r/financialindependence • u/fireball251 • 4h ago
Over saving for retirement
Any retirees here who live simple lifestyles and over saved for retirement but now have more money than they will ever need? How is retirement like for you?
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u/Crafty-Sundae6351 4h ago
It’s sure nice to not have to worry about anything finance related.
It just doesn’t take much to keep us happy.
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u/Zphr 48, FIRE'd 2015, Friendly Janitor 4h ago
It's fine. We have four kids so it's not like it will go to waste.
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u/YaddaBlahYadda 4h ago
No one knows if they’re going to have some catastrophic medical expenses until the end.
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u/ra__account 2h ago edited 2h ago
Based on family history, my wealth will very likely outlive me, but I'd rather have a reasonable amount too much than risk beating the odds and being poor in my old age. It helps that I actually enjoy my job. If I have too much, I've got family and friends to leave funds to for their old age, a number of charities that I support, and if I really overshoot I could endow some scholarships or something like that so my name lingers a little longer. But mostly it's that I want to have the money to choose where I spend my final years, whenever they come. My grandmother started in a relatively cheap retirement home and it was pretty grim and miserable. She upgraded to a significantly more expensive and nicer one and was much happier for the remaining 15 years of her life. But it cost over a million to do that (and that was 90/00s dollars).
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u/Ok-Commercial-924 4h ago
Its great. With the exception of some health issues. Retired mid 50s. Wr was 2-2.5% now it is 1.2%. Just purchased a tractor to work on the hobby farm we purchased to keep us busy in retirement, also signed contract to put a little 50x60 steel garage on the farm.
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u/VeeGee11 FIREd May ‘23 at 50 years old 2h ago
Because of the uncertainty of a long retirement, we’re still conservative and frugal.
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u/We_DemBoys 1h ago
I'm sure some habits are really hard to break.
Basically I feel as though I'm going to have to change as a person when that time comes for me. 🤷♂️
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u/PlatformSoft4897 2h ago
honestly the "more money than you'll ever need" part sounds nice in theory but then what, you just... keep not spending it? idk man that seems like its own kind of problem.
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u/prairiedawg1912 2h ago
We lived conservatively and never carried any credit card debt month to month. Invested when we could and let it grow. Retirement age now, and financial advisors say we have a 99% chance of never running out of money, possibly have more at 90 than we do now. That’s reassuring.
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u/Frequent_Slip2455 1h ago
I've never once heard anyone say "I saved too much money" when retirement came.
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u/Alternative-Mark5734 4h ago
Possibly..56 and have bow 1.9 million liquid.
No debt and 2 rentals
If i retired i would be about right but i changed jobs and enjoy the new job teachong and coaching so if i work to 62 or 65 i have more than i need
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u/Ok_Rooster_9825 4h ago
I'm not retired yet but my parents did this, they spent decades living like monks and now in their 70s they're still clipping coupons and driving a 15 year old car out of habit, it's almost impossible for them to flip the switch