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[quote=Anonymous][quote=Anonymous]People really don't know what they are doing with money. My MIL just told me this weekend that she needs to work a few more years to hit her retirement goal $$. A bit later she told me she cashed out a pension that was more than expected so she could redo her home office with nice built ins, French doors, wallpaper, etc. And she told me she sold some company stocks, bought a bunch of Pharma stocks hoping they would increase more quickly, but now they have gone down a bunch. She also just bought a new car with her savings, so she needs to build that back up. So basically, she is using retirement/emergency money to fund her lifestyle, and the goalpost keeps moving because she won't stop touching the funds. This is a college educated person who spent her career working in finance.

I think people do save. But they end up tapping into their savings over the years for various things. They justify it by saying they need the car, the home renovation will increase their home value, etc. But treating retirement funds like this does not help.[/quote]
But statistically retiree's expenses will drop the older they get. What good will it do her to have a pile of money later she won't use? [/quote]

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