One of the toughest things about my job is convincing my clients to enjoy the money they have saved. Most of my clients have worked very hard for decades to save money toward their retirement, and when that time comes, it’s tough to change their mindset from saving, saving, saving, to spending.

Balancing Saving and Spending

Twenty years ago, I learned a valuable lesson. I had a client with over half a million dollars of spendable income. I went to her house to get a document signed, and there she was, watching The Price Is Right on one of those box furniture style 1970s TV sets with lines through the screen. I said, “Lola, what are you doing?” She said, “I’m watching The Price Is Right.” I said, “I know you’re watching The Price Is Right, but why are you doing it on that antique television? You need a new TV.” She said, “Can I afford it?” I realized then that my clients needed to know more than just how much money they were going to need to cover expenses and emergencies. They also needed to know how much they can afford to spend on enjoying their lives.

Maximizing Your Retirement Savings

Remember, if you can afford to fly first class but don’t, whoever inherits your money will. Too often, people save money toward retirement, but because of sickness and just getting older, they are not able to enjoy the fruits of their labor and experience the things they’ve dreamed about doing.

That’s why I give my clients a crystal-clear idea of how much money they can spend without impacting their retirement income. Also, if you are way ahead of schedule in your own retirement planning, don’t put off till retirement the things that you would like to do today. If you need an idea of something to do or a bucket list item to see, here is an example.

Thanks, Dave