Retirement planning

A question that pops into our minds often enough is, ‘Should I spend my money now while I am still able to enjoy it, or will I regret it if I live longer than anticipated?’

‘Rather than pushing large sums into my pension plan I’m tempted to enjoy the money now. I love to walk and travel. Do I spend it now while healthy, living more frugally later? Or the other way round? Do you really need that much money when older? What’s your experience?’

This was a question posed on the Guardian website and it got me thinking…

I am tempted to say blow it now given the appalling record of pension funds. But being old and poor is a horrible thought and you might live for another 35+ years, then what?

I think the answer depends on a few factors. Do you already have a pension plan? How long will you want or be able to work for? What other assets do you have that you could draw on in old age – for example, a house that could be downsized? Portfolios sold?

Could you have planned all these wonderful things for retirement and be hit by a train a day before retirement? A case of ‘Would have, could have, should have.’

If you have the answer or some thoughts met me know. I think I will come down on the side of moderation for now, enjoy some travel but also save, I never was much of a gambler!