Peer backlash against us?

We are the sum of our choices. If we choose to make short-sighted choices, then we have short-sighted outcomes. Those of us who lived below our means and saved to enjoy an early and happier retirement did so not with great foresight; but, with great decisiveness. It's a version of the economics course you took in college - do you spend your money on guns or butter.... or these days cars or IRAs?

Do any of you have stats on how much debt the retirement eligible group is carrying by age group? I'd like to see numbers on the relationship between savings and debt. I suspect people with high savings have little or no debt.
 
REWahoo wrote "TMI. The old standby is to tell anyone who asks that you retied for medical reasons. Just don't mention it was because you were sick of working... "

I love that statement---just too funny.

However, I do think that is some resentment/backlash toward early retirees---even on this board I notice some resentment at times toward public employees (I was a public employee). However, full disclosure requires me to admit that I stopped lurking for a while because of a number of can I retire on X amount with lots of folks pilling on to say no way X amount is too little. Well, X amount was more that I made while working and saving a fair amount of my paycheck. So yeah, the envy can go both ways.

Really flying under the radar and living well is the best strategy. Life is good.
 
FIYes said:
However, I do think that is some resentment/backlash toward early retirees---even on this board I notice some resentment at times toward public employees (I was a public employee). However, full disclosure requires me to admit that I stopped lurking for a while because of a number of can I retire on X amount with lots of folks pilling on to say no way X amount is too little. Well, X amount was more that I made while working and saving a fair amount of my paycheck. So yeah, the envy can go both ways.

Really flying under the radar and living well is the best strategy. Life is good.
Click to expand...

FIYes, I think you might be misinterpreting some of your observations.

As far as I can tell, 98% of the board couldn't care less how each of us arrived at this little island of common sense amid the flotsam of "living life for the moment" attitudes (as long as you did it legally! :) ). I think what you might be misinterpreting is that many on this board aren't fully supportive of the fiscally cavalier attitude with which many government organizations are awarding pensions that will end up costing huge sums of money to cover - and as the public sector keeps adding jobs, the total intake they need (in the form of real estate/income/sales/etc. taxes) will only skyrocket.

Also, when it comes to many questions of "will I be able to retire on $X?", many people who first think of early retirement may not have fully factored in the impact of health care, tuition for children, future taxes, investment returns that average 5% or less, foreign exchange rates if they move to another country...the list can be quite lengthy!

It's because of this unawareness that some first-time posters are advised to be careful of assuming a portfolio of $X will make it through for a variety of reasons. However, I don't think you'll find many disagreements with the conventional wisdom that a portfolio of 25x or 30x your first year withdrawal is a decent assumption and starting point for a diversified portfolio. There is a lot of tweaking/opinion thrashing about how much more for specific situations, but people on this forum aren't going to say "What? Your portfolio is just 17x expenses and you want to be retired for 40 years? No problem! Pop a beer and start celebrating your retirement". They're going to tend to be slightly more conservative than not (part of the reason we're all able to enjoy/plan for ER to begin with!).

If someone wants to roll the dice and try a portfolio of just 20x (or some other multiple) of expenses for their 30/40/50 year retirement, nothing's stopping them...but most people on this forum have a conscience that won't let them recommend it without making sure someone knows and understands the additional risks with their strategy above and beyond the standard risks of retiring early.
 
The backlash against the haves has just started IMO. Flying under the radar is and has always been my first line of defense. I know that, even within our own families, some people would resent our financial accomplishments or at least feel entitled to some of our loot. So it's best to keep everyone in the dark. Outside of this board, I do not call myself retired. "I was laid off from my job in July and it is very hard to land another job right now. I might do some consulting down the road, if I can find nothing else, but we'll see how things shape up"...
 
I retired on my 55th birthday which was the earliest age to retire with retiree medical insurance. About five years before my retirement I started living on the amount I estimated I would have in retirement and saved the rest. If I couldn't make it on that amount, then I wasn't ready to retire.

For us the key to living comfortably in retirement is being debt free. The mortgage on the house was paid off four years before I retired. We have a budget - one for monthly expenses and one for annual expenses. I like my spreadsheets.

The one thing we have that seems to be missing from most retirement portfolios is long term care insurance. None of our friends have it and they're oblivious to the financial destruction they might be facing somewhere in their future. They think their family or the government will take care of them when the time comes.
 
And the boomer bashing continues in the New York Times' "Boomers Hit New Self-Absorption Milestone: Age 65." Is this what we have to look forward to from now on? "Journalism" at its worst.

"Ascribing personality traits to a bloc of 79 million people is a fool’s endeavor," he writes. Yet, the article attempts to do just that. The writer (a 1958-born boomer, as it turns out) also seems very enamored of witless turns of phrase, as in his description of the boomers' final stage:

"Here is an attempt: retirement, old age, then a release to a place where the celestial Muzak plays a never-ending loop of the Doobie Brothers."
Click to expand...

Sounds more like hell to me. Like does having to read more worthless, divisive articles like this one in coming years. :mad:
 
I have to chuckle at articles like this. Which part of "saving over a lifetime of w*rk" do some people still not get? :nonono:

I personally have had some comments made about my situation (recipient of a deceased federal employee's pension, former federal employee and lifelong saver myself) that I realy have to bite my tongue not to respond to. I chalk it up to envy, although I really need someone to explain just how "lucky" I am. Huh?

Bring on the pitchforks! :cool:
 
That's so silly to call Baby Boomers the self absorbed generation. Each generation is self absorbed. Human beings in general are self absorbed (Maslow's Hierarchy, anyone?)!

People have called my generation (X) self absorbed. I look at Gen Y and I think "my god are they self absorbed". I'm sure Gen Y is going to look at Gen Z and think "my god are they self absorbed"...

... but no matter what generation, we need only look at main stream media to see the epitome of self absorption :) Few group fancies oneself as much as media does.
 
For the first time in my life, people are jealous of me (I can handle it) :LOL: ...
 
I don't spend much time worrying about what others think, or about their finances. :whistle:

In defense of the Boomers, "they" have a fairly long list of accomplishments. But I think they were spoon-fed a picture of the "American Dream" that was somewhat unrealistic, and for some reason many never figured that out...
 
FD said:
The backlash against the haves has just started IMO. Flying under the radar is and has always been my first line of defense. I know that, even within our own families, some people would resent our financial accomplishments or at least feel entitled to some of our loot. So it's best to keep everyone in the dark. Outside of this board, I do not call myself retired. "I was laid off from my job in July and it is very hard to land another job right now. I might do some consulting down the road, if I can find nothing else, but we'll see how things shape up"...
Click to expand...
I fear no envy from my families or close friends. And among acquaintances or neighbors, no one ever wondered how we survive, but if they see me changing my own oil on the driveway, they would be satisfied and not ask. :)

But if in the future, they wonder how I can afford to fill that gas guzzler RV, I will have to think of an answer. Something like this,

"Oh, I use alternative energy".

"What energy?" they might ask.

"Solar. The panel on the RV roof".

"Really, that tiny 1 sq.ft. panel?"

"Well, supplemented by DW's leg power."

"What?"

"You see, inside is an exercise bike with a mechanical linkage to the RV drive train. Man, it's tough when I need her to pedal harder for me to merge into the highway traffic."
 
rescueme said:
Speaking of Boomers....

Just remember, the youngest "boomer" (born in 1964) is just 46, today.

I would think that a lot of pre-50 folks think that they are not responsible for the "boomer's mistakes", even being part of the era. However, I doubt that few of them were at Woodstock (maybe they were, in a way :LOL: ) or realize that they are lumped in with us "losers".
Click to expand...

Yeah - I'm considered a boomer as I was born in 64. I do relate to some of their tendencies, but not to others - I call myself a tweener - between boomer and Gen X. I don't think I'll get much SS if any, I didn't go to Woodstock, Vietnam was where my Dad flew, etc. All of those definers occurred when I was quite young, so therefore, their influence was minimal.

As for envy - well, that's their problem. The key it to live below your means. I've got bookmarked two web posts that show how to live and save money for retirement on minimum wage. It can be done if you live below your means - in that case you rent a room, use public transportation or walk, eat frugally, minimize discretionary purchases, etc. The budget even includes funds for health insurance and savings. You would use the library for internet and other entertainment. So, envy is a waste of energy as one could be working on themselves and improvement of their situation.
 
FinanceDude said:
I think you retired folks are being a bit paranoid.............most folks out there are too busy buying SUVs and taking overpriced vacations to worry about the guy down the street that seems to be home all the time........

I would just tell everyone you are unemployed, because, well, you are!!!
Click to expand...

Good one. Too much time on our hands- otherwise why would be on this site?
 
I've never really felt envy from others. A couple of people have said..'You're so lucky'. I say, 'yeah, I'm the lucky one alright'.

I never say more than that because they don't want to hear what it really takes to be FI.
 
bbbamI said:
I've never really felt envy from others. A couple of people have said..'You're so lucky'. I say, 'yeah, I'm the lucky one alright'.

I never say more than that because they don't want to hear what it really takes to be FI.
Click to expand...

I don't feel any envy either, not much anyway. Most seem to think I'm just a cheap old bastard and that's how I did it. :blink:
 
Danmar said:
Too much time on our hands- otherwise why would be on this site?
Click to expand...
This is also an unspoken secret of the LBYM club. Hanging around here is an extremely cheap form of entertainment. One cannot beat the price.
 
deserat said:
Yeah - I'm considered a boomer as I was born in 64. I do relate to some of their tendencies, but not to others - I call myself a tweener - between boomer and Gen X. I don't think I'll get much SS if any, I didn't go to Woodstock, Vietnam was where my Dad flew, etc. All of those definers occurred when I was quite young, so therefore, their influence was minimal.
Click to expand...
Hey, someone's gotta claim ownership of the disco era...
 
FD said:
The backlash against the haves has just started IMO. Flying under the radar is and has always been my first line of defense. I know that, even within our own families, some people would resent our financial accomplishments or at least feel entitled to some of our loot. So it's best to keep everyone in the dark. Outside of this board, I do not call myself retired. "I was laid off from my job in July and it is very hard to land another job right now. I might do some consulting down the road, if I can find nothing else, but we'll see how things shape up"...
Click to expand...

The optimist in me says that economic conditions in the US and Europe will improve and the risk of a backlash driven by politics, envy and desperation will subside long before it gets to the stage where either society starts to break down or taxes are raised to confiscatory levels.

The activist in me says we should hold ourselves up as examples of the benefits of LBYM, financial prudence and personal responsibility. Maybe we can either educate a few people about the economic realities of life or at least shame them into being more responsible.

The economist in me says that we should encourage the irresponsible to keep on spending until the credit cards melt from the friction. It's better for the rest of us that they stimulate the economy and generate the taxes.

The realist in me will continue to hide behind the sofa and scrutinise my expenses each month. I'm still working on my cover story, but am currently considering one of the following:

1. I've decided to take a year or two off to write the novel I've always wanted to but never had the time;

2. DW wants to go back to work but one of us needs to be home to help the children with their homework;

3. I've been reading Rich Dad Poor Dad and realise that jobs are for suckers.
 
traineeinvestor said:
The optimist in me says that economic conditions in the US and Europe will improve and the risk of a backlash driven by politics, envy and desperation will subside long before it gets to the stage where either society starts to break down or taxes are raised to confiscatory levels.

The activist in me says we should hold ourselves up as examples of the benefits of LBYM, financial prudence and personal responsibility. Maybe we can either educate a few people about the economic realities of life or at least shame them into being more responsible.

The economist in me says that we should encourage the irresponsible to keep on spending until the credit cards melt from the friction. It's better for the rest of us that they stimulate the economy and generate the taxes.

The realist in me will continue to hide behind the sofa and scrutinise my expenses each month. I'm still working on my cover story, but am currently considering one of the following:

1. I've decided to take a year or two off to write the novel I've always wanted to but never had the time;

2. DW wants to go back to work but one of us needs to be home to help the children with their homework;

3. I've been reading Rich Dad Poor Dad and realise that jobs are for suckers.
Click to expand...

The old hippie in me says we should buy a Harley and chill out. Oh, and foster some rescue cats and dogs in our spare time or other "do gooder" stuff;)
 

Attachments

  • peace.jpg
    peace.jpg
    139.5 KB · Views: 4
Purron said:
The old hippie in me says we should buy a Harley and chill out. Oh, and foster some rescue cats and dogs in our spare time or other "do gooder" stuff;)
Click to expand...

Although I don't see a Harley in my future, we do foster kittens for the local SPCA until they are old enough to be adopted. Unfortunately, our own cat (also adopted) does not take kindly to the intruders. :LOL:
 
traineeinvestor said:
Although I don't see a Harley in my future, we do foster kittens for the local SPCA until they are old enough to be adopted. Unfortunately, our own cat (also adopted) does not take kindly to the intruders. :LOL:
Click to expand...

Good for you! You're teaching your children life is more than money, success and **forgive the following remark**, living below your means.:)
 
traineeinvestor said:
The realist in me will continue to hide behind the sofa and scrutinise my expenses each month. I'm still working on my cover story, but am currently considering one of the following:

1. I've decided to take a year or two off to write the novel I've always wanted to but never had the time;

2. DW wants to go back to work but one of us needs to be home to help the children with their homework;

3. I've been reading Rich Dad Poor Dad and realise that jobs are for suckers.
Click to expand...

4. I have a drug problem.

5. I have a health problem.

6. I decided to devote my life to fighting the addition of fluoride to the water supply. Quick! Put on this tinfoil helmet before they get to you, too...

Actually, I got an email today from someone I worked with last year who I always had a strong difference of opinion with, but liked and respected him nonetheless. He quit his job at our salt mine because he has an unspecificed health issue and was travelling 50 (!) weeks a year for business. I do not believe he is retiring, so I imagne he will be hooking up with a less taxing job shortly. But it would be a perfect cover story...

We will have a certain advantage when we pull the trigger. First, we plan to ESR so we will have some sort of minor job or business to provide cover. Second, we will be relocating to a college town 1800 miles away. That will give us a certain amount of anonymity and we can choose our new social circle selectively.
 
You must log in or register to reply here.

Latest posts

Back
Top Bottom