Retirement Savings: spend it or save it?
by Wendy, Retirement Enthusiast/Coach
How do you know how much to allow yourself to take each year -- you don't know if you'll live ten years or thirty years, and need to have some extra monies for the rest of your life... right?
For me, (and you've heard this before)... I retired at age 55. Mom is now thriving at age 96. IF, God-willing, I live as long as mom, I will have FORTY YEARS in retirement! FORTY years of pension, Social Security, health care without working! That's both scary and crazy to me!
Please tell me your thoughts on your finances. I'm not a worrier but my investments are sure taking a hit lately, as I'm sure yours are.
Do you invest retirement monies or simply use your local bank? Are you looking the other way and letting it sit until the market comes back and earns income again? OR are you a Nervous-Nellie type and need your money out now? Just curious.
Do you have a financial planner?
OK, the BIG question:
Do you start spending in retirement, finally giving yourself permission to use those monies you've saved for years now? But possibly finding a lack of funds in your later years?
-- OR --
Do you continue to save in retirement and leave your hard-earned monies to your heirs (never having enjoyed it yourself)?
** No names on these comments, make one up! Purely Interesting to see what others are thinking about here! Thanks!!