Over the weekend, I skimmed past a headline that read: You Might Be Saving Too Much for Retirement.
Cue screeching tires coming to a halt. Scratching of abruptly stopped records.
I did a digital double-take and quickly scrolled back up on the Twitter feed I was reading on my phone.
What kind of nonsense is this? I thought. I clicked on the link, and I was disappointed to find the article was pretty much a bunch of nonsense.
It was written by an individual already well into retirement today, who was into their 70s, and who took advantage of current Social Security rules that provide you maximum benefits if you wait til 70 to start withdrawing them. This individual had played by the book, financially speaking, and was a diligent saver during their working years and paid off the mortgage to the home they planned to live out their days in before they hit retirement.
They had an ample nest egg and no debt. Their Social Security all but covered their necessary expenses, leaving all that money they’d saved up available for discretionary spending. They concluded they had saved too much while they were working, and regretted not “living it up” a little more while they were young. [Continue reading]