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Skinflint Boomers


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9 minutes ago, Prubangboy said:

says The Economist. This generation of pensioners is not spending nearly as much as past generations. 10% less, and it's lowering inflation and interest rates as tha

In 1 country or worldwide?

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Obviously with higher savings rates pensioners with a little cash are saving and/or investing a bit more until rates plummet again. It's just financial prudence. 

 

That and higher prices are leading to lower spending. It has always been this way.

 

 

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2 minutes ago, Jingthing said:

 

So sometimes I find myself looking for ways to spend MORE money.

 

I stopped making my own protein shakes and iced tea and now get them delivered from 7/11. More drinkable, less hassle, call it 120 baht a day now mercifully gone

 

Along with ice. For most of my life, the prospect of buying ice was unthinkably spendthrift.

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One reason not listed is the demise of the defined benefit pension and rise of the defined contribution plan. The boomer generation started working about the time the 401k was invented and employers started phasing out traditional pensions. It's harder to fund a pension by setting aside your own money than it is to rely solely upon an employer to fund one.

 

Here's a link to an article that describes this shift: https://www.investopedia.com/articles/retirement/06/demiseofdbplan.asp 

 

 

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Comparing Thailand with the Western world, it is blindingly obvious the cost of housing, food and services have inflated far less here.

 

I had a car fully serviced here recently for 1300 baht. They'd charge me that much just to open the bonnet in Australia.

 

 

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6 minutes ago, georgegeorgia said:

 

Especially after practically being locked up there for 6 weeks 

Why couldn't you just use the brains that god gave you, write off the pittance for the prepaid Air BNB, and go get a better room for $30 a night? On your once in a life time vacation?

 

Medical fear seems to be the big boomer-spending inhibitor. But what about death? Maybe you shoulda ordered the bigger prawn.

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10 minutes ago, Prubangboy said:

Why couldn't you just use the brains that god gave you, write off the pittance for the prepaid Air BNB, and go get a better room for $30 a night? On your once in a life time vacation?

 

Medical fear seems to be the big boomer-spending inhibitor. But what about death? Maybe you shoulda ordered the bigger prawn.

And much worse was that cafe in the view talay 2B did not sell protein shakes !!

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Longer life spans like living into one's 90s or 100s in high income countries seems to be a happening thing. So work longer;  don't smoke/vape/eat crap or binge Netflix. Get a dog, you'll live 8-9 years longer than average.  

20240618_100732.jpg

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Just now, Rumpelstilskin said:

Longer life spans like living into one's 90s or 100s in high income countries seems to be a happening thing. So work longer;  don't smoke/vape/eat crap or binge Netflix. Get a dog, you'll live 8-9 years longer than average.  

20240618_100732.jpg

How do you travel with a dog?

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3 minutes ago, Korat Kiwi said:

If I was in NZ, and working then I'd expect half of my salary to disappear on rent.  The other half would likely go on power, water, food, fuel, insurance. 

 

My NZ Army pension wouldn't even cover the rent! 

 

In Thailand the NZ Army pension covers everything. 

 

It's a no brainier to stay here. 

Plus there are less annoying people.

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20 hours ago, Prubangboy said:

-So says The Economist. This generation of pensioners is not spending nearly as much as past generations. 10% less, and it's lowering inflation and interest rates as that unspent cash rolls over into savings.

 

Reason:

 

1) fear of out-living their money due to increased life spans

 

2) wanting to leave money to their heirs

 

3) stay-at-home habits from Covid are sticking

 

4) oldies feel glutted with possessions and want no more

 

Are you a net-saver well into retirement? Why? Which reason above affects your spending?

 

Me first: I spend about 70% of my monthly allotment. The rest is re-invested.

 

I expect to live for about 15 more years (no $$$ prob). No heirs. I eat out in a nice Nimman restaurant for my main meal every day.

 

I ran out of stuff to buy (I have 16 nice polo shirts). I splurge a little on travel (premium economy flights these days) and I give a bit away.

 

-And how has living in cheap Thailand affected your spending? I go to the doctor at the drop of a hat now that it's only 500 baht for the office visit.

"On the money". Lower cost of living was a major consideration for retiring in Chiang Mai. Sustainable monthly budget $2400.00 usd ($1570 of that from SS). Doubt as to being able to retire in the USA on that ... and lower cost medical care another consideration.

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2 minutes ago, Hanuman2547 said:

Perhaps skinflint boomers are a product of their parents who grew up during the Great Depression era of the 1930's.

It does influence but did not determine, in my case ... the middle way.

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     I find myself with plenty of money these days but for 30 years while I was working in the US, it was a struggle.  I had to be thrifty but, luckily, I had learned thrifty habits from my parents, who had grown up in the Great Depression.  I can still remember my Mom saying 'save the bows' Christmas morning when we were unwrapping our presents, so we could use the bows for next year--and sometimes she saved the wrapping paper, as well, even in their later years when they were quite well-off.  My Dad often joked that he could have bought a new Cadillac every other year if he hadn't have had 6 kids.  But, when the kids were grown and he could have easily afforded a Cadillac, he never bought one.  Too thrifty--and he wanted to leave us kids a nice inheritance, which he did.

      I still find myself being thrifty, as is my Thai spouse.  We have never flown Business Class--ever.  But, next flight we may splurge on Economy Plus.  Or not.  We have pretty much all that we need or want so life is good here.  My spouse is younger and my main goal is to make sure he is well-provided for, as he will likely out-live me.

     

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I would very much like to see how "The Economist" determined that "...this generation of pensioners is not spending nearly as much as past generations. 10% less, and it's lowering inflation and interest rates as that unspent cash rolls over into savings."

 

Seems pretty suspect to me. How is "spending" even defined? I bet I spent more on my last phone than my mother and father spent on phones in their lifetimes. 

 

The last new car I bought costed three times what the last new car my dad bought. 

 

 

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