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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Another thing is that if you don’t learn how to spend (responsibly) now, you definitely aren’t going to learn it in retirement. You will be too set in your ways at that point. I have seen countless retirees who sit on huge savings and do nothing with it because they lived their lives saving every dollar possible, and they don’t know how to spend.[/quote]

I don't think it's that hard to learn how to spend money responsibly - at least it's not harder than saving every dollar possible. I also kind of doubt that these people regret dying with money in the bank, and they probably enjoy being able to pass down their wealth to whoever they want. I think the way to convince people who've been scrimping their whole life to spend more is to figure out what their goals are, and show them why spending now, rather than later, will align with those goals.

For example, the Die with Zero author makes the argument that, no matter what you want to do with your fortune (spend it, pass it down to future generations, donate it to charity), that it's best to start doing it earlier than later. I believe his book (only listened to a podcast) talks about how charities can change with subsequent directors, so you don't know how they'll be run 5 to 10 years into the future, and that it's easier to make sure the charity aligns with your goals if you're still alive when giving them the donation. For giving to future generations, it's better to help them fund college, grad school, down payment for a house, etc., than to give your 60 year old children a lump sum. [b]Obviously, with travel, you'll have more fun doing it at age 40 than 70.[/b] If you have family members that refuse to spend, maybe try talking to them about what they're hoping to get out of the money that they're saving.[/quote]

Why is this obvious?  I enjoy things on which I have spent money but which have not detracted from my financial goals.  I’m 42 but would not enjoy a $15,000 vacation now because I have other financial goals which that would delay - I’d be thinking about that even while taking in the beautiful scenery.  I’m not saying you have to wait till 70, but I know for sure I would enjoy that trip more at 52 than 42.[/quote]

This age stuff is a bit odd.  It is not the 1940s and 1950s.  At 70 most people should be able to do most if not all of what they could do at 60.  [b]Even at 80 most people today should be reptty heathy to do whatever.[/b]  At the moment YMMV after 80.  People who are 40 today when they are 80 -- that will feel like 70 or 75 does today.  We are living longer and healthier and that will expand greatly over the next 20-40 years.  In the 1950s you were old at 65.  The 1950s 65 is 80 today.[/quote]

The life expectancy for people in the United States as of 2018 (pre-covid) is 78.64, so most people will be dead, rather than healthy, at 80.

In the 1950s, the average life expectancy in the United States was 68 years old. So if you were to compare, I guess 75 of today is the 65 in 1950. [/quote]

But we're talking about relatively wealthy people here, not the "average."  Men and women in the top 1% of income have a life expectancy of 87.3 and 88.9 years, respectively.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4866586/#:~:text=Men%20in%20the%20top%201,of%20death%20of%2078.8%20years.[/quote]

Okay, sorry. I forgot about all the fun things that the 87 year olds are doing right before they die. Scratch that, the fun things that the 80 year olds are doing until they die seven years later.[/quote]

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