Permission to Spend in Retirement: Enjoying the Money You Worked So Hard to Save
You saved for decades. Now you have permission to actually enjoy it. Here's how to find balance between security and living fully.
Key Takeaways
- 1You have permission to spend. The money you saved was always meant to fund this chapter of life.
- 2The "Die With Zero" philosophy challenges us to use our money for experiences while we can enjoy them.
- 3Balance matters - you don't need to spend recklessly, but dying with millions unused is also a failure.
- 4Your healthiest, most mobile years are now - don't defer enjoyment until it's too late.
- 5Spending on experiences and loved ones often brings more fulfillment than a larger inheritance.
You Have Permission to Spend Your Money
Let's start with something you might need to hear: The money in your retirement accounts is yours. You earned it. You saved it. You have every right to enjoy it.
- **This is what it's for:** You didn't save for 40 years to die with a large account balance
- **You already earned it:** This money represents work you did, enjoyment you deferred
- **It's not selfish:** Enjoying your retirement is literally the point of retirement savings
- **Your family wants you happy:** They'd rather see you enjoy life than inherit more
- **Time is limited:** Your healthiest, most mobile years won't last forever
A Message from Your Future Self
Imagine yourself at 85, looking back. Will you regret the trip you took, the gift you gave, the experience you had? Or will you regret not doing those things when you could? Most people regret what they didn't do, not what they did.
The "Die With Zero" Philosophy
The book "Die With Zero" by Bill Perkins challenges conventional retirement thinking. Its core message: your money is for living, not for leaving.
- **The premise:** Aim to use all your money for life experiences before you die
- **Memory dividends:** Experiences create memories you enjoy repeatedly over decades
- **Time value of experiences:** A trip at 65 is worth more than the same trip at 85 (if you can even take it)
- **Give while alive:** See the joy your gifts bring rather than leaving inheritance
- **Health is declining currency:** Your ability to enjoy money decreases with age
Not Actually Zero
The "zero" is aspirational, not literal. The philosophy isn't about spending recklessly - it's about intentionally using your money for its purpose. You still need safety margins, healthcare reserves, and potentially care funds. But you shouldn't hoard far beyond what you'll use.
Finding Your Personal Balance
Neither extreme works - reckless spending or anxious hoarding. Find your balance.
- **Know your numbers:** What's your sustainable spending rate? Stay within it.
- **Build in flexibility:** Spend more now, with willingness to adjust if markets tank
- **Protect the floor:** Keep enough safe for basic needs and healthcare
- **Enjoy the rest:** Money above your safety floor is for living
| Too Cautious | Balanced | Too Aggressive |
|---|---|---|
| Never travel because "what if" | Travel while healthy, adjust later if needed | Luxury travel that depletes savings too fast |
| Skip activities you can afford | Enjoy activities within your means | Spend without regard to sustainability |
| Leave millions to heirs | Leave reasonable inheritance, enjoy the rest | Risk running out of money |
| Constant anxiety despite plenty | Appropriate concern with enjoyment | No concern despite risk |
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Spending Money Well
Not all spending is equal. Some purchases bring lasting fulfillment; others are forgettable.
- **Experiences over things:** Research consistently shows experiences bring more lasting happiness than possessions
- **Spend on others:** Gifts, treating family, charitable giving bring deep satisfaction
- **Buy time:** Hire help for chores you hate to free time for things you love
- **Invest in health:** Gym, quality food, preventive care - extends your ability to enjoy money
- **Connection spending:** Things that bring you closer to people (travel with family, hosting gatherings)
- **Growth spending:** Classes, learning, new skills - provide lasting engagement
What Retirees Don't Regret
Ask retirees what they're glad they spent on: The family trip to Europe. Helping grandkids with college. The kitchen renovation that made cooking enjoyable. Taking friends to dinner. Not one says they regret having too much fun.
Rethinking Legacy
Your legacy doesn't have to be a bank account. Consider alternatives that bring joy now.
- **Give while living:** Help family with down payments, education, starting businesses - see their joy
- **Memory legacy:** The trips and experiences shared create memories that outlast money
- **Wisdom legacy:** Time spent, lessons shared, relationships built
- **Charitable giving now:** See the impact of your donations rather than giving through a will
- **Skills and values:** What you teach is often more valuable than what you leave
The "Giving While Living" Approach
Instead of a large inheritance when you die (when heirs may be 60+), consider giving earlier. Help adult children with home purchases in their 30s. Fund grandchildren's education. Support causes while you can see the impact. This shifts legacy from wealth transfer to life enhancement.
Spend Confidently with Protected Savings
Financial security reduces retirement anxiety. Knowing a portion of your savings is protected by tangible assets like gold provides peace of mind - making it easier to spend and enjoy the rest.
- Physical gold provides a security floor that lets you spend other assets confidently
- Tangible protection reduces the "what if" anxiety that prevents enjoyment
- Knowing part of your savings is crash-proof enables you to use the rest
- Balance security and enjoyment with a protected foundation
- Give yourself permission to spend by first securing your floor
Frequently Asked Questions
1What if I spend too much and run out of money?
Valid concern - that's why balance matters. Work with a financial advisor to determine a sustainable spending rate (usually 3-4% of portfolio). Build in flexibility to cut discretionary spending if markets decline. The "permission to spend" philosophy isn't about reckless spending - it's about not under-spending out of irrational fear.
2I want to leave something for my children. Is that wrong?
Not at all. Leaving inheritance is a valid goal. The question is: How much? Consider giving some while living (when you see the impact) and leaving less at death. Also consider: Will your children (who may be 60+ when you pass) need or benefit from a large inheritance, or would they rather see you enjoy your life?
3How do I give myself permission to spend when I feel guilty?
Try creating a separate "fun fund" that you must spend on enjoyment. Have your financial advisor explicitly tell you that you can afford to spend X amount. Spend on others first if self-spending feels selfish. Sometimes therapy helps address deep money beliefs.
4What is a reasonable amount to leave as inheritance?
There's no universal answer - it depends on your values, wealth, and family situation. Some guidelines: If leaving millions means you didn't enjoy your life, that's probably too much. If leaving nothing means your children struggle, that's too little. Many advisors suggest aiming for a range rather than a specific number.
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