People who invest for the future

[dave50]

Does anyone think that some people are too obsessed in thinking about their investments for their retirement? By all means have a modest pension plan but for some people it's all they think about, skrimping and saving, even if it means going without today in order to save for this 'rainy day' many years in the future that they may never see. I know of people with this mindset, saving, doing without, then what happens? They get cancer or have a heart attack and die at a terribly young age and so do not benefit from all this skrimping and saving. Do they take life too seriously and should they, within reason, enjoy life while they can, while they are still relatively young?

[sallybb]

Difficult one this. I used to resent my husband for putting that little bit extra away, but it has now paid off. He lost his job 5 years ago and was unable to find another. He now is on a company pension, and by using some of the investments he made. I would say we are now better off than when he worked, but still young enough to enjoy life. Life is a risk, unfortunately unless you have a crystal ball and can see into the future, there is no right or wrong answer.

[petal54]

my parents are in their 80's & are so fixed on 'leaving something' for my family & that of my sister's that they fail to think for the here & now for themselves

[didoatwork]

My Mum has scrimped and saved all her life and now she says she does it so she can leave me her "fortune". I have told her I would rather she spent it on herself and had some enjoyment from it, but she is still scrimping and saving! She also blames World War II for this attitude.

[Pinkypie]

It is hard to think about as you should be able to 'live' now, but my parents are living comfortably now due to my fathers careful planning and saving. It's been god sent really as he had to retire early on ill health and was able to afford it.

It's a lovely thought to be able to live for now, but this financial climate means we have to think of the future.

[carolegif]

If you scrimp and save, do everything you are supposed to do. You are penalised for it in taxes and low interest rates whilst the banks take a sizeable amount every year for the priviledge of having your money. You even have to use it for your care.

On the other hand, if you don't work, don't save, don't buy a house, then the state will give you everything free!

[AB Editor]

didoatwork - My grandmother is the same. I be they're hoarders as well aren't they?

[ummmm]

After watching my grand parents work hard and save all their life...and now seeing how much he's paying for care (£1,200 per week)...it seems a bit pointless really.

[LoftyLottie]

Some people can't afford to invest for their future. In fact, I would say that the majority of people can't afford to invest for their future - they need every penny they have to just live for each day as it comes.

[emmie]

that generation, who had little to start with, and built a nest egg, continue to feel that it will all go up in smoke. For some of course that's exactly what happened with their pensions. I think they feel its wrong to spend just in case, the whatif generation, and i can understand that completely.

[petal54]

as you say ummmm,rock & hard place comes to mind,these days people assume that there be 'someone' that'll pay for whatever when 'one' gets past it

[ummmm]

As a family....no one cares about his money. It's just sad that it's making him sad. He just wanted to leave money to his kids....if he lives for much longer he won't have much left. He's been paying for care for 4 years.

[keyplus90]

Aagah Apni Moat say Koi Bashar Naihn.

Saaman So Baras Ka Pal Ki Khabar Nahin.

From Urdu poetry and it means,

No one is aware when death will catch him/her.

Preparing for 100 years and not sure if he/she will see next moment.

[sandyRoe]

Matthew 6:19
'Do not store up for yourself treasures on earth, where moth and rust destroy, and where thieves break in and steal.

[Brinjal]

Out living your savings is not good. I dont believe in going without to leave something to the kids. If there is anything left over they are welcome to it but it is unlikely there will be anything.

[Old_Geezer]

But it is daunting, to know there will be a time when one no longer earns a salary. It's nice to be rich in time instead, but most are not keen to give up all the things they enjoy. So they prepare. And if they don't make retirement age then they have the comfort of knowing they will have saved for their younger family members (oh and the evil taxman who will want yet another cut of their earnings/savings).

It's a personal decision how much concentration one puts into the future. I'm unsure one can say their outlook is better than another's, extremes possibly excepted. Sure it is good to live and enjoy the present, but who is to say what the best balance is.

[jomifl]

Matthew hadn't heard of 'raid' or security lights.

[Poppetchops]

You need to calculate how many useful years you have left then decide whether or not you are going to outlive your money. Spend it accordingly, possibly drawing down no more than 4% income from your total investments and savings. Factor in things you really want such as an annual holiday, a top spec TV, laptop and music system and have fun while you still can. REMEMBER, if you have already turned 60 you will be 80 in 20 years time - if you are still alive.