Results: This survey is about the downside of being too frugal.
My wife had grandparents who saved every penny they could for retirement. When they retired they had money in several banks but few happy memories. They were remote and distant. The kids rarely saw them. They never had fun with friends, didn't visit for dinner, didn't go on trips (even to nearby locales) all to save money. When they passed away, several bank books were found showing they had a sizeable estate but, with no will, the government took a big chunk of it and the family squabbled over the rest. It doesn't have to be this way.
1.
1.
We get surveys that ask "Is this a good time to spend on a fridge" or "Take a vacation" or "Buy a car" because of economic uncertainty. I always say yes because if we stop spending, we create the very economic conditions the media says we should beware of. Here are some consequences of un-targeted saving - saving every penny versus budgeting savings to meet specific goals. Which of them apply to you?
We give up too much of our current life for a future that isn't guaranteed. If we knew we were going to die tomorrow, few of us would want to have as our biggest regret that we didn't spend more time at the office.
22%
•
403 votes
We lose touch with a lot of people because we say no to get togethers. Now when retired there are fewer friends and not as many good times to look back on.
23%
•
412 votes
With budgeted savings there is less need for debt and more evidence of financial stability. Without a budget there isn't the joy from spending on something we saved up for. Saving every penny means spending even a penny can generate a stressful debate.
28%
•
506 votes
Other (please specify)
2%
•
34 votes
Not Applicable
42%
•
757 votes
| Other Answers | Percentage | Votes |
| 1.25% | 17 | |
| I don't travel so i spend on lunches with friends and small gifts for family. | 0.07% | 1 |
| I set aside some money each month to have readily available in the spring for property tax, car insurance and house insurance, and save to spend as I like | 0.07% | 1 |
| Too much debt first. | 0.07% | 1 |
| unsure | 0.07% | 1 |
| I save, spend wisely and enjoy things in my life. | 0.07% | 1 |
| SPEND WITHIN OUR MEANS N ENJOY LIFE ALSO HAVE BANK TAKE MONEY FROM ACCOUNT EACH MONTH TO DEPOSIT IN A RETIREMENT ACCOUNT NEVER KNOW IT WAS GONE | 0.07% | 1 |
| we spend our money and enjoy ourselves immensely and are glad we did it all when we were young enought to enjoy it! | 0.07% | 1 |
| I just have never made a lot so I don't really fit any of these options. What I do say usually go to some emergency that always comes up in my family so...life goes on. | 0.07% | 1 |
| Fortunately with our Canadian pensions we are able to do a bit of both, spend and still save a litte. | 0.07% | 1 |
| The answer to those questions is always "I don't know" if it's available because I don't know. Nobody does. | 0.07% | 1 |
| There's a happy medium...I saved when I was working but did so in a way that I got to enjoy life too. | 0.07% | 1 |
| none of the above | 0.07% | 1 |
| Dedicated a specific amount to invest and live within our means | 0.07% | 1 |
| Central banks are the ones that create the economy, not us. In the USA, the Federal Reserve, a privately held (not federal government) central bank, sets interest rates and prints fiat money. | 0.07% | 1 |
| It s only money. | 0.07% | 1 |
| Why save? Someone always seems to sniff out you have money and figure out ways to take it from you. | 0.07% | 1 |
| Can you create a survey that isn't a novel? | 0.07% | 1 |
2.
2.
Many retirees have a problem some would love to have - more money than needed for current expenses. Years of saving and compound interest has created a nest egg. But one can have money in the bank but don't dare spend it, or not much to spend it on. I am not talking about being wealthy. Just having more than say 3 months income needs in reserve . Which of these might apply to you?
You may have enough to live on for the rest of your life (with government benefits as a safety net) but you can't buy back lost time or missed chances.
18%
•
323 votes
If your income is above a certain threshold you won't qualify for many of the benefits you have paid for over the years.
11%
•
192 votes
Health problems might limit your retirement plans. You might have money to travel, but your body can no longer keep up. You might wish you'd taken some trips before you retired when you had more energy. Now even short outings can take it out of you. You can go places but can't enjoy it as much when you get there.
28%
•
502 votes
Other (please specify)
1%
•
23 votes
Not Applicable
42%
•
760 votes
- Yes - I'm all set.
- na
- Not Applicable
| Other Answers | Percentage | Votes |
| 1.63% | 17 | |
| Not everyone enjoys travel | 0.10% | 1 |
| vivre d'une pension a l'autre | 0.10% | 1 |
| RETIRED COMFORTABLY DON'T NEED AS MUCH NOW ROOF FOOD ABOUT IT LOTS OF STUFF DON'T NEED TWO CARS WITH TWO INSURANCES BIG SAVING THERE | 0.10% | 1 |
| NOT ENOUGH TO PAY BILLS, BUY MEDS OR BUY GROCERIES AND GET NO HELP FROM ANYONE INCLUDING THE GOVERNMENT. | 0.10% | 1 |
| See # 1 above for same answer. | 0.10% | 1 |
| Enough to live on but also travelled a lot to other countries while I could enjoy them | 0.10% | 1 |
3.
3.
I think the key is to find a middle ground. You need financial security, but not at the cost of a good life. There are budgeting apps and financial planners who can help you map our a secure future while living in the present. Here are some advantages from doing that. Which of them apply to you?
You can spend on experiences, not just stuff. Your best memories came from things you did, not things you bought. Things get old, but good times stay with you.
33%
•
595 votes
You can include some "fun money" in your budget. It's okay to splurge now and then. A few treats won't ruin your retirement if you're careful with money overall.
35%
•
629 votes
Once you have a budget, and a will that makes sense, you know how much you can afford to spend on treats for children and grandchildren. Too much money that isn't spoken for will make you a target for greedy relatives, scam artists and the tax man.
22%
•
401 votes
Other (please specify)
1%
•
15 votes
Not Applicable
36%
•
647 votes
| Other Answers | Percentage | Votes |
| 0.61% | 10 | |
| We put away what we can for emergencies that inevitably come up, and we have a trust that should take care of greedy relatives, scam artists and the tax man when we die. | 0.06% | 1 |
| A combination of saving for the future and enjoying what we have while we are young enough to do so. | 0.06% | 1 |
| That's if you have money, when you don't it's pointless. Sorry. :(( | 0.06% | 1 |
| Too sick, too young to enjoy the money. | 0.06% | 1 |
| Bypass a will and leave as much designated as "Transfer On Death" so it's outside probate; and life insurance is wasteful if you have a good retirement fund. | 0.06% | 1 |
4.
4.
Many retirees scrimp and save to build a legacy for children and grandchildren. I don't think this is a good idea. Here are some of my reasons. Which of them do you agree with?
Having money or other assets that only get paid out when you die may increase your chances of an earlier demise than you intended. Others may put a target on your back.
11%
•
195 votes
If you have a family home that is free and clear and intend to leave it to the kids, this can cause a family feud. In order for one kid to have the house they will have to mortgage it to raise money to buy out the other kids. Chances are the house will be sold so why not do it yourself and use the money to enjoy retirement?
18%
•
322 votes
If you have money and other assets to leave but don't have a legal will then better get one. This will allow you to dictate who gets what and prevent any family "black sheep" from grabbing more than they deserve.
22%
•
393 votes
The ultimate goal is to leave this world the way you entered it - with some medical people and family members around but nothing of monetary value. You can't take it with you so enjoy it before you go.
25%
•
450 votes
Other (please specify)
2%
•
35 votes
Not Applicable
43%
•
774 votes
| Other Answers | Percentage | Votes |
| 1.43% | 20 | |
| Live within your means, Invest regularly and leave a legacy. | 0.07% | 1 |
| a balance of both saving and spending for me | 0.07% | 1 |
| a balance of the last one and enjoying life | 0.07% | 1 |
| make a living will and a trust dedicating who gets what | 0.07% | 1 |
| A combination of saving, doing what you want, and leaving some to kids and grandkids for me. | 0.07% | 1 |
| Establish a living revocable trust | 0.07% | 1 |
| leaveto kids | 0.07% | 1 |
| All of the above | 0.07% | 1 |
| Keep as much "wealth transfer" as possible outside a will; with Transfer On Death, nobody will know who is getting what except for real property. | 0.07% | 1 |
| I've had to struggle each & every day to survive. And barely get by. I was left a bit of $$ .. not much.. & I'd like to leave for my kids so maybe they can have some enjoyment or not struggle for a few months. | 0.07% | 1 |
| unsure | 0.07% | 1 |
| Talk to your kids about their ihheritance. They may be disillusioned (or not) or whether there even will be one. Sometimes savings are eaten up with late in life medical expenses. | 0.07% | 1 |
| I save for my retirement and for my funeral, but I prefer to give money to my son and his kids now, not through a will. | 0.07% | 1 |
| one child and have a will | 0.07% | 1 |
| I live and spend as I see fit. I'm not worried about running out of money. In fact, my adult children tell me to spend! | 0.07% | 1 |
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