Dying with too much money

This is a summary of article I enjoyed reading on https://passiveincomemd.com/ and it asks us to ponder on a question that we do not spend too much time on – is money the greatest goal or is it means to an end? There is no ready-made answer for this. Everyone has to find his own!  

The fear of running out of money in retirement is very real. In fact, it’s the number one fear among older adults – even over declining health. This very fear is what keeps people working well past what might have been their retirement age. It also makes people take certain risks and make questionable decisions. This fear is understandable. No one wants to run out of money during the time of life when you’re supposed to be enjoying the spoils of years of hard work. In fact, perhaps there’s something else we should think about when it comes to money and retirement: the fear of dying with too much money. 

1) It means you worked more than you needed to. Perhaps you gave up those vacations and time with family and were left wondering where the time went. You missed out on time you won’t get back for money you didn’t need. And of course, one of the greatest regrets older people have is that they worked too hard and too often.

2) It might mean that you deprived yourself of some pleasures by being too frugal. You’ve had some things on your bucket list, but you were worried about the financial impact of traveling there or buying that certain thing, so you abstained. Because of your desire to save (perhaps for retirement), you missed out on some pleasures in the here and now.

3) Perhaps there are other people who could have benefited from your income but did not. Maybe you thought about giving more, but the fear of not having enough money kept you from it. It’s an uncomfortable thought, but when you’re on your deathbed, will you be happy for the money you saved? Or rather, for the difference you made?

4) You might ultimately hand down your money to someone who doesn’t really need it. With increased life expectancy, people are often passing along their money to their children who are in their fifties and sixties or beyond. If you’ve been able to teach them great habits and they’ve been disciplined, hopefully they’ve already financially independence by that point. If so, your financial gift may mean that they’ll die with too much, and we’re back to square one.

Ultimately, we have to ask ourselves these questions. What is the point of money, anyway? Is it our greatest goal, or a means to an end? I believe that happiness, both now and in the future, relies on seeing money as a tool, not the goal. Indeed, money doesn’t buy happiness — but it can buy you time and experiences. Of course, as with everything, balance is the key. Savings are important, but it’s up to you to decide just how important. Will growing your retirement fund become your ultimate goal? Or will you live life to the fullest now, enjoying your short time with family, and bettering your community? Can you find that great balance?