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This makes me think about how I live my life. I am frugal, live below my means, save and invest. My neighbor blows every dollar, lives for the moment, pulls equity from his home, taking loans for new cars, boats, snowmobiles, etc. He will have nothing in retirement.
After my mom had a stroke, she needed to be in a nursing home. They took every cent she had saved a lifetime for, then the government stole her car, house, personal items through estate sale.
Who is the smart one? The person that lives a moral life taking self responsibility or the person throwing caution to the wind that knows they will receive the same care and not have to pay for it.
I feel like such.a sucker....
Same. Altho at the rate things are going I'm sort of planning on it as a viable strategy. Sink the system in my old age.
I never made big money working, but retired from FT work at 55, worked 2 out of the next 4 PT, and moved abroad living on savings for 3 years. Came back to US and started my age 62 SS, went back to work at 63, and at SS income cap by mid-July... and will stop working until next year.
I built a house in my wife's country, so I have provided help for her old age. I have spent most of my savings during all of this time. My needs are simple and I have no one to leave money to. My wife is 11 years younger, works, and spends her money like water... the house is enough.
Your neighbor is not smart just worldly. Sad about your mom and how they drained her dry. People need to enjoy life a little or get those assets into the hands of their descendants early on. Few do so.
I have 1 year of my costs of living in liquid assets, which with my SS would last two years. Keep my FICO scores high, so CC as a backup. I'm no longer trying to increase savings but will work and spend that money to enjoy up until the earnings cap each year.
I'd rather not give the medical world my money fast or slow.