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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.