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Info Seeker +
Posts: 2
Registered: ‎06-10-2010

Re: What Would You Have Done Differently?

Message 11 of 58 (3,573 Views)

Would have waited two years more before collecting SS

Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: What Would You Have Done Differently?

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Message 12 of 58 (3,689 Views)

"...... Just wish family & friends wouldn't bully those living a frugal lifestyle even though they could afford more. Now I bully them back because we're richer than they are & I'm happy.......".

 

      A bit more harsh than I would have stated, but I agree with the general sentiment. I have been called 'cheapskate' and 'weird' any number of times over the years (often because of older, small house in a semi-rural area, old cars, won't spend money on nice restaurants), mostly by relations through marriage (not direct family members). And yes, sure enough, now we're all in retirement, or approaching it, and I'm the one going to Europe every year and they are still paying large mortgages on oversized homes.    

     I perfectly understand that a small percentage of people have circumstances beyond their control and didn't have much of a choice to do something differently (especially those paying for health related issues that even decent insurance didn't cover enough).  

    But postings here show what so many studies have revealed. Boomers just didn't pay attention to retirement and they're posting that they wish they had saved, not spent as much, etc.  


Just think. The world was built by the lowest bidder.
Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

Re: What Would You Have Done Differently?

Message 13 of 58 (3,649 Views)
goldye wrote:
Agree. Just wish family & friends wouldn't bully those living a frugal lifestyle even though they could afford more. Now I bully them back because we're richer than they are & I'm happy to see them suffer in poverty.

I hope you're just being facetious, because that's really not a mature way of dealing with people.


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Social Butterfly
Posts: 89
Registered: ‎04-14-2008

Re: What Would You Have Done Differently?

Message 14 of 58 (3,651 Views)
Agree. Just wish family & friends wouldn't bully those living a frugal lifestyle even though they could afford more. Now I bully them back because we're richer than they are & I'm happy to see them suffer in poverty.
Info Seeker
Posts: 1
Registered: ‎08-11-2014

Re: What Would You Have Done Differently?

Message 15 of 58 (3,662 Views)

When I was growing up in Ohio, girls weren't considered much for the academic life.  My father didn't think it was necessary to give a girl a college education - "What's she going to do? - speak French when she's scrubbing floors!" was his thought on that subject.  I should have believed in myself and pushed harder for that education, although the girls in college at that time were thought of as "husband hunters."   I did get out in the world and saw a lot of it. Yet, if I had more than a little Junior College, I know I would have been far more successful.   Whatever I learned I have taught myself and it's been a decent life.  You're always under the glass ceiling without it.

Gold Conversationalist
Posts: 59
Registered: ‎01-29-2012

Re: What Would You Have Done Differently?

Message 16 of 58 (3,673 Views)

Nearly all my mistakes have been selling investments too soon and then watching them soar higher.  Buying well-capitalized, conservatively run insurance company stocks and reinvesting the dividends will eventually yield enormous returns.  Insurance is one of those things that will probably never go out of style or be replaced by something newer.  Insurance is the next best thing to having a license to print money.  Warren Buffett figured that out, and look where it got him.  Berkshire Hathaway is essentially an insurance company with some other businesses on the side.  Insurance companies take in loads of money and then pay out as little as they can possibly get away with. 

Conversationalist
Posts: 6
Registered: ‎10-15-2013

Re: What Would You Have Done Differently?

Message 17 of 58 (3,674 Views)
Should have started saving earlier even if it was a small amount. Should have gone to work for the government like my parents encouraged me to. What makes it so difficult is trying to determine how much you will need, where to invest your savings and how much to take out each year. I have been to several financial advisors and am reluctant to trust any of them. My Mom is 94 and very healthy.
Info Seeker
Posts: 3
Registered: ‎10-21-2012

Re: What Would You Have Done Differently?

Message 18 of 58 (3,681 Views)

I would not lend money to family.  In the majority of cases, they do not repay what you specified was a loan, not a gift.

Info Seeker
Posts: 1
Registered: ‎07-14-2013

Re: What Would You Have Done Differently?

Message 19 of 58 (3,567 Views)

I would have protected my identity. I did all the right things, took most of the financial guru's advice, and built my nest egg. When my ID was stolen, I lost it all. Now I will work a minimum wage job until I die. I am unable to even secure an inventory loan for my miniscule business, which could pull me out of this hole.

Treasured Social Butterfly
Posts: 19,478
Registered: ‎12-25-2011

Re: What Would You Have Done Differently?

Message 20 of 58 (3,570 Views)
ja9180759 wrote:

I should not have  listened to my co workers who told me to save before taxes.  I am now restricted because of the tax consequences of withdrawals. It would have been easier to pay taxes when I was working and could afford it.


The idea is that if you pay taxes when retired, and theoretically at a lower income level, it's costing you less in taxes .. than if you invest post-tax income in a Roth when you're working. The good news to focus on, is that you DID save put money into an IRA account.

You have identified a drawback of people who only/primarily save to an IRA, and don't save outside of it .. that they're restricted in its future usage.


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