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Old 09-19-2013, 07:47 AM   #1
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Question for the retirees

I have a few (probably 20) years before I retire so what better place to get advice but from the folks that are already been there and done it. We have a decent DP that we use for basically camping and we try and use it about 10 weekends a year and the yearly week long trip. However its a fairly expensive rig and I often wonder if I'm just wasting money. I fully expect to continue to use our RV as much if not more in the coming years and can see being full timers once I can retire.
So here is the question. Would you agree that enjoying life and spending some money that could be used/saved toward retirement its worth while? Or that you wish you would have skimped a bit more earlier in life and had saved more money.
I fully expect to get a wide range of answers so please explain why you feel one way or the other.
Save it or spend it?
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Old 09-19-2013, 08:20 AM   #2
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IMO, the key is to "spend within your means". If you need to borrow funds for boating, RV-ing in order to enjoy life with your family, the priorities are in need of re-evaluation. If you have young children, they won't care if they are sleeping in a tent or a M/H (but chances are you will), just as long as they are out camping.

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Old 09-19-2013, 08:25 AM   #3
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Quote:
Originally Posted by Gemstone View Post
IMO, the key is to "spend within your means". If you need to borrow funds for boating, RV-ing in order to enjoy life with your family, the priorities are in need of re-evaluation. If you have young children, they won't care if they are sleeping in a tent or a M/H (but chances are you will), just as long as they are out camping.

Regards
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Very good advice.
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Old 09-19-2013, 08:25 AM   #4
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Well..............

You can save it and let the kids spend their inheritance.........
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Old 09-19-2013, 08:37 AM   #5
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I guess I'd say that 10 weekends a year and a week vacation aint too bad. We were doing one major cruise or other vacation a year and then sitting around the house for a second week. That one cruise or similar vacation cost $5-7K a year, all told with trans and excursions. And we'd done all the less expensive ones, so we were ready to graduate to the longer, more exotic...which would then run $8-10K. We could generally afford, but at the end of the week or 10 days...back to the humdrum stank.

So I'd say, what you're doing sounds like good use of the MH while you're still working, and while a little more expensive than our "go someplace once a year", but maybe more enjoyable, especially if your getting some family time in, is great.

Is it enough...man, you gotta live. I loved my jobs for the most part, but I didn't like to work, and the breaks couldn't come fast enough. I played golf and/or rode motorcycles to try to fill, but Monday still came. So if you enjoy your approach...JMHO, your spending your money wisely. Too many workaholics, saving for retirement, die or get sick/old before they get to enjoy that money. I didn't work as hard as I did to enrich my kids through inheritance.
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Old 09-19-2013, 08:39 AM   #6
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My current thought is that a person is better to never retire. That does not mean that you can not stop a life long career and start on something else. And if full timing is of interest you need to find something to do which is compatible with that life style. This dream of full time golf only last a short while before it becomes a job for example.

For example, one of the most appealing after career activity to me is fish guiding somewhere on the coast. It is usually seasonal and you can even move your guide business up-north for the summer. My point is that the dream of a forty year old of retirement to get out of the daily grind needs careful consideration first before the money issues require lots of consideration.
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Old 09-19-2013, 08:56 AM   #7
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Save 15% of you yearly income for retirement. That is the recommendation I was given. I am retired and it has given us the opportunity to travel 5-6 months during the year. Enjoy the family and activities today with your kids and plan for your future.

Safe travels and THE JOY IS IN THE RIDE
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Old 09-19-2013, 08:58 AM   #8
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I have a friend whose father worked right up to his planned retirement day while saving everything he could (no trips, no "toys") and within six days after retiring he died of a heart attack while sitting in his recliner.
No one knows how long they have. Make the memories now, as the time may come when your health or circumstances may prevent you from making anything!!
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Old 09-19-2013, 09:04 AM   #9
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At 20 years till retirement it is time to start thinking about how your going to fund it. However you don't want to sacrafice today's joy for tomorrow's uncertainty. I dont know your financial situation but You might want to engage a fixed fee financial counselor to help develope a plan. Increase your 401K and take advantage of any other pre-tax savings such as a 457B or what ever is available. Putting the money away before you actually have it in hand makes it a lot easier. You will adjust your living expenses accordingly and won't even miss it.
All in all, it's a balancing act between the now and the future. The good thing is that it's always adjustable to meet any changes in your situation.
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Old 09-19-2013, 09:24 AM   #10
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If you know the basic outcome of systematic savings, and the power of compound interest, and have the ability to use a financial calculator, your path will be well defined.

Ed
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Old 09-19-2013, 09:26 AM   #11
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Save wisely in 401K and Roth IRAs/401Ks. At some point in your life you will feel comfortable with your living standard. Don't get anymore comfortable after that and save all futures raises. Know the difference between a need and a want. This forum Early Retirement & Financial Independence Community is very similar in format to the IRV2 forum and I must say that I learned quite a bit from the contributors.
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Old 09-19-2013, 09:28 AM   #12
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I know that without knowing the exact financial status its hard to say what's spending too much. But I am divorced and became accustom to only living on about 30% of my income. Support took 40% the gov took another 30% and so now that my kids are older I have things like weddings to pay for. But it was like getting a huge raise.
I set aside money each week for retirement about 10% but took a huge hit as most everyone did in 2008. I don't want to regret spending so much to go camping but time with kids and now grandkids is pretty important. So I guess its worth it. Just wanted peoples perspective who have been where im at.
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Old 09-19-2013, 09:43 AM   #13
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Quote:
Originally Posted by greatlakes View Post
I have a few (probably 20) years before I retire so what better place to get advice but from the folks that are already been there and done it. We have a decent DP that we use for basically camping and we try and use it about 10 weekends a year and the yearly week long trip. However its a fairly expensive rig and I often wonder if I'm just wasting money. I fully expect to continue to use our RV as much if not more in the coming years and can see being full timers once I can retire.
So here is the question. Would you agree that enjoying life and spending some money that could be used/saved toward retirement its worth while? Or that you wish you would have skimped a bit more earlier in life and had saved more money.
I fully expect to get a wide range of answers so please explain why you feel one way or the other.
Save it or spend it?
greatlakes
40 years ago I realized that I could have pretty much anything I wanted.... (using bank loans and/or credit cards).
I also realized that I didn't NEED to "keep up with the Jones".
That's when I quit buying stuff I didn't NEED!

If you "spend it like you have it" you may not "have it when you want it"!

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Old 09-19-2013, 11:30 AM   #14
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OP, over the many years we have had 5 MH's starting with a 27' Class C. The DW and I worked our tails off for several of those years sometimes putting in as much as 70 hour weeks. While we did not use the MH's all the time, we needed the break when ever we could take it. Through those years we sold MH's due to income changes, but were able to save enough for another one down the road.
As others have stated, look at your income and put some way EVERY pay check. It does not need to be a lot but put some away. It will tend to grow if you watch where you put it. There were times that we only were able to use our MH 3-4 times a year but that was the way it went. One think that we did was to set up a separate savings account and any time that we got a 'refund' of any sort, that money went into that account. That was our vacation money, and when there was enough in it we would go for a longer vacation. That way it was paid for and did not come out of our normal income.
We are both now retired and enjoy getting away when ever we feel like it. While we do not have as much income as we did when we were both working, we are OK.
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