Do Old People Spend More Than Youths?
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Re: Do Old People Spend More Than Youths?
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Ukamaka I can't agree with you more. Also, retirement from work leads to a decline in a household's overall income, especially if one was salaried.Victoria Ukamaka wrote: ↑19 Jul 2022, 09:54 I don’t think it is because they will spend more at that time than they are currently spending at a young age. It is because they are likely to work less and earn less due to their declining age and health.
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Thanks for the comment, Tonia! It is indeed wise to save more while still young in order to spend more during your old age. However, the sad side of it is that you have less time to live during your old age years as compared to your youthful years.Tonia Freeman wrote: ↑19 Jul 2022, 11:38 I guess it depends on the person, but the idea is to save more early so you can spend more later. If you look at a typical life your large costs will be college expenses, homes, cars, etc. But if you aren't always buying the most expensive of each more of your income can go to savings vs living expenses. Personally, I hope to spend more after I retire because I want to travel and maybe buy a vacation home. That's why I find the minimum that I can live with. But, maybe others don't plan to travel and want to buy and pay for things and stay where they are during retirement so they wouldn't need as much.
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Hey Roy, it's quite interesting to find out that our parents share similar traits lol! My dad also happens to be very good at spending wisely. He says that's the only way you'll never go broke, ignoring other factors such as disease or accidents that need heavy spending.Kelsey Roy wrote: ↑21 Jul 2022, 13:06 I do not know that I would be able to distinctly say that older people spend more than youths or vise versa. However, I do think the older generation is more discriminatory on how they spend their money. My mom, who is in her late 60's, always comments on how much her young co-workers spend on morning coffees and eating out at lunchtime. Conversely, my mom clips coupons and packs her lunches but probably has more money to spend on the things that are important to her such as vacation or grand kids. So even if they spend similar amounts of money, the older generation likely puts more planning into where that money goes.
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