Thinking about retirement?

[respice finem]

Money is no issue, but only as long as you have enough of it...

 

[blueone]

Money is no issue, but only as long as you have enough of it...

I don't know... as a former manager of mine once said, "There's never enough money."

 

[respice finem]

I don't know... as a former manager of mine once said, "There's never enough money."

I'm no manager, so it's enough for me, which is a good thing.
I have lived in austerity and it was not a good thing (apart from teaching me what I know now about money).

BTW: There is (for individuals) such a thing as too much money, especially "new money" - it triggers in many people an "easy come, easy go" lifestyle.
Which, in turn, often ends in poverty, or worse. "Old money" people are better "role models", I think. But you will rarely see them in the news...

 

[PristineSound]

No matter who you are, what your economic situation is, whether you have "enough" or not, all I got to say is, invest, invest and invest.

The power of compound is a beauty to behold.

 

[respice finem]

Every investment is money, only in a different form. The more diverse the investment, the safer it will be.

 

[PristineSound]

Every investment is money, only in a different form. The more diverse the investment, the safer it will be.

And when your portfolio grows to a certain size, and you are willing to take the risk, look into alternative investments. . .until then, ETFs has been my weapon of choice.

 

[respice finem]

And when your portfolio grows to a certain size, and you are willing to take the risk, look into alternative investments. . .until then, ETFs has been my weapon of choice.

Wouldn't be quite diverse enough for me. Stocks (two different managed funds in my case, I don't want to be a "ticker slave"), mixed low-risk and medium-risk, plus self-owned real estate, a reasonable stock of "real money"... Should be OK for the rest of my life, provided there's no war ahead. But nothing is ever guaranteed, except death and taxes.
And, apart from investment, a "blessing" I discovered after I got enough money to liberally spend - I am not a "natural born consumerist", I rarely crave things, for some reason. When I buy something, I use it as long as it will be usable, not buy a different model because it is on sale now. Saves a lot more than many might think. And I avoid subscriptions, the silent money drain.

 

[Mart68]

A story of an elderly who is still working at 80 making $16/hr. Never really learn much about how to handle money and a series of life circumstances.

A lot of people here are saying your time is more important, so stop thinking about money and go retire.

Well. . .just make sure you do everything you can, so that your don't end up like this.

Work hard, save hard, thrifty hard and invest hard. Invest, invest, invest.

I'm 82 and earn $16 an hour working at a boat store. I don't have much saved and can't retire, but everything will work out.

This as-told-to essay is based on a conversation with Patricia Wheatley, 82, who earns $16 an hour working at her friend's boat store in Pennsylvania.

www.yahoo.com

Interesting that the husband was a dentist. All the dentists I know have yachts, villas in the Canaries and drive cars like McLaren F1s.

I wonder what he did with all the money?

 

[Audionaut]

I don't know... as a former manager of mine once said, "There's never enough money."

It's probably mainly US Americans who say that. Above a certain level of wealth, wealth only strokes the ego.

I am German and many of the posts here make me wonder why so many US Americans want to spend their retirement abroad and how the pension system works.

I'm going to work freelance for a few more years because the work keeps me mentally busy and healthy.

We have five apartments that are rented out and three houses, which have a combined market value of around three million euros, a few stocks and cash assets. When I apply for a pension, I'll receive around 3,000 euros. The health insurance will continue in the same style.

If we stay healthy, I'll take a few trips, write and watch what my grown-up children and nieces do.

I can't imagine moving away from Germany permanently or forever, unless there's a war, but with German involvement that would probably be another world war, so I wouldn't know where to go.

We have an apartment in Tenerife where we spend about two months a year, but I'm going to sell it soon.

I think @Doodski and @pablolie are brave in what they write and wish them all the best for the future.

 

[Devnull]

Money is no issue, but only as long as you have enough of it...

Just make sure the people around you know about it and that it's organized. I have spent countless hours trying to figure out my parents money. Multiple investment accounts at multiple investment firms, stocks at multiple places and paper certificates, multiple bank accounts from chasing interest rates,etc. I'm grateful beyond words that I don't have to worry about them financially but should have gotten involved years ago before Dad's memory started going.

 

[Timcognito]

Without going into the politics I think too much is measured in money. Very many companies value the things they are producing with income, stock price or profitability and not with the satisfaction of its quality, features, benefits or love and loyalty of its customers. Financial gain is a sole accomplishment higher than none and well being is a personal gain that can only achieved with financial independence weather or not those around them can have it too. When I look back on it I rarely think of how much money I made or how much I spent on something I wanted or liked, and many times money was the means but rarely the end. I have been given good advice on finances and don't have the gambling nature too put a lot it behind a single thing unless I'm personally involved involved with the outcome. I designed and built much of my own house, was in medical device startups that helped many and have and still give a good portion of what I made to charity. That trip on African Safari that my financial guy says we should take does not interest me at all and I can see a lion on TV. And those people who spend $100k to go to space or down to the Titanic are nuts.

 

[PristineSound]

It's probably mainly US Americans who say that.

Many Americans love their free market and capitalistic economy. And they are unapologetic about it.

Above a certain level of wealth, wealth only strokes the ego.

For me, once I hit a certain amount, that's all I need and want, I can't even imagine wanting to own a yacht, it's probably more headache than enjoyment.

But for those who aspire for more, it's not always ego, it's gluttonous excessiveness or power. And they have the right to aspire for more, well, at least in America.

 

[Timcognito]

Just make sure the people around you know about it and that it's organized. I have spent countless hours trying to figure out my parents money. Multiple investment accounts at multiple investment firms, stocks at multiple places and paper certificates, multiple bank accounts from chasing interest rates,etc. I'm grateful beyond words that I don't have to worry about them financially but should have gotten involved years ago before Dad's memory started going.

Yes and I how it's going to be distributed when you get hit by that bus. Those type of documents are surrounded by all kinds laws, fees, taxes and surprising behaviors by those who you knew were just going to do the right thing when you are gone.

 

[Audionaut]

But for those who aspire for more, it's not always ego, it's gluttonous excessiveness or power.And they have the right to aspire for more, well, at least in America.

Which of course has nothing whatsoever to do with an inflated ego - at least in the USA, which is only a country in America.

 

[Soandso]

… posts here make me wonder why so many US Americans want to spend their retirement abroad ….

There are different categories of US Americans interested in retiring abroad. The majority being those that calculate regular outlays for payments of rents in USA locations they personally envision as desirable for their lifestyle can be reduced by living abroad when compare foreign rents in their US$ budget. Another group are those with enough financial retirement who envision that by retiring elsewhere it will allow them a lifestyle of doing more which they passed over by years of working. A fortunate few are retirees with relatively great wealth who knowing expense is not an issue retiree to their "dream" life. And then of course there are those with personal agendas motivated by factors such as sociological, political, philosophical and religious.

For example just across the border in Mexico's coastal town Playas de Tijuana I could rent an un-furnished beach front apartment of 2 bedrooms, 3 baths, residential gym, 2 covered parking spots, in an elevator building with 24 hours security of 1,750 square feet for US$ 2,000 per month rent. Currently my rented California 550 square foot un-furnished apartment rent is US$ 2,050 per month and view outside doesn't look anything like that sample Playas de Tijuana apartment shown here below.

 

[PristineSound]

There are different categories of US Americans interested in retiring abroad. The majority being those that calculate regular outlays for payments of rents in USA locations they personally envision as desirable for their lifestyle can be reduced by living abroad when compare foreign rents in their US$ budget. Another group are those with enough financial retirement who envision that by retiring elsewhere it will allow them a lifestyle of doing more which they passed over by years of working. A fortunate few are retirees with relatively great wealth who knowing expense is not an issue retiree to their "dream" life. And then of course there are those with personal agendas motivated by factors such as sociological, political, philosophical and religious.

For example just across the border in Mexico's coastal town Playas de Tijuana I could rent an un-furnished beach front apartment of 2 bedrooms, 3 baths, residential gym, 2 covered parking spots, in an elevator building with 24 hours security of 1,750 square feet for US$ 2,000 per month rent. Currently my rented California 550 square foot un-furnished apartment rent is US$ 2,050 per month and view outside doesn't look anything like that sample Playas de Tijuana apartment shown here below.

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Another thing is, in America, there just aren't much history nor culture, because it's a young country (I won't get into the civilization that was here first and was displaced) and from a geographic location and place perspective, frankly there is nothing to do in America aside from national parks and theme parks.

 

[PristineSound]

Which of course has nothing whatsoever to do with an inflated ego - at least in the USA, which is only a country in America.

Of course not. Does one eat lobster or filet mignon, eat it for ego or for self enjoyment? Does one fancy a very hot young woman for ego or enjoyment in the bedroom? Does one fancy a nice audio system for ego or self enjoyment? Wanting finer things in life is not ego, it's gluttony. And America isn't the only country where there are people who fancy the finer things in life. If the question is, is it ok to fancy the finer things in life, then that is a personal opinion . . .which cannot be pushed onto others.

 

[Soandso]

… there is nothing to do in America aside from national parks and theme parks.

In the USA there certainly are good museums around. Also having absorbed millions of immigrants there are all kinds of food options of international origin in many areas.

 

[PristineSound]

In the USA there certainly are good museums around. Also having absorbed millions of immigrants there are all kinds of food options of international origin in many areas.

I would have to disagree with museums after having traveled to over 25 states in the US. The only decent ones are in NY and DC, all other museums, especially in the little towns and cities (in my opinion) is nothing but a little exhibit.

Food, I completely agree with you, in fact I think it's second to none for international cuisine, especially if you live in the major cities, like NY, SF, LA, Seattle and Chicago.

For the record, I have no interest to mover abroad for long term, I probably would only do 2-3 months out of the year.

 

[Soandso]

… only decent ones are in NY and DC …

I think that non-USA readers should know that USA has quality museums outside of NY city and Washington, D.C. For example I reside in a west coast city of only 140,000 people and have more than one enjoyable museum which I can simply walk to.

For example this work titled "The Mulberry Tree" is just one of the 6 paintings by this presumably recognizable artist at the museum I used to get unlimited access to as a member.

"The Thinker" was one among others by a deservedly renown sculptor I got to spend time around.

Free from touring crowds I got to walk 360 degrees around this exquisite little Degas.