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[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.  Even at 80 most people today should be reptty heathy to do whatever.  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]

You don't have aging parents yet, I am assuming[/quote]

DP. I am an older retired person and I tend to agree with pp.  My DH and I are in our 60s/70s and are still very active and love to travel, and most of my friends who are in their 70's are the same way. That said, it is widely variable. We just had dinner with a couple my husband's age who have health issues and really can't travel if it requires getting on a plane. In part, though, a lot of that had to do with not staying on top of things -- one had needed back surgery for decades, but kept putting it off and now they're having difficulty moving and other relatively minor health issues are delaying surgery. I had been avoiding getting a knee replacement until I realized that it was beginning to affect my fitness and balance. When I got it done, I was the youngest person in the waiting room in my mid-60's. Looking around, I could see that many had waited so long that complete recovery was very difficult/impossible. Once you become immobile, it becomes a quick spiral downward. The trick is to never give in to inertia. [/quote]

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