Yes. I wonder how many of the seniors in a previous post who had to decide which items to put back on the grocery shelves because of lack of money had a YOLO attitude towards things like Disney vacations and keeping up with the Joneses-type items when they were younger.
I'd say that "financially stable" and "financially secure" are not quite the same thing in my mind.
The first implies that you have a solid steady income, some savings, and perhaps manageable debt, but will be just fine if a major (but not catastrophic) emergency strikes (say, something costing up to about maybe $25K).
"Financially secure" implies that you have no debt at all, plus enough savings stashed away to handle just about any catastrophe that might befall you, including a member of the family becoming fully disabled on a permanent basis.
I'm financially stable. I am debt-free and own my own home free and clear, but my savings isn't yet large enough to carry me indefinately if I cannot work at all. Technically, I'll be eligible for Medicare soon, but I'm going to hold off on collecting my SS until I reach full retirement age. (We still have a 16 yo to educate.)
Wife was planning on waiting for the full Social Security but cancer has her wanting to retire and collect it early in January. The cushion of cash we saved will help that. Early Social Security draw means about $640 less per month.
Remember your Medicare isn't free, it's deducted from your Social Security and an essential PPO medicare supplement is out of ones own pocket. My retirement reimburses us for all that. Wife paid no mind to that benefit over the years but now sees what a big deal and amazing benefit that is.
I walk down to a nice little pub for a drink and watch the Ball game and amazing how many people I meet that didn't plan to retire. They skipped paying or paid little into their Social Security and have very little to live on. Cougars hitting on guys with solid financial lives is pretty common. They can barely afford the room they rent at over age 60. They wait for someone to buy a round of drinks because they are that broke or a happy hour $3 special and nurse it for 2 hours.
Under achievers don't like achievers so one must be selective on who they make company with.
I worked a stressful job and dealt with awful people but reached my financial goal. Ain't rich, but I can enjoy the fruits of my toil.
I'm much older than my wife and when I tap out their's enough assets for her to be the crazy cat, dog and Burro rescue & adoption lady.
"European girls look more for a solid, financially stable guy to marry, USA girls want a tall guy that's "wrong" for them." - Jenny Jones.
To my Swiss wife I'm just an older guy, being tall helps get noticed I guess. She asked me to marry. I was blindsided with that.
We can afford to RV travel and wife has the time to volunteer in a local animal adoption center. She's placed 100 German Shepard's in good homes. Tough standards to qualify to adopt one. Brushing German Shepard number 101 we adopted: :
Three years ago diesel fuel was $2.99 a gallon here, now $6.99! We run that same diesel Disney parks run. Renewable / sustainable made from farm silage that's ultra low emission that was 50 cents a gallon cheaper than fossil fuel. Now, the same price. So we drive less and skip the $8 Big Mac.