50 ... assume long life and be frugal or open up?

If you find that Crystal Ball...can you lend it to me!!!

It is the age old question isn't it. How many years have you got?

IMO all you can do is take the middle ground. Do some of the things that you consider WANTS, but always make sure that your NEEDS are taken care of. No point being the richest person in the Graveyard (unless you're planning on leaving large inheritance), but then if you live to 105, you don't want to be living on Beans on Toast either.

Click here > what a way to go

enator wrote: »

Read this Rowntree report;

I wonder how much time and money was spent to reach those ... earth shattering conclusions.

wymondham wrote: »

Hi All

As the title suggests I'm 50 in March..... time to think about things...

Got my own IT business which I suspect I'll find increasing difficult to keep up with so may need to scale back soon - been lucky its been successful for 7 years and built up a good base.

So now I'm 50 I need to think about things - I can't assume I'll have good health forever so really the question is, do I continue to hoard for that rainy day living a good but uneventful life, or start to splash out a bit? I don't want to look back with regrets...

For example I'd love to buy a share in a narrow boat so we can take longer breaks (I love this but the others need persuading!). I'd also love to stop driving run of the mill cars and get something I really aspire to - a Jag or something! all of these are not really moneysaving, but is moneysaving the whole story when thinking about life?

What sort of choices have others made when reaching the big 50 ? any hints/tips/advice?

Ok, one point at a time. Why will you find it increasingly difficult to keep up and need to scale back? Are you not feeling well now? Do you want to get out of it? I drove a lorry for 32 years, felt fit enough to carry on but was getting bored. I went part time at 55, perhaps you could do that if you are still physically able. I fully retired at 60, still as fit as a fiddle.

You can't assume you will have good health forever. Why not? Maybe not forever, but if you are healthy now and have a positive outlook on life, with healthy eating and exercise, you could go on another 30 years with good health.

Money saving is not the whole story when thinking about life. Balance is important. Balancing what makes you happy with the resources you have. Responsibility is also important, you being responsible for your own actions. If things go pear shape and you made a bad decision, suck it up and carry on. If things turn out hunkydory, celebrate. For instance I thought it was a good idea to buy a catering trailer and set up on an industrial estate. Damn silly idea, what was I thinking, I hated it. Sold trailer, lost £1000. My fault.

I would say don't hoard money, keep enough in an emergency fund. Be realistic about what your priorities are. Do what you want to do while you are still able. That's how I live my life now. Best of luck.
Ilona

Interesting question. And lots of great answers.

Here is my take.

First of all age is just a number.

How you age is down to lifestyle choices. Eat healthily, exercise, keep your brain active, have fun, laugh and love, find your passion in life, learn something new every day and you will age well. That Rowntree report is horribly dated in the way it portrays aging. 70 really is the new 50. Our grandparents were old at 50. We are not. There is no real reason why, with a bit of luck and a bit of effort on our part, we cannot stay healthy well into our 80s and beyond.

However, Arthurian is right you may well need to pay for help or for medical expenses at some point so probably best not to blow all your money on fast cars, boats etc just yet.

I am 67 and retired. I live simply and modestly but very well. I eat well, run a car, wear nice clothes etc and can buy what I want within reason but I do not splash the cash for the sake of it.

Despite having what many would deem a fairly modest retirement income, I still save roughly one third of my net income. The money I save gets split into two pots, some goes to my long term savings, along with my investment income which is reinvested. I have not started drawing that down yet. The rest goes into intermediate savings which I use for special treats such as holidays. I do love to travel and intend to carry on as long as I am able.

(Travel insurance gets very expensive once you hit 80).

I have just come back from a leisurely 6 week holiday in which I visited the Amazon, the Azores and the West Indies. Fabulous. I can do this without depleting my savings because I live what some might call a frugal life but what I would prefer to term a simple life.

Like Ilona says it is all about balance and responsibility. Yes we have to safeguard our financial future but if we are savvy then we can still have plenty of fun as well.

Btw buying a Jaguar is not quite as ridiculous as it may seem, although they are thirsty though. It all depends on the mileage you will be doing. If you are not doing long commutes then it might not break the bank.

My motto.......Life is short. Take the trip, Buy the shoes, Eat the Cake!

As long as you do not leave yourself destitute in your old age. Lol.