Laura Beck
May 21, 2024
“People will work longer than they need to, because they fear they will not have enough money,” said Anthony DeLuca, CFP with Delta Advisory Group. “When in reality, they have plenty.”
The article discusses the pitfalls of extreme frugality in retirement, emphasizing that while fiscal responsibility is important, obsessive penny-pinching can be detrimental. Key points include:
Potential Health Issues: Skimping on essential expenses like healthy food and proper healthcare can lead to serious health problems and higher long-term medical costs.
Missing Out on Experiences: Extreme frugality can prevent retirees from enjoying their savings, leading to a monotonous lifestyle and a diminished sense of fulfillment.
Depriving Yourself of Small Indulgences: Refusing to spend on minor luxuries can make life less enjoyable and render years of saving pointless.
Delaying Retirement Unnecessarily: An intense scarcity mindset may cause some to work longer than needed, missing out on valuable retirement experiences.
People will work longer than they need to, because they fear they will not have enough money,” said Anthony DeLuca, CFP, an expert contributor at Annuity.org. “When in reality, they have plenty.”
The article advises finding a balance between being prudent and enjoying life to ensure a fulfilling retirement.