How much should you be saving?

elephantrosie

i guess this is a first world problem!
for me, i often wonder about this dilemma too. my plan is to maximise my investment and retire early (while i am still healthy, can run, can jump, can climb). i want to yolo while i am still young ie. 45- 60 year old.

i think illnesses often kick in after 60! (imho)

OldMusicGuy

elephantrosie wrote: »

i want to yolo while i am still young ie. 45- 60 year old.

i think illnesses often kick in after 60! (imho)

How very dare you! I just turned 60 and am still fit and healthy, and able to have a good time.....

But you are right, I found after 55 my health suffered from the stresses of work which is the main reason that I am retiring at 60 rather than the 63/64 I had originally planned. I regret not planning better so I at least had the option to retire at 55.

BananaRepublic

As others said, avoid high status goods. They don't make you feel better, but they do make smarmy sales wonks feel better. Who needs a fancy mechanical watch when a quartz watch tells the time better, and looks as nice.

it's worth stashing away momey in funds long term. Google the marshmallow test, a well known psychlogy test for children, about deferred gratification.

I'm 54, and I've never spent much. I've saved lots, and my aim is to retire before I lose my health. Pleasure comes from knowing other people, and being in good health. I have no desire to stay in expensive hotels, eating expensive food, served by unctuous staff. Home grown veg cooked at home is far superior. Meeting people at the local ice rink beats mixing with self satisfied types. Life is a short and precious gift, and I don't want to spend my later years working to make some slimey managers rich. In your position I'd invest a decent amount so that when you are ~55 you can retire, and enjoy life.

snoop2008

quote Bravepants


I feel sorry for young people today trying to get a house under their belt. And exorbitant rent is so much dead money, it makes me sick just thinking about it.[/QUOTE]



Lovely post Bravepants, aww your name makes me laugh..


I too feel for young people, all the more for good financial planning. My daughter has looked at properties, near Ashford, ebsfleet, Gravesend, etc. with travel about just under a hour, as she works near Covent garden. She knows that she could not afford to live in London. Planning ahead is also thinking about relocating.. and a better chance of her buying a home which is well within her reach, no chance In London!


I have friends who pay £1700 a month for a 2 bed flat where I live, and that's just the rent.. they would all love to buy, but its a big struggle to save the deposit and all the other expenditure that comes with house buying....

snoop2008

BananaRepublic wrote: »

As others said, avoid high status goods. They don't make you feel better, but they do make smarmy sales wonks feel better. Who needs a fancy mechanical watch when a quartz watch tells the time better, and looks as nice.

it's worth stashing away momey in funds long term. Google the marshmallow test, a well known psychlogy test for children, about deferred gratification.

I'm 54, and I've never spent much. I've saved lots, and my aim is to retire before I lose my health. Pleasure comes from knowing other people, and being in good health. I have no desire to stay in expensive hotels, eating expensive food, served by unctuous staff. Home grown veg cooked at home is far superior. Meeting people at the local ice rink beats mixing with self satisfied types. Life is a short and precious gift, and I don't want to spend my later years working to make some slimey managers rich. In your position I'd invest a decent amount so that when you are ~55 you can retire, and enjoy life.

BananaRepublic:


I believe a lot of what you said here is true. Especially when it comes to health. Work hard , save hard and enjoy the rest of life whilst maintaining the simple joys and pleasures that do not cost the earth.

elephantrosie

OldMusicGuy wrote: »

How very dare you! I just turned 60 and am still fit and healthy, and able to have a good time.....

But you are right, I found after 55 my health suffered from the stresses of work which is the main reason that I am retiring at 60 rather than the 63/64 I had originally planned. I regret not planning better so I at least had the option to retire at 55.

happy birthday and congratulations on turning 60 :beer:

i too regret i did not start planning retirement earlier ie. in my 20s. i did always talked about retirement then, but have never taken any action due to my busy work. i now set 30 mins aside everyday to handle my investments.

as work is getting more mundane with increasing age, i am more focused on getting my financial goal. my goals when i was younger was having a career that will gives me financial stability against the economy waves. i am now focused on passive income, because in case i am ill, i can still make sure the money rolls in through passive income.

Bravepants

snoop2008 wrote: »

Lovely post Bravepants, aww your name makes me laugh..

....

Of course you know my nickname actually comes from the movie "Bravepants", the one with Mel Gibson where he plays a guy with a dodgy Scottish accent, although as I recall he wore a skirt all the way through and not pants.

I like to quote from that film sometimes: "They may take our lives but they'll never take our pants!" Very poignant that!