero desire for luxury international travel and that sort of thing, unless you put a gun to my head.

I've noticed that travel seems to be the default answer here for how to spend more money...a lot of people assume that everyone wants to travel as much as they do.

We go somewhere in winter to escape the cold but have no interest in travel for the sake of travel.

 

[footenote]

Along with W2R and Music Lover, no desire to travel here.

I've been surprised to discover that modest remodels to our small LCOL home have given me the biggest bangs for the bucks. Last year's bathroom refreshes are still delighting me; I'm going to splurge on an 11' x 11' deck this summer. (We have no deck today, just a half-flight staircase down to an unappealing concrete patio.)

To each her own, but in general, without big bequest desires (and within reason), I agree with relaxing and enjoying spending some of that dough.

 

[Music Lover]

Along with W2R and Music Lover, no desire to travel here.

I've been surprised to discover that modest remodels to our small LCOL home have given me the biggest bangs for the bucks. Last year's bathroom refreshes are still delighting me; I'm going to splurge on an 11' x 11' deck this summer. (We have no deck today, just a half-flight staircase down to an unappealing concrete patio.)

To each her own, but in general, without big bequest desires (and within reason), I agree with relaxing and enjoying spending some of that dough.

I don't have too much money but I'm also spending a little on a home reno by converting the 2nd and 3rd bedrooms into a master with an ensuite. There's also the potential hit to the home's value from turning it from a 3 bedroom into a 2 bedroom, but maybe not as I'm sure there are plenty of people that would rather have a 2 bedroom with an ensuite than a 3 bedroom with just 1 bathroom. Regardless of the impact on the home's future value, we're doing it because that's what we want.

 

[unclemick]

Is there anyone here who has been retired for a while, getting up there in years, and realizing, "holy cow, I'm not spending near what I can"?

ER happens largely through savings and frugality. Both of those traits have been an abiding philosophy. It's part of the DNA of early retirees.

What happens when we've gotten older, realize there's no way we could ever spend down our nest egg (within reason), and then go balls out on a spending spree.

It would not be enjoyable. Frivolous spending would not create a greater happiness. I've seen it both ways: those who have lots of money, still living a frugal life, and those who realize time is short and it's time to spend, often on stuff that is not wanted.

25 years ER. Age 50 -75. Spending has drifted up. Ballpark super cheap SOB(think 4 Yorkshire-men post here) to 10 fold more from early cheapest year expenses. Have developed a sort of ER schizophrenia with a certain joy of being super frugal on some things alongside wildly frivolous but enjoyable on others. I suspect my list of column A vs Column B would not match other ER's. We are varied and individual bunch.

heh heh heh - think city boy inherits a farm - hobby level solar panels, windmills, EV golf cart and tough to grow trees - American chestnut, Hazelnut and other wild things like Prairie plant. mixes.

 

[Chuckanut]

I get no joy from just spending money. My personality has no 'Diamond Jim" mentality that needs to be stroked in order for me to feel good.

The greatest gift retirement has given me is the ability to get up most mornings and decide how I will spend my time. I also enjoy helping my kids out from time to time with a surprise gift. Mostly I spend extra when it gives me or my loved ones some extra pleasure or security in life. It's good to know that if spending extra on something will really improve the experience, I can.

When it comes to being extravagant, I am reminded of the old joke:

Joe: I wish I had enough money to buy an elephant.
Bob: Why in the world do you want an elephant?
Joe: I don't want an elephant, just enough money to buy one!

 

[rk911]

one of the joys for me in retirement is the ability to be crazy generous with tips.

 

[joeea]

Is there anyone here who has been retired for a while, getting up there in years, and realizing, "holy cow, I'm not spending near what I can"?

Nope.

I've never worried about spending more. That makes no sense to me. We've always spent what we wanted as long as it fit within our goals. Why would someone ever spend more than they want to?

 

[Jerry1]

I never thought of dying with money as being a problem. Sure, if you lived ultra frugal and die with a boatload of money, I guess that’s a problem, but under normal situations, I don’t see the problem. I’m new at this, so we’ll see when I get older, but I guess if I have lived to plan and the portfolio did well and there’s a lot of money left, I’m happy with that as it will benefit my kids and grandkids. I might spread some money around later in life so I can see some benefit of it while I’m alive, but spending on myself just to shrink the pot doesn’t seem like something I’d do.

 

[ls99]

If you are healthy, travel.
Fly business class.
Stay in better hotels.
Search out better restaurants with Yelp and TripAdvisor.

Working on it!

 

[jebmke]

We will never spend what we can. But at some point we will start giving it all away.

 

[Mdlerth]

Make me feel good!

I've read several threads with this theme, and I always find them reassuring. They typically indicate a powerful consensus that retirement finances worked out surprisingly well.

Of course, some of the people whose RE plans went belly up and had to unretire probably aren't posting much. But I like reassurance nonetheless so I'll focus on the positive.

 

[marko]

One of the more fascinating aspects of RE is that (broadly speaking now, ok?) a 4% WDR will keep you in your lifestyle for life but a 6% WDR will have you broke in 15 years.
[At least that's what I tell DW to keep the spending brakes on her]

It's hard to thread that needle between living as well as possible and not breaking the bank a few years from now.

Regardless, we've long since made our peace with our personal mandate of only flying First (Business as a minimum) or we just won't go.

In 13 years I'll be 80 years old if I'm lucky; lots of time ahead to sit in a chair reading books and not spend a lot; I'll spend my money now.

 

[mystang52]

DW is retiring soon, and I keep checking our post-retirement finances. Based on our lifestyle I see no way we can ever run out of money. I don't foresee any significant change in our day to day living when at home, but I have decided to increase our travel budget by a respectable sum. Even then our WR is low and FIRECALC continues to show 100%.
That's fine with me. I don't plan to spend money just for the sake of spending money, but won't hold back on things we want or want to do. And my lifetime of budgeting means I'll always keep track of our spending. So I will enjoy spending what we want, knowing we can always cut back in event of (or, when?) the next recession. Time to enjoy fruits of our labors.

 

[Dtail]

Only in our 2nd year of retirement, so still being somewhat conservative at 3%WR this year. Firecalc has us at 100%, but only with a 10% cushion.

 

[robnplunder]

In my accumulation days, I wasted a lot of time researching the "best/least expensive" buy when making a purchase decision. These days, I buy the 1st item I see which fits my need. I also buy higher/highest quality item vs cheaper and less quality item. Buying has become a lot simpler, and faster. This new buying habit didn't come easy. I still have to remind myself that I don't have to work so hard to buy the cheapest thing that works.

 

[RobbieB]

Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

 

[robnplunder]

Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

It saves time which, to me, is the most precious thing.

 

[street]

In my accumulation days, I wasted a lot of time researching the "best/least expensive" buy when making a purchase decision. These days, I buy the 1st item I see which fits my need. I also buy higher/highest quality item vs cheaper and less quality item. Buying has become a lot simpler, and faster. This new buying habit didn't come easy. I still have to remind myself that I don't have to work so hard to buy the cheapest thing that works.

I'm working trying to be like you but it hasn't been easy. I still shop on the net to find the cheapest item I can find in the brand or make that I'm wanting to buy. I still look for the best buy and at times it does seem to me, to be a waste of my time. The habit of frugal isn't easy to break. Lol

 

[marko]

In my accumulation days, I wasted a lot of time researching the "best/least expensive" buy when making a purchase decision. These days, I buy the 1st item I see which fits my need. I also buy higher/highest quality item vs cheaper and less quality item. Buying has become a lot simpler, and faster. This new buying habit didn't come easy. I still have to remind myself that I don't have to work so hard to buy the cheapest thing that works.

Back around 1973 one of the first personal financial books I read was by a guy named Harry Browne. One of his premises was to pick a dollar amount that you just won't care about.

It could be $10, $20 or $50...after that, don't worry about anything below that price. So, $10 for a pack of cigarettes? Done! $10 for a cup of coffee? Sold! $10 for new shoelaces? Don't sweat it...it's small potatoes and not worth the worry if you're overpaying.

 

[Music Lover]

Yes, me too. I used to agonize over the choices at the hardware store. Now I just get the most expensive one and leave -

I needed a new hammer last summer...I bought a nice $60 one that was on sale for $30. I'm an avid DIYer and I suppose I could have bought the $160 hammer but that would have been a waste of money $130 for no good reason. I don't mind paying for quality, but after a certain point you're overpaying or just paying for the name.

 

[pb4uski]

If you are healthy, travel.
Fly business class.
Stay in better hotels.
Search out better restaurants with Yelp and TripAdvisor.

+1 I have a problem with DW... when she looks for hotel rooms all she sees are dollar signs... I don't mind spending an additional 20-30% to stay in a newer/nicer property.

 

[Oz investor]

avoid guilt ( over your frugal nature ) and invest wisely

one day rampant inflation will return and bring self-satisfaction back into your life

 

[audreyh1]

We haven't bought the cheapest thing in a very long time. We are usually looking for quality (unless it really doesn't matter), but aren't interested with top of the line with all the bells and whistles unless that is what is warranted and worth the cost.

Research habits die hard. It's pretty ingrained.

But we certainly don't sweat paying up for value if it's valuable to us. We don't like to waste time, prefer minimal hassle, more comfort, so we're definitely willing to pay a bit more for those benefits. We value well made products by companies that stand behind them.

 

[MarieIG]

Nope, not yet retired. Also, with a large family, and plenty of charities, I don't see that I would have any problem whatsoever spending money should I so desire.

 

[albireo13]

Do what makes you happy and don't worry about leaving too much in your nest egg.