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We are starting very late to invest for retirement. Because: kids/accidents/sheer stupid or whatever. Now i am on super squirrel and dont want to spent anything. Still rocking the 13 yr. old van that now has a bad wheel bearing in the back and a louder exhaust,very bad rust,and an older furnace we have replaced more parts on. I know DH is stressed as he's still on contract w/ iffy health and another leg surgery coming up. I dont feel I can work for health reasons. We put a lot in this year but are still far beyond. I guess I am wondering how those in our spot mediate things. I am eating in and cooked Thanksgiving from loss leaders and stockpile. I really question what i want to do about Christmas. We are risk takers ATP so not sure what else to do. Still debt free for 6 yrs. now
 

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I don't know what the health issues are that you are faced with... But I would revisit if you really couldn't work, simply because there are so many different ways to make money. Perhaps a traditional job isn't for you, but that doesn't mean there isn't something else out there you could do, especially online as well.
 
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I am wondering exactly what the question is. I think you'd have to be pretty extreme to be "too frugal". How much is "too much" retirement savings - answer is probably pretty high. I think the big question is what health care will cost 10-15-20 years down the road and I think that's impossible to guess. So as much "savings" as possible would be my answer. The advantage of "retirement account" is tax savings and possible employer match on 401K. 401K money is also protected from creditors although IRA money is not.
 

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For me it helps psychologically to have regular treats. That might be buying gelato on sale, a bulk packet of bison steaks for the year, or taking a day trip to the beach. Having a reliable car and staying up on medical issues really eases stress, too.
 

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I think there should be a balance.

So there basic goal is to have enough money to live on in retirement.

After that, you want to be able to enjoy your retirement years. So that includes having money for extras.

But you also want to enjoy your current life. So that means occasionally spending money on some extras.

Things like not taking a vacation now so you can travel more in retirement does not make sense to me. It makes more sense to travel a little bit now and little bit later.

My aim is to have a standard of living in retirement equal to what I have now. Although I am over cautious and contributing more than I probably have to.

On the other hand, with all this pandemic stuff, I realize that making it to retirement might not happen. So I want to live life to the fullest now. Well the fullest I can without traveling, attending large events that are cancelled and visiting places that are closed. And also not leaving the home more often than I have to because my husband is high risk.
 

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Well there is quite a lot between those two options. I have to say my plans are between the two. For example, I would like to go to local events and attractions. And I want money for games and books and hobbies. So not a huge amount, but more than just getting by.

But even if I wanted to travel overseas a lot in retirement, it does not make sense to give up all traveling pre retirement to save for it. Many historic sites are not very accessable to people who have difficulty with stairs or mobility issues. There are also similar issues for things like hiking through national forests.

I also feel like traveling overseas a lot is a pretty expensive thing. It would be difficult to save up enough money to do it if you did not have a good income.

Although I suppose it depends on what you think of as a lot. One overseas trip a year could be a more realistic goal.
 
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