This “research” seems to be based on a premise that “people want to have the same standard of living over their lifetime”. Not me. That seems very faulty. But then again I didn’t start out in low-income nor high-income. What say the other actudonks out there?
This seems like troll research done by a financial “consultant” to maximize “pleasure” by spending more when you’re poor and saving more when you’re rich.
You have to have some serious confidence that your earnings will increase substantially in the future. This is a risky way to go about planning your financial future.
In this shitty research there is no additional value add for retiring early. Which makes sense since that would mean less money for fewer years under the management of the author’s financial consulting business.
I can buy the idea that older people don’t spend as much and don’t need as much.
Youngsters can stop saving for retirement because the world will be a post apocalyptic nightmare after climate change burns most of the cropland and floods many of the world’s major cities when they are ready to retire.
This is the trouble with climate change news, very alarmist.
Yeah, I’ve heard this idea before, and in theory it’s not the worst idea. But you need to be pretty confident of your revenue curve over time.
It’s been a while, but I recall seeing some data that this is true for most people. I think a combination of just wanting less crap as you age, and the fact that by the time you’re 50 you have likely acquired all you need/want and you’re more in maintenance mode at that point.
Yup, and also don’t feel the need to go out or travel due to both mental and physical lethargy, and also because you’ve probably seen a lot already.
The one expense I’d need is housekeeping and probably nice dining experiences, assuming I don’t have dental issues like a lot of old people do which takes away fun at even eating…
There is some actual theory to this. I found this article interesting and touches on the same topics.
I want my five minutes back
Yep, and also confidence that life isn’t going to serve you a shit sandwich at some point. Nothing like leaving savings for another day and then becoming disabled well before you’re ready to retire.
Well, you also run the risk of dying before you retire.
All depends on what you want to risk. For me, I prefer to spend the money while I still can.
I can’t exactly delay my own death if I don’t make it to retirement, but I can very easily induce my own death if I exhaust all my savings before my natural death.
True, but I have a family that depends on my income/savings, which is pretty common. It easily tips the scales.
Fair warning - I haven’t read the article.
That could easily be covered by term life insurance without the need for “extra” savings.
Also “disabled” doesn’t necessarily equal “want to die.”
Sorry - missed this was specific to disabled, not death. Feel free to ignore me, or just call me names.
Yeah I missed that too lol.
I guess being disabled and alive does suck.
I would say hope you don’t live in a state like Texas where the current Governor (Abbott) pushed to limit caps on disability damages when in an accident, after becoming independently wealthy following being paralyzed in an accident.
So, quick summary: do whatever the fuck you want regarding savings.