Retirees: How much money do you have in the bank?

[Hammerhead]

Rule #1 don't discuss finance with strangers on the net.

[tobedetermined]

70+ age. No debt.

No debt is key. Go in to retirement solvent with some diversified back up and don’t expect to live large. I was always considered self-employed, so I don’t have a private pension and relying solely on the gov’t pension isn’t the wisest plan - but our (mostly) free medical care certainly helps to bolster that. We have term deposits, some safe stocks, some physical gold, and we live in paid-for house in a constantly booming real estate market.

[bibi40]

Rule #1 don't discuss finance with strangers on the net.

perhaps the best idea !

[Hammerhead]

perhaps the best idea !

Never post something you don't want the world to know. Posting how much Money we have is not a good idea.

[Smoker2]

....

[Gry]

I do not believe anyone was suggesting anything beyond conceptual conversation.
When I look at the difference in value between now and when I was a kid, I sometimes
wonder why we would be speaking of much else.

[grayeyes]

Money and what to do with it is an interesting subject. I have seen the value of putting some away in Vanguard offerings. Over a three year period my $3k was transformed into $6k. Tough times caused me to spend it but now I am watching the high return markets for a $10K investment.

[grayeyes]

Oh, the comments on banks caused me to rise. Ever hear of safe deposit boxes? Who knows what is in there? Only YOU.

[rod58]

an old friend who was about 65 at the time and i was broke and 35 , said to me , " you accumulate the most amount of money in the final years of your life " .
now i'm his age and i understand ! own your roof and the rest falls into place .
a matter of interest , i own all my stuff and have a few hundred grand , but .. cos i already own everything , what is there left to buy !
makes me laugh , spent my life striving for it and now i couldn't care . and i do get it that some have got to my age and have nothing ..
now that would make it different !

[flylowgethigh]

Oh, the comments on banks caused me to rise. Ever hear of safe deposit boxes? Who knows what is in there? Only YOU.

Banks have a habit of claiming the contents of SDBs, called "sweep". I don't trust them, cause I have to beg to get tp my stuff.

Rod58 is right, but making money by working is a lot harder as you get old. Being debt free, and having some income, is the key. If that income involves the US guvmint, that is a big risk. They are broke. Inflation is how they are going to fix the debt problem, so better have assets that hold value and can't be taxed or taken. The only ones I know of are metals

[St. Phatty]

The other day I walked into the Dollar store and the checkout person said, "is there anything I can do to help you ?"

I said, "Sure, give me all the money in the cash register. That would help me".

Then I said, "sorry, that wasn't supposed to sound threatening. How about just $100 ? Would it sound less threatening if I say please ?"

Oh well, at least she didn't call the cops.