Can You Really Save Too Much for Retirement?

Is it possible to save too much for retirement? That may seem like an odd questions. However, the answer is…yes. The answer isn’t so much focused on finances, but rather how saving for the future is impacting your life in the present. Sure, we all want to have that seven-figure nest egg, but what if getting requires forsaking a lot within your current life? I’m not saying you shouldn’t budget and be smart with your money, but don’t get carried away with it. In other words, don’t be afraid to take a vacation from time to time. Or go out to dinner once a week. Or don’t be afraid to buy a reliable, new car to get you through to retirement. What you don’t want to do is enjoy living your current life with your sole focus being on retirement. On the flip side, you also don’t want to live too much in the present and not save enough for the future. However, that is for another blog post. Right now, I want to make sure that you find that nice balance where you are saving for retirement, but also able to enjoy life in the moment. So, yes, you can save too much for retirement, but it’s not so much because you have too much stashed away in your nest egg, but rather because you are not living enough in the present. Remember, saving for retirement isn’t easy, but it shouldn’t consume you or be too much of a burden on your current life. If you need some help with planning for retirement or advice on how best to save, you should speak with a certified financial planner or wealth manager.