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Retirement Discussions / Retire Early Liberal Edition
|Subject: Re: Hocus Foil Wade Pfau in the WSJ||Date: 3/9/2013 9:16 AM|
|Author: alstroemeria||Number: 48289 of 63005|
Of course, you can read up on your Scott Burns...and his plan where when you are younger, you spend more. As you hit the late 70s, you aren't as likely to want to travel and spend money, buy new cars and things.....and once you hit 80, most are going to spend even less.
While it's true that seniors tend to spend less as they age, it isn't universally true.
Seniors who travel a lot usually slow down, but seniors who don't travel much have nothing to cut in that respect.
My parents, who always paid cash for a new car, suddenly leased when Mom retired and they lost that good income, and then leased their next car (it took me months, but I finally persuaded her to buy that nice, well-cared-for car at the end of its lease. It's 14 years old now, and she puts only a few thousand miles per year on it at age 87. I think she needs to give it up soon, but of course she won't hear of it...).
Get old enough, and you're apt to want or need to eat out more or get more takeout or delivery. My parents ate out more as they aged--much more. They never used to eat out on week days until they were both retired. At some point, however, appetite decreases so food expenses may go down. When I went out to lunch with Mom just a few years ago, she wanted dessert after lunch. Couple years later, she wanted to split a dessert with me. Now she can barely eat half her lunch without dessert.
Almost everyone has increasing health expenses with age, even my healthy mother has an expensive drug or two, arthritis in her spine that required surgery, and just generally more medical/dental/vision appointments. My father's diabetes and glaucoma got worse with age, not to mention things like blood pressure, cholesterol, dental issues. Fillings, crowns, dentures and veneers need replacing after so many years. With age comes dryer mouths and more plaque formation, and less ability to floss and even brush well.
One money-saver in seniorhood is giving up a second car when one spouse can't drive any more or you just don't need 2 vehicles any more. When the hubster's 10-year-old Prius kicks the bucket, I doubt we'll replace it. Hopefully that won't happen for at least another few years. I've spent enough of my life carless that I don't suffer from "fear of being at home without a car" syndrome ;-)
My maternal grandparents both lived to 93 and both needed a nursing home the last few years and all-day assistance at home for a couple years before that. My 82-year-old uncle can;t really leave home alone--if it weren;t for his much younger wife, he'd be in assisted living or having an aide at home, too.
Those without a younger/healthier spouse are at a bit of a disadvantage. I wonder if Scott Burns's lower-spending-as-you-age theory takes that into account?
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