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Are You Saving Too Much?

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vickywin
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Invariably, one boring little word seems to be the answer to virtually every personal finance question you'll face: save. Want to buy a new home? Save for a down payment first. Send your kids to college? Save from the day they're born. Retire on an island retreat? Save, save and save some more. The ...
Post Thu Feb 09, 2017 4:12 am
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Buttoni
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Location: Central Texas
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I just wanted to say I thoroughly enjoyed reading your take on this topic. Realistic and down to earth. The hubs and I are retired teachers (15 years now) living on our Teacher Retirement pensions. Eligible for SS benefits but not yet taking them.

Having just dealt with 3 parents developing Alzheimer's: my MIL with zero retirement planning and on Medicaid in a nursing home the last 3 years of her life; my parents not lacking in funds and extensive planning to take care of their life and end of life needs. They had invested in real estate in their home town, eventually developing lots for resale. They invested their proceeds in high yield annuities and CD's exclusively. My father was extremely risk averse and would not get into the market. They wanted for nothing until their deaths but were by no means multi-millionaires. They saved and lived most pleasant lives, doing pretty much whatever/whenever they wanted, paying cash for every single car and house they ever owned. They were fairly frugal on the whole. Having both been reared in large farming families, they personally never had a propensity for lavish spending. Clearly they saved MORE for retirement than they really needed, so we inherited the rest.

These assets added to our income from Teacher Retirement will have us able to cover inflationary considerations, daily living, and healthcare needs given the set of factors that can be seen right now. Short of a total economic collapse or bank failures worse than the 30's crash, I don't foresee any problems on the horizon.

Having paid the bills for 3 aging out parents, all in nursing care for 2-3 years each, one with no prior planning and two with major planning, I can sure tell you which estate was the easier to close out. Managing their final years and estate affairs has given us great insight into what will be needed for ourselves on down the road. I feel fairly certain we have got all bases covered and would have even without my inheritance, as I am my father's daughter and inherited his values as well. Save, save, save; plan, plan, plan.

You are so right that only with some planning early in life, can that be achieved. One cannot "count on" inheritance or the "luck" of a perfect economy. It may happen; it may not. There will always be unforeseen factors so don't get caught short.
Post Sun Feb 19, 2017 4:06 pm
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