Any retirement spending regrets?

[imwjl]

Maybe the text books need to add retirement time as challenging and emotional like it is emphasized for some earlier ages LOL????

By the numbers my wife and I are well ahead of most in the US with having savings and assets but wow does that still make reaching 65 full of questions, unknowns, and funny for me is some fear not usually me.

The fears are not like most people have. I'm still an internal locus of control type. I still do adventure sports. For work that might wind down soon I do best with tough stuff. I just don't want to be a burden on someone.

Did anyone already retired regret some big spending? Did you get or build a 2nd home with regrets? Did you regret spending on a vehicle or toy? Did you do big travel and feel like too much was spent?

Feel free to expound if you regret the opposite and played it maybe too conservative or without enough adventure?

[LAPlayer]

No, but you ask good questions. Actually, retirement has always been in the top of major life-changing events along with marriage, death, divorce, parenting and moving.

When I talk with younger guys in the profession I emphasize planning for the future to include: put money away early and let it grow while contributing as much as you can, while you can.
Invest in solid investments, like real-estate, and let that appreciate over time while you make income from it through rentals.
Pay off all your debts, as quickly as you can because interest on loans is a bad thing. Live within your means.

Avoid new mortgages, wives, divorces and long-term purchases (that have mortgage or interest) that will drain you as you approach retirement.
With enough money in the bank, you used to be able to live on interest but now, even though interest has gone up a little, that's not as possible as years passed.
Get your records and plans in place, and in writing, long before you think you need to.

In short, set up your life (as much as you are able) so that you can avoid unwanted traumatic life-altering events as you enter retirement (having to move and/or downsize because of poor planning). Oh, and most of all, eat, exercise and live healthy so you can enjoy retirement.

Sometime life's situations are beyond our control but, by making proper/smart choices, most are entirely or substantially within our control.

[leew3]

No regrets. We've strategically lived below our means and knew that between my wife's pension and my SS we'd have more than enough income for all of our needs and then some. We each have saved what to us is a great deal of money that is invested conservatively.

We're in the enviable position of not needing our investment money to pay bills or even 'wants' like vacations, etc. I considered buying a new car, but don't really have to and the current prices are stunning. So I guess I should say that I don't regret any retirement purchases...yet!

[Daniel Grenier]

Well, no regrets about nothing. I'm soon to be 73 and I just bought a new car, a condo in Mexico, and my wife and I are off on a "luxury" (read expensive) cruise next year. None of this we did in our younger years - mainly because we were not financially independent like we are now so look out, kids, we're spending your inheritance!

[Gunny]

If all goes well, I am 12 months from retirement. I'll have a 401, IRA, SS and a military pension which gives us medical for life. Even though I know we will not be struggling, I have fought off buying an RV for 2 years now. There are just too many at every single storage facility I pass and most see the road 1-2 times a year. I still want some sort of a camper though.. We don't want ANY un-needed loans or huge cash suckers at this point. Money can sure go quickly as my Dad is finding out. He had what he thought was well enough at 55 years old and it was until him & Mom moved into a nice retirement facility at 80 years and need specialized care. 129k annually. Good thing is, they bought in and will never be kicked out even if the money is gone. I want my Dad to never worry about leaving us kids money and that is hard for him.

[jpd]

Only one....wish I had retired at 50

[Silly Moustache]

I was self employed managing a project which was extended yearly (or not).
I knew that it was unlikely to extend after 2007 so my FA and I made plans.

31st May 2007, I suddenly but not unexpectedly was unemployed ad aso, at 59, I slid painlessly into retirement.

Here in the UK we have a "state" pension - i.e a UK state pension into which we have contributed by "National Insurance" tax since working day 1. The "state pension is not large but most also have private pensions and hopefully tax free investments not dissimilar to you 401k.

The "State" pension does not mature until age 65 (66 now) so I had to draw on my private pension for six years.
I planned to draw a minimum amount annually, but being cautious, I soon found that I had sufficient to start growing my guitar collection!

In 2020, I decided that I didn't need to take my private pension so stopped it. At 76, I've just restarted draw downs.

[fitness1]

I'll sum it all up in one simple statement I've been living by for about 40 years since I was "schooled" by a wise old friend...

"It ain't what you make, it's what you spend"

Don't dive into any big purchases until you see where the chips fall when you get everything straightened out.

[LAPlayer]

Originally Posted by Gunny

..... I have fought off buying an RV for 2 years now. There are just too many at every single storage facility I pass and most see the road 1-2 times a year. I still want some sort of a camper though.. We don't want ANY un-needed loans or huge cash suckers at this point. ...

That's why they have rental companies so smart people who want to use RVs, boats, snow mobiles...... 2-3 times a year rent them without buying them, paying insurance all year, dealing with massive depreciation......

[Acousticado]

Originally Posted by Gunny

If all goes well, I am 12 months from retirement. I'll have a 401, IRA, SS and a military pension which gives us medical for life. Even though I know we will not be struggling, I have fought off buying an RV for 2 years now. There are just too many at every single storage facility I pass and most see the road 1-2 times a year. I still want some sort of a camper though.. We don't want ANY un-needed loans or huge cash suckers at this point. Money can sure go quickly as my Dad is finding out. He had what he thought was well enough at 55 years old and it was until him & Mom moved into a nice retirement facility at 80 years and need specialized care. 129k annually. Good thing is, they bought in and will never be kicked out even if the money is gone. I want my Dad to never worry about leaving us kids money and that is hard for him.

Originally Posted by LAPlayer

That's why they have rental companies so smart people who want to use RVs, boats, snow mobiles...... 2-3 times a year rent them without buying them, paying insurance all year, dealing with massive depreciation......

There are also “Airbnb” type of RV rental websites where owners make their own units available. About 12 years ago, we were seriously contemplating buying a used Mercedes Sprinter Chassis type (max. approx. 25’), but we ended up buying a fixed winter vacation home in SW Florida. We sold it in 2022 and will be reconsidering future winter travel in an RV of that type...but, will most certainly rent if we do. I haven’t checked in some time, but the conventional RV rental companies tend to offer models/layouts that don’t appeal to us.

[TheGITM]

I know a couple that retired to an RV full time. They sold the house and everything that wouldn't fit in the RV, and now they just live a quiet life in seasonal locations. There are whole communities of RVers who see each other from place to place as the seasons change.

[AX17609]

Originally Posted by TheGITM

I know a couple that retired to an RV full time. They sold the house and everything that wouldn't fit in the RV, and now they just live a quiet life in seasonal locations. There are whole communities of RVers who see each other from place to place as the seasons change.

My sister and her husband were one such couple. They lived in an RV for several years. Constantly upgraded. Then they needed a place to stay while the RV was being serviced, which was often, so they bought an aluminum box the size of my garage and eventually parked the RV. They took up cruising, taking over 40 cruises. Life was great until my brother-in-law fell on a ship, broke his back, ended up in a Caribbean hospital and had to be air lifted back to the States. Guess how much that cost?

With the dead RV worth nothing and their history of YOLO spending, they had no money. They couldn't afford decent residential care for my now invalid brother-in-law, so they had to turn their aluminum box of a house into a nursing home with my sister doing all the nursing. Ahhh...nothing beats the smell of a bed pan in the morning. Because he wasn't in residential nursing care, they couldn't get any decent pain relievers. He died pretty much screaming in agony with my sister on the phone begging for help. Where were all their 'friends'? Nowhere to be found.

When you plan your retirement, you have to think it out all the way to the end.

[6L6]

No regrets.

I was meant to be born rich and never work a day in my life. It's all my parents' fault that didn't happen.

[rllink]

My sister and I owned a farm. We sold it in 2012. My wife and I bought a condo in Old San Juan, PR after we sold the farm. We kept the place up north here and bounced back and forth for eight years. It got so that I couldn't keep up with maintaining both places so far apart and we had to sell one. Circumstances were such that we sold the place in San Juan. If things had been different we might have kept the condo down there and sold the house up here. But no regrets, We broke even in the end and had a great experience living in Puerto Rico. I'm really glad we did that.

My sister and her husband did the sell everything and live in an RV thing. They did it for six or seven years, kept going bigger and bigger. It got to the point where their heath got the better of them. Mostly my brother-in-law had heart problems and was under a Cardiologist care. Appointments and medical procedures put an end to it. My sister had to have surgery. No more romance of the road for them. They sold the RV and bought a house. Same as us and Puerto Rico, my sister and her husband have no regrets. They had a good time while it lasted. They talk about it with fond memories all the time.

[Mandobart]

I retired at the end of February this year, at 60 years old. I’d been planning to do so for a while. Primary home and vacation condo have been paid off for years. We pay cash for our cars. Put both kids through college. We have no debts at all.

For most of my career I’ve maxed out my 401k contributions. Started doing the same with the 457 later (wish I started that sooner). I also have a state pension starting in October.

Between these contributions and taxes I’ve been bringing home and living on 30 - 50% of my earnings for many years.

According to our financial advisor if we live to 95 we’ll still have money (not counting property and other assets).

I’ve never been a spendthrift (but I did live and spend like a drunken sailor while in the early days of my time in the USN).

No regrets about the travel, 1,000’s spent on instruments or other actual expenses. I do wish I had bought “good” instruments earlier than I did.

I’ve always expected that being retired would be a lot like starting any new job - got to learn the ropes and make adjustments. So far (2 months) I’m glad I followed my plan to retire at 60.

I’m playing music a lot more for one.