Your post on saving money put a smile on my face. When I visited my parents in the desert I would often drive my father to run errands. Once I realized I needed gas and mentioned to my 80+ year old father that I had to find a gas station before taking him where we were headed. He told me to go to Costco because it was 25 cents a gallon cheaper. I told him that it was out of the way and for 20 gallons it was a $5 savings and that wasn’t worth it to me because the line is often 30 minutes or more and my time is worth more to me than that. He said, “thats your problem, you forget where you came from and your attitude will only get worse and you’ll eventually be throwing all kinds of money away!” I  told him that I know exactly where I come from, it’s just that I’m more focused on where I need to go. In the end, of course I went to Costco; saved $5 and waited a long, long time. As we were leaving he said “now, that wasn’t such a big deal, aren’t you glad you did that?” I said, “to be honest, no.” And he said “to be honest, me neither” and we both laughed.

Andy Astrachan

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Married 51 years, saving and planning on all the future traveling ahead.

Last year diagnosed with a bad blood cancer.  Maybe a year or two left.

Live Now.

Dennis Brent

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I am getting set to retire at age 60 and your column really spoke to me. Unlike you, I was moving with my family every few years so I never had a childhood home. Dad was always chasing after the better job – supposedly. But my mom was always the breadwinner because she was a nurse. Money was always an issue with four kids and never putting down roots. I learned to be tight with cash. I had a friend in college who would say, “McIntyre can stretch a buck until it screams.”

It’s hard to leave something I’m really good at. I know I could never get this job again at my current age. That’s probably not the way to look at it.

Instead, I look at the fact that my two older brothers died during Covid. In another year or two I will have surpassed both of them in age. My mom died when I was 39. My dad died when I was 45. One sibling left. One daughter will be finishing up college next year. A great spouse.

Anyway … experiences. Go for the good ones. Everyone needs their own version of your ski jacket.

– Jody McIntyre

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I’ll turn 70 this year, and I’m financially comfortable, however, like you I’ve often found myself denying simple pleasures and saying, “nah, I don’t really need that.”

Here’s something for you to think about: according to the CDC, the average life expectancy for a US male is 76 years. And the inescapable truth is the last few years will be characterized by declining health.

So take that ski trip NOW.  Buy that convertible NOW.  Do something nice for your kids NOW.

It’s more important than ever to live in the moment.  As Warren Zevon famously quipped about his cancer diagnosis, “enjoy every sandwich”

Dave Burgess

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I loved this article—I swear I could have written it myself. You hit every topic perfectly: travelling, clothes, Gelson’s, Costco, spending priorities, living life. I can relate to all of it.

 

I turned 72 not long ago, and I’m firmly at the “if I really like it, just buy it” stage of life. What’s the point of living if you can’t LIVE? I grew up with nothing—and I mean nothing—but I worked hard my entire life (and still do, because I enjoy it). At this point I just say to myself, what the hell is the point if I don’t enjoy it while I’m here? Why should I be jammed into a horrible seat on a plane when I can pay for first class? Travelling is stressful enough these days—so screw it. The comfort, relaxation, and pampering are absolutely worth it.

 

I laughed out loud at the ski jacket story. I just spent a stupid amount of money on another Moncler winter jacket myself. I definitely felt a bit of guilt at first, but then I thought, I like it—just get it. Now I wear it all the time and love it.

The Costco gas story also hit home. I’ve got a few younger employees who laugh at me because I get up at 7:30 a.m. every Friday to fill up at Costco. I figure I’m getting three or four extra tanks of gas a year by doing that, so why not? I think what they find funny is that I’ll do that—and then turn around and spend a ridiculous amount of money on a bottle of wine, clothes, or a great meal. ? Oh well… it’s all about priorities.

 

I found out last week that I need a triple bypass, so I’ve been doing a lot of reflecting lately. Fortunately, I’m in pretty good shape overall, so it should all work out. Thanks for the laugh, Bob—for me, your timing couldn’t have been better.

 

Best Regards,

 

Jerry Van Dyke

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The struggle is real Bob.  Like you, I don’t have kids and my siblings are financially stable, in other words, I don’t need to leave any money behind.  I am 67 and regardless of what my financial advisor says (I’m not going to live to be 97 as he would have me plan for) for the first time in my life, I can treat myself.  I did everything I was supposed to, max contribution to my 401K and lived within my means.  I bought a house that was significantly less than the bank told me I could afford.  My parents grew up during the depression and were fearful that it could happen again.  A case of Michelob and a rib roast at Christmas time was a big treat.  Add in my Roman Catholic upbringing and you have a recipe for guilt and frugality.  But I have finally realized that I can afford to do things that I always thought were out of reach, I just hired a contractor to do some work on my house that a few years ago, I would have done myself.  I am planning to travel, if I see something that I really want, I buy it.  You can’t take it with you Bob, so the goal is to check out with no debt and about $8.00 in my checking account.  Challenge accepted.

Michael Kimball

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One of the things that happens when you get past 70 is you realize “I don’t need any more pens, paper clips, shirts, underwear, socks, possibly even shoes, for the rest of my life.”  The more you buy, the more you have to get rid of, doing the Swedish Death Cleaning to prevent your kids from having to get a dumpster in the driveway to throw out all your “stuff”. So I resist buying, at age 74. And why shoes? If you have 10 pairs, they don’t wear out very quickly. You might be good for 10 years.

Preston Bealle

Darien, CT

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Good article Bob.  I am 67 and like you,  I am more willing to splurge on things now more so than when I was younger.  I have made the observation that once people hit their eighties they either have significant physical problems, mental health issues, or both which will significantly impact their ability to enjoy things they take for granted when younger.  So, my plan is to go for it (in a thoughtful way) for the next decade, while my wife and I are still able.

I once heard some macro financial advice which advocated spending more freely on things that are important to you, and be frugal with those things that are not important.  I think this is sound advice at any age.

Do things which make you happy, and put a smile on your face.

Don Weis

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Say what you will, but Kirkland is a solid product. I wear their boxer briefs as they are almost as nice as Fabletics and I will use the 32 Degree Vests for outdoors because they hold up and cost $20.00, they rival North Face these days as NF shif the bed on their vests lately. They’re long and bulky, they cheaper out! I will wear Costco and proudly. Take care, Bob

Adam Franklin

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Beautifully said, Bob.  You touched a lot of chords with this one.

I’m a Sam’s Club guy (closer Costco is 190 miles away — Sam’s is 75 miles!)

I still have my Levi’s jacket, bought in ’77 at University with my own coin.  I’d had Dickies and Sears before that — endured the teasing.  We couldn’t afford the cool stuff.

I have a vintage wool Celtics jacket that, on my every few years Celtics game at the Gahden, draws comments from EVERYBODY as we find our seats.  For a moment, I’m hip.

I’m picky about my chainsaws (Stihl), my books (hardcover or kindle … no softcover), about my Jameson’s and Guinness, the whiskey and beer, respectively, of my people.

We spent about $3800 on concerts last year — can’t do that again, but it was a treat: Bonnie Raitt, Brandi Carlisle, Karla Bonoff, Chicago, Willie/Dylan.  Billy Bragg, others on the bucket list.  Such fun — I don’t do merch; save on that.

Thank you for doing what you do.  I read everything.

Best,

Kevin Ritcchie

Woods-of-Maine

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All I can say is YOLO baby!

Make yourself a promise that the time has come to set yourself free from worrying about money. Not free from being responsible with it (which at this point you can totally trust yourself to do by rote), just free from all the anxiety money has taken up in your mind. You’re not Bezos, but you’re never gonna go broke. Isn’t that wonderful?

If you ask me, not worrying about financial building and planning is one of the only bright shiny aspects of getting older. You’ve made the journey and you’ve arrived with whatever you have. Let yourself feel great.

You can’t buy happiness it’s true. But the occasional high quality purchase is not a waste. It can bring lots of joy and pride to your heart which can last a long time. Just like with that jacket. You didn’t get had. You got something great. It was worth it.

Not having any money is a real problem to think about each day. Worrying about not having any money when you do have a little bit is only self-destructive.

So…enough with the guilt. I mean, if you don’t relax and enjoy now, when?

Don’t worry. Be happy.

Best,

Paul Gigante

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Dear Bob,

As my good friend Jock, also in his 70’s says, after all the years of saving, it’s time to put the car in reverse.  Not easy to make that shift, but it seems like the right thing to do….now.

Best,

David Epstein

Oakland

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Thanks Bob,I saw Levis jeans for sale $20 at Walmart.Black Friday.So I bought a pair.Fit good 1 time when I put them on,and then they went all baggy and out of shape.Levis Signature.I didn’t know Levis have a crappy brand.But I bought a pair of Amazon jeans,they fit after wearing them for a week.Who knew?I can’t ski or go to shows anymore,so me and my dogs eat well.I don’t know what else to pay big money for.I heard a woman say,when you hit 60,you don’t need to buy anymore clothes.You have enough until you die.I don’t agree.A new pair of black jeans,and a new black t-shirt feels so good to wear.Stay well Bob,snow is coming this weekend here in CO.Take a run for me,Ted Keane

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I am of your vintage and my sport of choice is dressage.  I do not even look at what I spend on my horse, my equipment, my show clothes, my truck and trailer and my mare’s wardrobe of blankets for every occasion.  If I added it up, I would get nauseous. Here is the thing.  This activity brings me pure unrelenting joy.  That joy is priceless, so cost be damned.  I never feel more alive than when I am riding.  I will be dead soon enough so living well now is worth any price. You are right on.

Kathy Marsh

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My old college roomate did extremely well, TV production and as the infomerical king of LA. He’s got a lot of money and just dropped $2 mill on a nice second home up here, but that same feeling of, ‘what if’, gets in the way.  He has a great 8 year old MBZ and he said I can ride this one into the sunset.  Then he sees a helluva a deal on that new one where the back seats recline (he’ll never have the pleasure of using them unless he gets a chauffeur), but it’s got everything.  It’s a helluva a deal at $155K.  He calls and does the Jewish back and forth e.g. it’s a waste, what am I thinking, but it’s such a good deal.  I just said; Steve, just buy the damn car.

I’m not in that situation, but I just can’t buy full retail, it’s not only against my/our religion but I see getting gouged as an insult.  It’s offensive to me.  Perhaps if I had fu\*ck you money I might feel different but the for the clothes I need now, Costco is perfectly fine.  And then there’s Marshall’s.  I do like a good retail outing.  A deal is satisfying.

I spent plenty at those great Melrose boutiques., but it’s not so important anymore.  Comfort is king.  I like HOKA’s which can be pricey, but I will wait for the sales. thanks for the Vita Rain Zero tip.

I will buy a main course at Whole Foods cause I want quality.  It’s about what we feel is important.  Then there’s the whole concept of wanting to hit the finish line with the fuel gauge on zero.  You can’t take it with you.

John Brodey

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It’s a tricky balance, this aging thing, Bob.

Biggest issue – man or woman.

In 12 years we’ll enter a full decade where there are 8 women for every man. They will live longer. And they’ll have less money because they always get screwed literally and figuratively.

In 12 years, a larger number of Boomer single moms will be homeless. Women will be sicker with no one to care for them. The men the same age will chase younger women – if they’ve got the money. So do these women save now – or do they end up in a homeless shelter?

That’s because this so-called trillion dollar windfall coming from Boomers will fall very unevenly on their kids. The rich will get a lot richer. Everyone else won’t. The wealth will be concentrated in just a few geographic areas. Everyone else will be out of luck.

And, you didn’t even talk about the money sponge that destroys families – dementia. $100k a year for pretty awful care?

When I think of that, I’m with you. Enjoy it now. And if you run out of money and you are still “aware”, you can ski off the cliff or swim out into the ocean.

Because like it or not that’s what the Republicans have put in motion with the ongoing cuts to service and the massive tax cut gift to the already wealthy, Massive poverty for millions of Americans and entitled grandkids sitting back and soaking up trust funds.

That’s my nickel’s worth since we don’t have pennies any more.

John Parikhal

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It’s a very common dilemma 99.9% of American’s are faced with, even the uber wealthy (who, trust me, have PLENTY of their own legacy and estate planning issues, just look at how many wealthy legacy artists get stuck in mud and die intestate!)

I always repeat the same thing to every artist I work with – find the balance. A balance between enjoying your money and saving your money. Don’t save it all, don’t spend it all. It’s even more important for artists to find such a balance given fluctuations in income. Years when you sign a new pub deal, or sign a new three-picture deal with a studio, be sure to save plenty to cover those in-between years when earnings may slip… COVID shutdown, WGA/SAG strikes a perfect example.

We will all die one day, but we don’t know when. The psychology of money is something that is extremely complex. Americans see their peers flexing on socials, yet don’t realize most of them are living on CC debt… we all have seen our parents/grandparents navigate the costs of assisted living and skilled nursing in their twilight… you DO NOT want to be the person who relies on your children or Uncle Sam late in life.

We are in a constant fight against inflation… it is imperative that your savings are maintaining buying power over the years, otherwise you WILL fall behind. Case in point the cost of education and housing today versus just a decade ago.

I make a recommendation to work backwards! Set a savings goal each month. Whether it’s $1,000 or $100,000/month – everyone has a different capacity to save. Make sure you hit your goal each month, then whatever is left over, go enjoy it! Take that vacation, buy that depreciating boat… we work really hard, care for our loved ones, exert incredible mental and physical stress each day trying to get by in life… what is it for other than doing the things that make you happy… and if it costs money, that’s ok.

Find the balance. Everything will work out in the end… don’t feel scared about asking for help.

Julian Schubach,

SVP – Wealth Management

ODI Financial

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I agree wholeheartedly!  I’m in my mid seventies and have decided that I put money where it most benefits me. If it seems wasteful to others, I don’t care.
My wife and I were fortunate to have good jobs, with good retirement plans. We did the hard savings when we were younger. That meant sometimes we had to do or have less. So why should I do that now.
Bob, enjoy the time you have now. I will, and I don’t think anyone should judge me for it
Mitch Horowitz

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Go for it, YOLO.

I take comfort in the fact that, while we don’t know how much time we have left, every year that goes by is one less year that we have to fund. I figure that if I’m worth as much now as I was last year, then I’m basically living for free.

Best regards,

Darryl Mattison

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I’m with you Bob. It’s nice to get exactly what you want sometimes. Not almost what you want. Cause that’s the thing you’ll reach for for years, like your ski jacket.

I believe in spending money on the things that are important to me….I don’t worry about what others think so much anymore. Some people are going to have something to say either way.

Jason Morris

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I love Costco’s vitamin water. $.50 a bottle versus $1.25. Sure, the flavor isn’t exactly what you want but for that price delta I’ll take it. Plus you get an extra 4 ounces with the Costco version.

Best wishes,

Kyle Kraus

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Spot on Bob. I’m your age. Still, I can’t allow myself to throw caution completely out the window and live like there’s no tomorrow, but at the same time, I realize I will never have more health, relative wealth and time than I do now. So I’ve got to carpe diem. And speaking of Costco..My wife has always wanted to go to Tahiti and stay in an overwater bungalow. So on Christmas Eve I got up the gumption to take the plunge and bought a Costco Travel package. It cost a small fortune, but we will both remember the trip long after I’ve forgotten what it cost.

Happy trails.

Peter Angleton

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Milt Olin said the difference between a good vacation and a great one is $1,000.

Hank Barry

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I am 82. I work weekends as a PSIA certified ski instructor and have a Vail Epic pass NE only available over 80. To me, anyone in their 70’s is a child pretending they are old.

Robert Lovenheim