One general question I've asked my friends who are my age (58) is, "Have you started thinking about when you will be retiring?" The general response has been, "I'll probably retire when I'm 65ish" - which seems to be the generic retirement age assumption. No follow-up questions or discussions ensued.
I (62) probably would have given the same answer. Until the last few years, I had no idea there was such a thing as a "FIRE movement," and that a significant and growing number of people retired earlier than 65-ish. Except for the occasional oddball who played the stock market as a hobby, none of my friends or colleagues ever mentioned financial things or their retirement goals, other than some tacit acknowledgement of the traditional expectation they would work until 65-ish when they would tap their 401ks that they had rarely given any serious thought to during their working years. I don't know how I would have reacted if a friend or colleague had tried to open a conversation about saving for retirement or related issues. I probably would have either said with a shrug or wave of the hand that I have always contributed to a 401k and figured there was nothing more to discuss until 65. I may have been more receptive to a family member, but in my family they all worked to 65 if not beyond and/or died while working.
+1. "Hey everybody, guess what? I made $52,500 this week in the market", (how was your week?!). Doesn't really go over well for long term friendships.....
Indeed. As our human capital dwindles, compared to our invested-capital, conversations about money become more of a locker-room comparison, than mutual tutoring of how to improve. It becomes less of collaboration and more of contest. Those left behind, resent their betters. Those who are ahead, feel license to gloat... even if they're outwardly humble in their demeanor.
Agree. Not everyone is like most of us when it comes to talking about finances!!
I agree. But still a lot of folks want to retire wealthy at an early age without a plan. Kind of like eating and drinking whatever you want and staying fit into your later years without dieting and exercising. You got to put in a little effort to get what you want. Financial health is a lot easier, and less important than physical and mental health.Agree. Not everyone is like most of us when it comes to talking about finances!!
Flieger
It's hard to say, based on obvious spending, how much $$$ one has.
I am talking about living amoungst $100+M and billionaires in our community. People who own multiple homes in the range of $5M to $20M in several states, spending a few months in each home depending on the seasons. We are their poor friends whom they would not feel comfortable discussing finances with.
That's likely true with your contemporaries.
I had a MANDATORY 5% contribution to my 403(b) when I started employment at age 23. This was "matched'" by a 10% employer contribution.
Perhaps you should have focused more on the current day rather than the years that led up to it.
I've done the same with my two kids, very detailed. Even though they are in their early 20's, they have better money management skills than I did at their age. The more they know, the better off I am when I start to decline or die. In the meantime, I can tweak the dial if I see changes in them that mean trouble in the future.
This is not surprising. The majority of people are not good at long term planning, which is required for retirement. Many tend to take more of a "I do not need to think about this, some miracle will occur to allow me to retire". I have seen survey on retirement where more than half of the respondents expect SS to cover half or more of their retirement expenses. Some also assume that they will sell their house and downsize, and that will be enough. In addition, many think once they are on Medicare, the Medicare Part B premium alone will cover their health expenses, and they do not plan ahead for what the actual situation would be.
) that planning for retirement.Even though, as the saying goes, "the 8th wonder of the world is compound interest" .Can be a major temptation to keep up with the Jones, but it sounds like you have your stuff together and are enjoying your lifestyle.I am talking about living amoungst $100+M and billionaires in our community. People who own multiple homes in the range of $5M to $20M in several states, spending a few months in each home depending on the seasons. We are their poor friends whom they would not feel comfortable discussing finances with.
I don't think keeping up with the Jones's is RetiredHappy's neighborhood. With 100MM+ and Billionaires as neighbors, I don't even think keeping up with RetiredHappy would be in my realm of possibility.
Yes the taboo subjects for parties is religion, politics and money!
Yep, we attend their functions/dinners when we get invited. We golf and hang out together. They are regular people, same humor etc. We are "comfortable" and they are rich!
