Stop Saving, Start Spending

wisenior

wisenior

Member
Location
Milwaukee
A general rule of thumb says it's safe to stop saving and start spending once you are debt-free,
and your retirement income from Social Security, pension, retirement accounts, etc. can cover your expenses and inflation.
Of course, this approach only works if you don't go overboard with your spending.

Piss it away,
the ones who inherit it when you're gone sure will.

Enjoy yourself.
 

wisenior said:
A general rule of thumb says it's safe to stop saving and start spending once you are debt-free,
and your retirement income from Social Security, pension, retirement accounts, etc. can cover your expenses and inflation.
Of course, this approach only works if you don't go overboard with your spending.

Piss it away,
the ones who inherit it when you're gone sure will.

Enjoy yourself.
Click to expand...
I like the way you think! (y)

However, even-though I'm in a good position to piss it away and still be financially above water, I'd still be discerning, maybe just a smidge of indulgence...what would make my heart palpitate would be a 1963 MGB, like this one:

MG_MGB_open_roadster_1969.jpg

1963 seemed to be the year in my life(age 11) where cars had a big impact. For an few more bucks of mad spending I could pick up a nice...

'63 Corvette Fastback, with split rear window:

14985_main_l.jpg
 
I continued to aggressively save and invest after retirement. Here are the two main reasons:
First...I was declined for LTC insurance, so if I have to go into a nursing home for any length of time, I need to be able to pay out of pocket. And N.J. has some of the highest nursing home rates in the country. I told my son to get home health care for me if at all possible because my Medicare plan covers 35 hours a week for an unlimited period of time. But what if I need to be in a facility. Someone suggested that I spend it all and let Medicaid pay. Like...no...I don't want Medicaid to choose what quality nursing home I wind up in!

Secondly: As wonderful, devoted and helpful as my son is and since he got a late start with saving for retirement, I would want him to have a nice inheritance. Plus. being my studio engineer, he's saved me several thousand on studio time. But i remember when I attended two State of N.J. pre-retirement seminars, each conducted by different speakers, their advice was don't leave any money for your children. :LOL:
 
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The cost for assisted living for my mother was over $7,000 a month! Fortunately, the proceeds from the sale of her home almost exactly paid for her time there. I am also holding aside at least enough for assisted living or a nursing home.
 
seadoug said:
The cost for assisted living for my mother was over $7,000 a month! Fortunately, the proceeds from the sale of her home almost exactly paid for her time there. I am also holding aside at least enough for assisted living or a nursing home.
Click to expand...
I'm trying to do the same. My dad was paying $5000/month (he wasn't aware of that) for a nice residential care home. My fear is that I will end up like him and not be able to make a choice on my own.
 
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Once I'm debt free, I may consider this. ;)

I've been debating getting LTC insurance. My father's wife, a former insurance agency owner, told me not to, though, because, according to her, it won't kick in until you're completely incapacitated. I'm not completely sure I believe her, though. I need to check the laws in my state. If I do opt to get a plan, I'd rather do so sooner than later, when it likely will be more expensive.
 
Nathan said:
I like the way you think! (y)

However, even-though I'm in a good position to piss it away and still be financially above water, I'd still be discerning, maybe just a smidge of indulgence...what would make my heart palpitate would be a 1963 MGB, like this one:

View attachment 393961

1963 seemed to be the year in my life(age 11) where cars had a big impact. For an few more bucks of mad spending I could pick up a nice...

'63 Corvette Fastback, with split rear window:

View attachment 393963
Click to expand...
Get a Jeep enjoy freedoms. None of us know what our future days will be like, enjoy the local freedoms all we can is a thought.
 
Nathan said:
I like the way you think! (y)

However, even-though I'm in a good position to piss it away and still be financially above water, I'd still be discerning, maybe just a smidge of indulgence...what would make my heart palpitate would be a 1963 MGB, like this one:

View attachment 393961

1963 seemed to be the year in my life(age 11) where cars had a big impact. For an few more bucks of mad spending I could pick up a nice...

'63 Corvette Fastback, with split rear window:

View attachment 393963
Click to expand...
MGB's are two a penny, but there is a substantial spares market, most important when buying vintage.
My choice of MG harks back to a time when style took precedence over reliability.
Jessica scrub up 004.JPG
 
I agree with Bea - it isnt all or nothing.

I am debt free but I'm still not going on a wild spending spree and I am still keeping some money in savings.

I can enjoy myself and spend money on what I want without being super frugal - but also without wild spending and 'pissing it away'
 
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