Retirees are too frugal!

[daylatedollarshort]

I don't think most people here who are not spending all they can are hoarders or living in excrement. My idea of frugal living is scoring deeply discounted seat filler type tickets to a symphony and a ballet next month.

I like optimizing the budget and seeing if we can figure out how to live well and get the withdrawal rate to zero without downsizing or making any major lifestyle changes, and not through deprivation but by researching how to live a champagne life on a beer budget. Personally I find that more interesting than playing bridge or mah jongg at the senior center for brain work, though the local senior centers are good value for other kinds of social activities.

 

[Cayman]

I want to spend money on things to keep me occupied and engaged, not something that turns me into a couch potato.

+1

We're both 50, and when we get into our 60's and 70's, we may loosen the purse strings and move into Robbie's lifestyle.

 

[Danmar]

I totally enjoy RobbieB's enthusiastic "blow more dough" posts where he advises us of his latest gourmet purchase.

Expensive foodstuffs still cost quite a bit less than international travel - not including the $15K bottle of liquor, of course.

Well, he did buy that wild diamond ring.....

Yep, Danmar is just having fun.

Yes, sorry if I seemed a little negative didn’t mean to. Blow that dough for sure. But it’s not really blowing it, is it? If it was actually “blowing it” someone might think it a waste?

I certainly like to spend a lot. No one would ever consider me frugal. Would never view it as actually “blowing it” though.

 

[Danmar]

BUT, it is one of the best looking pieces of art on the planet!

Ok but art is in the eye of the beholder. Lots of nice, less expensive art out there.

 

[kcowan]

I nominate Robbie for the Rick Ross award.

 

[Another Reader]

I nominate Robbie for the Rick Ross award.

Had to look him up.

I don't think Robbie has much in common with that low life creep. Robbie strikes me as a more middle class guy, like a lot of folks we all worked with, that got the YOLO religion when his wife passed away and all the things he was working and saving for were suddenly taken away.

 

[Moemg]

This year I was anything but frugal . A few very expensive home upgrades , a trip to Spain ,a trip to Cuba ,bought a new car , and I am treating my daughter ,SIL and two grandsons to a week at Disney .Robbie ,I think I might have you beat this year . I was the queen of spending now back to reality next year .

 

[RobbieB]

Had to look him up.

I don't think Robbie has much in common with that low life creep. Robbie strikes me as a more middle class guy, like a lot of folks we all worked with, that got the YOLO religion when his wife passed away and all the things he was working and saving for were suddenly taken away.

Yes, this is me. Lost wife quickly due to Pancreatic cancer. Did a lot of sobbing. Now ready to live again and live as large as possible with whatever time I have.

Also out of large Maine lobster tails, time to order more -

 

[Chuckanut]

I believe you. I think you are a dedicated foodie. Nothing wrong with that. I’m a foodie myself, but my tastes are somewhat more plebeian, such as buying top quality Italian Parmiggiano-Reggiano, fresh organic produce, etc.

That is the best type of Foodie, IMHO. Good, quality ingredients prepared with a minimum of fuss and processing. I learned to cook that way from my Italian-American mother. Of course, the French do a great job with more complicated recipes, but I'm not French.

 

[HadEnuff]

Yes, this is me. Lost wife quickly due to Pancreatic cancer. Did a lot of sobbing. Now ready to live again and live as large as possible with whatever time I have.

Also out of large Maine lobster tails, time to order more -

I've admired your attitude for quite some time, and I did not know about the loss of your wife. We recently lost a dear BIL, and these things will slap you straight. BIL used to remind us all "we are in the fourth quarter". I would reply, "I can deal with the 4th Quarter, I'm just hoping it's not the two minute warning." Turned out that for him, it was.
Remembering him does help me loosen the purse strings a bit.

Your lobster tails look wonderful. Enjoy.

 

[whatnot]

RobbieB - those lobster tails look delicious! I enjoy reading your posts - you are enjoying your life and it shows!

 

[ncbill]

I was not that enthused about it, but once I did it, I enjoyed the newer technology, especially "blind spot monitoring"...
So...when DW's 11 year old Subaru started acting up, I really wanted her to have something new, reliable, and with blind spot monitoring. .

Just got my hands on an older relative's 2007 luxo-barge, which already has a backup beeper & HID headlights.

I'll have a 3rd-party blind-spot monitor installed for far cheaper than buying a new vehicle.

https://www.consumerreports.org/cro/magazine/2013/11/safety-upgrades-for-your-car/index.htm

https://mycardoeswhat.org/aftermarket-tech-bringing-your-cars-safety-into-the-21st-century/

 

[HadEnuff]

Just got my hands on an older relative's 2007 luxo-barge, which already has a backup beeper & HID headlights.

I'll have a 3rd-party blind-spot monitor installed for far cheaper than buying a new vehicle.

https://www.consumerreports.org/cro/magazine/2013/11/safety-upgrades-for-your-car/index.htm

https://mycardoeswhat.org/aftermarket-tech-bringing-your-cars-safety-into-the-21st-century/

good work. what type of luxo-barge? I'm partial to older luxo-barges myself.

 

[ncbill]

good work. what type of luxo-barge? I'm partial to older luxo-barges myself.

Lincoln Town Car, which I hope to keep driving for another decade or two.

 

[Ready-4-ER-at-14]

i'm working on having more money to spend each month. Only problem is I am happier with a pretty large margin of error in my favor. I'd be curious how many x your actual expenses people here are content with? I'm sure people say with a cola fed pension are closer to say 1.4 x their need than someone on johny come lately stock dividends on designer toasters.. 10x?

I want 2x my expenses till the jettison money with reckless abandon lights come on in my cockpit. : )

 

[Chuckanut]

Does buying a jar of avocado oil Mayonaise at Costco count? It was $7.

 

[jazz4cash]

Charitable giving is good, and we do it; but I got far more satisfaction this weekend in D.C., giving cash tips to young immigrant Uber drivers who were beating up their Toyota Corollas and taking it on the chin in rainy city traffic for a couple bucks per fare. If I paid $8.00 to go from the hotel to the National Mall, they probably got $3.00 and spent $1.00 of it on gas. So the light in a young fellow's eyes, and the hearty "Thank you very much, madame" at a $5.00 tip was something to see. When was the last time you saw somebody delighted to get five bucks?

Yes! Wunna these days I'm gonna plunk down a $20 tip on a $20 lunch to a deserving server. It will make their day and I won't miss it. I would go $50 but I think my LBYM reflex would probably kick in and cause me to go spastic. I left my barber a big tip at Xmas and he ran out of the shop and caught me driving away.

 

[audreyh1]

Does buying a jar of avocado oil Mayonaise at Costco count? It was $7.

LOL! Was it a big jar?

 

[scrabbler1]

Yes! Wunna these days I'm gonna plunk down a $20 tip on a $20 lunch to a deserving server. It will make their day and I won't miss it. I would go $50 but I think my LBYM reflex would probably kick in and cause me to go spastic. I left my barber a big tip at Xmas and he ran out of the shop and caught me driving away.

I did something like this 3 years ago. The check was about $12 and I left the young, 20-something girl about $25, in part to her fixing part of the order which was not done correctly. As I was leaving the place, I saw her behind the counter and she was walking on air, frantically and happily waving at me as I left.

 

[RobLJ]

Very sorry for your loss, and I lost my twin due to a very rare and inherited myclonic disease about 14 years ago. I avoided the genetic bullet due to no virtue of my own. It did not make me spend per se, since we still had kids going to college and parental units that I was pretty sure would need support (after they supported my twin for 30 years after puberty).
But it does raise the question what is that nut for, if not for improving life and quality of life. I think I've convinced DW to retire next year, but we'll see (she's almost 5 years younger and afraid of running out of money and grew up on the mean streets of Philly dirt poor and has always made it on her own.)

It is a prisoner's dilemma.

Yes, this is me. Lost wife quickly due to Pancreatic cancer. Did a lot of sobbing. Now ready to live again and live as large as possible with whatever time I have.

Also out of large Maine lobster tails, time to order more -

 

[RobLJ]

I can't tell anyone whether they are too frugal or not--that depends way too much on circumstances. But we're starting to give the yewts a couple K a year and just gave the car to the oldest and his wife after I bought the new truck, since the car will host the grandbaby seat much better than their car. She stopped teaching for a year or two after the birth (or maybe a few more if they decide to have another), so it's the least we could do for the Blessed Grandchild.
They asked or expected nothing, to be clear, but I'd a lot rather see them and the grandchild in a safer car. They sold their car and sent us the money, btw.
If you can't do something good with the money, for yourself or loved ones or others, what is it good for? (Assuming you provide for yourself, to be sure. . . )

 

[Danmar]

Charitable giving is good, and we do it; but I got far more satisfaction this weekend in D.C., giving cash tips to young immigrant Uber drivers who were beating up their Toyota Corollas and taking it on the chin in rainy city traffic for a couple bucks per fare. If I paid $8.00 to go from the hotel to the National Mall, they probably got $3.00 and spent $1.00 of it on gas. So the light in a young fellow's eyes, and the hearty "Thank you very much, madame" at a $5.00 tip was something to see. When was the last time you saw somebody delighted to get five bucks?

Yes I agree. Quite often we will give an extraordinary tip for extra good service. Usually $50 or $100 (on top of regular tip). Love the look on their faces.
But this kind of thing really doesn’t move the spending dial much.

 

[HadEnuff]

Lincoln Town Car, which I hope to keep driving for another decade or two.

sweet! sounds like a great plan.

 

[exnavynuke]

I definitely think that many "well off" retirees spend much less than they "could". Heck, we have people here with 7 figure (or more) investment balances who live off their pensions/SS alone when they could comfortably spend tens of thousands of dollars more every year and still never have to worry about running out of money. They'll almost certainly die with a larger balance than the average person will ever reach.

Personally, I plan to spend as much as I can without feeling like I'm risking running out of money after I retire. Due to the last part of that statement, I expect that my first 5 or more years will likely involve spending less than hindsight will tell me I could have.

 

[Mdlerth]

Hindsight 20/20, foresight 20/200

I definitely think that many "well off" retirees spend much less than they "could". Heck, we have people here with 7 figure (or more) investment balances who live off their pensions/SS alone when they could comfortably spend tens of thousands of dollars more every year and still never have to worry about running out of money. They'll almost certainly die with a larger balance than the average person will ever reach.

Personally, I plan to spend as much as I can without feeling like I'm risking running out of money after I retire. Due to the last part of that statement, I expect that my first 5 or more years will likely involve spending less than hindsight will tell me I could have.

+1

We'll also w*rk longer than we had to. Better safe than sorry.