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Yes, older people have fun. But your health is the most important. If you have your physical and mental health into older years, you can still get out and enjoy life. I read somewhere that by 50 it's important to start spending the money you've earned in your lifetime. So even if you're still working, definitely take time for vacations and hobbies. My dad is 76 and he definitely still has fun. He's very physically active, biking, hiking, cross country skiing. He has a group of friends his age who are also physically active. I asked them for advice, they said 'don't stop moving; don't be sedentary'. They have aches and pains, or need insulin shots or whatever, but that doesn't stop them. Another benefit to getting older is being more comfortable with yourself and also socially. We all accumulate experiences over the years, including setbacks and accomplishments. It can build confidence. I think we also learn to appreciate life more as we get older, which can alleviate depression because the clock is running out and we don't want to waste time moping or being depressed. Over time that mindset becomes a habit.
The thread title is a bit vague so let me explain....
When it comes to saving money, the common reason is "so you have will have money when you get older and retire". The argument against this is often "why wait to enjoy my money when I get old? why not enjoy it now?"
I'm a young guy and from a young person's perspective (I can't speak for all young people), but we see people in their 60s, 70s, and 80s, and see people grumbling about health problems, getting surgeries, not able to walk around a lot. It's not very inspiring. It makes me think "if I was able to save 1 million dollars until I reach 60 years old, how will I enjoy it?"
Now, I have seen elderly people walking around and enjoying life and it inspires me. Maybe they spent most of their life surrounding themselves with people who also enjoyed their lives.
But back to the topic.....do you enjoy life when you are "older"? Do you enjoy all the money you've spent years saving? Is it all worth it? I want to avoid being that 60-year-old guy who is jaded and gets grumpy about the idea of traveling somewhere or splurging on something nice.
I’m 68. I enjoy life just as much now as when I was younger. The only difference is that now I have MORE time to enjoy it!
As far as money saved, if you think setting goals is a mistake, good luck to you. I know very few people that did not ( or have not) set financial goals for retiring. Those people are still working with no ability to retire. Believe me, set some goals. Make some plans.
I’m in excellent heath, still run, hit the gym, very active. I travel when I want, road trip often, and do just about whatever the hell I want. Hell yes it was worth it.
Last edited by ChessieMom; 04-15-2024 at 04:40 AM..
Damn.... 43? You're only 8 yrs older than me. How the heck are you earning 153k? What do you do for a living? How many bedrooms is your rental and how much was your DP (downpayment)? what do you use for investing? any specific tools? how much do you invest every month? what age did you start investing?
I'm in information technology. Down payment was 30k, but that was ages ago so not really relevant in today's market. I use Fidelity for investing and my workplace retirement account. I put 2000 in my brokerage, max out the Roth and only 5% to my workplace account to get the match. I plan to retire early so I don't want to lock up to much money in the workplace retirement account so I put more in the brokerage. I start investing when I was around 21, whenever I got a job that I was eligible.
No special tools. Just funnelled as much money as I could into mutual funds and then ETFs, then let compounding do its magic.
You're the kind of "old person" that inspires young people like me! "On the outside, we're old. But on the inside, we're still young" is what an old lady once told me lol.
Curious on the last statement you made. What did you invest in? What was the annual interest rate?
I have a fairly simple investment strategy. I invest in companies that make products I like. I don't trade much....I let it ride. It has worked well for a long time. I also dollar cost average.
Well, let me tell you this - you also want to avoid being that old guy who didn’t save and has no money. The only thing worse than being old is being old and poor.
Good luck.
This is the d*mn truth. I know several older people in this situation who are not able to work anymore or work but don't bring in much money, and it totally s*cks.
There’s nothing vague about saving money at all. I find a lot of enjoyment in not worrying about money.
I have a friend my same age who asks why I’m so focused on saving and investing. His point is basically “why not enjoy it now?” I get his point, but I basically try to tell him that even though I haven’t spent it, it’s buying me other things - options and freedom, which is somehow confusing to him.
I’m 54 and have worked for the same company for 30 years. I plan to work until 62 and not one minute more. Do you know how good it feels to be able to go to work every day knowing that if the boss gives me too much crap I could walk out the door, never come back and not have a financial worry in the world? I find that very enjoyable, and even more so knowing that my boss knows this. Very, very enjoyable.
Some people get it, most don’t, many never will.
^^This.
I'm in a similar situation. I'm almost 54 and will get a pension at 55. The pension will technically be enough to live on (i.e. more than a typical Social Security check), but it still wouldn't be a great lifestyle.
But I always saved in the 25 years I worked that job and I'm glad I did. So in a year, if I so choose, I can start dipping into my retirement funds as well as draw the pension (or continue working, if I so choose, or a combo of all 3).
OP, what a lot of young people don't get is:
--The benefits of saving don't just happen when you're old. The financial security you're building up in the intervening years TAKES THE STRESS LEVEL DOWN A TON. It also gives you options.
--Saving and investing also gives you options in life even BEFORE retirement. For example, I quit my job at age 51 and took over a year off, visiting family and friends in the U.S. and Mexico. Regrettably, I didn't have enough money to retire. But I had enough to say "FU" to an employment situation and the state of California, both of which I'd had enough of. There's no way that would have happened had I not saved (in both retirement accounts and regular old savings accounts) in the intervening years.
I'd also say saving can give people the courage to quit a crappy job and find a better one (possibly one that pays a lot more). It's easier to quit a job if you have 3-6 months' worth of living expenses (or more) in a bank account.
--A lot of people are in bad health in their 60s and older because the Standard American Diet (SAD), which is heavy on meat and processed foods, is garbage. You absolutely should rebel against this. The easiest way to do that is to eat Mediterranean style. Find at least 3 Mediterranean style recipes that you like and make them a normal part of your eating. I recommend books like Blue Zones Kitchen, but there are many relatively easy recipes you can find online.
--The other issue you have to be careful of is the people you hang around, especially the person you partner with/marry. If you're a saver and they're a spender, well, you will probably be financially stressed the rest of your life because people rarely change.
--You do ask a good question in terms of "why". The biggest reason why people don't save and invest for the long term is because they don't have a strong "why". For me, it was easy. I grew up middle class, but experienced a lot of financial stress from age 18-24 (because I got into a relationship with someone who spent everything they made. That person, 20 years older than me, now lives in poverty in old age). I made the decision when we broke up that no how, no way was I going to be broke and stressed out the rest of my life ever again if I could help it. So you definitely have to find your "why".
--As others have said, most people can enjoy life without spending everything they make. Living paycheck to paycheck is stressful, which actually takes away from enjoying life.
--Aim to save/invest a minimum of 20% of your gross income. At first, most of that 20% should go to debt paydown and savings accounts. As debt goes away and savings account balances go up, you can shift more of it toward retirement accounts. If you can't do 20% right away (most people can't), just start with something and increase it over time.
--I've also noticed the decade of your 50s is a sort of make or break decade. This is the decade where the effects of an unhealthy lifestyle really show up big time. It's also the decade where people often get burned out or booted out of good paying employment. People who lived unhealthy lifestyles and/or didn't save often have a really rough time starting in their 50s.
TL;DR: The standard way of doing things in America leaves most people broke and unhealthy (even before they hit old age). For most of us, it really doesn't have to be that way. People who conclude that the normal way of doing things in America s*cks will have an easier time saving money and living a healthy lifestyle than those who just want to fit in with whoever they're around.
Last edited by mysticaltyger; 04-15-2024 at 08:55 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Being 71 now we are certainly having fun, but I have not retired yet. I'm at my peak income, plus getting Social Security so we're putting away a lot while spending as we like. Just Friday I did our taxes and we owed $6,000, so I just paid it from our checking account. For me "having fun" is eating out a lot, finding and trying new restaurants, tinkering with and driving classic cars, fishing, day or weekend trips exploring our state and those nearby, and of course spending time/joint vacations with the grandkids.
I'm in information technology. Down payment was 30k, but that was ages ago so not really relevant in today's market. I use Fidelity for investing and my workplace retirement account. I put 2000 in my brokerage, max out the Roth and only 5% to my workplace account to get the match. I plan to retire early so I don't want to lock up to much money in the workplace retirement account so I put more in the brokerage. I start investing when I was around 21, whenever I got a job that I was eligible.
No special tools. Just funnelled as much money as I could into mutual funds and then ETFs, then let compounding do its magic.
What specifically do you in IT? Do you have a degree or certification? I think I may be in the wrong profession lol. I'm in digital marketing.
What specifically do you in IT? Do you have a degree or certification? I think I may be in the wrong profession lol. I'm in digital marketing.
My niece is in digital marketing. No idea what her degree was in. But she is 37, and has been very successful. Her first job in this field was 15 years ago, and she is doing well enough that she recently bought a home in NYC.
At any age, having significant assets can give you freedom and choices.
When you are older, having assets can mean the difference between wanting to work or having to work.
When you are older, having assets can mean the difference between wanting to visit your family or actually visiting your family.
When you are older, having assets can mean the difference between struggling to maintain your house or having others take care of your house.
When you are older, having assets can mean the difference between watching the travel channel on YouTube or traveling to places you've always wanted to see.
When you are older, having assets can mean the difference between having memories of things you've done or remembering things you wished you had done.
I retired at age 55; DH at age 58. We enjoyed our working careers but were happy to retire early and enjoy the essential commodity of time.
I don't subscribe to living so frugally that you resent each dollar spent. We spent judiciously and saved carefully.
As with most decisions in life, a balance "for now" and "for later" is paramount.
And to your original question, Yes, you can have aches, pains, and lots of doctors' appointments, but still enjoy life and have fun. It's all in your outlook.
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"On the outside, we're old. But on the inside, we're still young" is what an old lady once told me lol.
