Info

Retirement Starts Today

Do you want to spend more money in retirement, while paying less taxes? Great news, you're in the right place! I'll also teach you the benefits of retiring TO something, while most retirees only solve half the equation by retiring FROM something. Tune in every Monday morning - hosted by Benjamin Brandt CFP, RICP. Join my "Every Day is Saturday" weekly newsletter for show notes, free book giveaways and other great retirement content: www.retirementstartstodayradio.com/newsletter
RSS Feed Subscribe in Apple Podcasts
Retirement Starts Today
2024
February
January


2023
December
November
October
September
August
July
June
May
April
March
February
January


2022
December
November
October
September
August
July
June
May
April
March
February
January


2021
December
November
October
September
August
July
June
May
April
March
February
January


2020
December
November
October
September
August
July
June
May
April
March
February
January


2019
December
November
October
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April


2015
October


Categories

All Episodes
Archives
Categories
Now displaying: Page 1
Jan 31, 2022
Is saving for the future preventing you from enjoying your present life? This may be an unpopular opinion for a financial podcast, but it is important to ask difficult questions to experience growth. If over-saving is preventing you from enjoying your present life, then you need to make changes. 

On this episode of Retirement Starts Today, we’ll examine an article by Darius Foroux that asks, Are You Saving Too Much Money? After the retirement headlines segment, I’ll answer a question from CJ about using a donor-advised fund to offset the last year of high income before retirement. Get ready to ask challenge yourself and explore your financial decisions as you press play. 

Outline of This Episode

  • [1:42] Saving too much money for your future could prevent you from enjoying your present life
  • [4:32] How to know when you’re saving too much?
  • [6:53] Does it make sense to create a donor-advised fund to get a tax deduction?
  • [10:22] What other deductions could you take advantage of?

Saving too much for the future could prevent you from enjoying the present

Today is the most important day that you have to live. If you are saving too much money you may not be able to enjoy today to its fullest. There are people that save up to 70% of their income while planning an early retirement, but this type of habitual frugality can get in the way of enjoying life in the present. Although saving a high percentage of your salary could give you confidence about your future, it can be difficult to unwind that practiced frugality to truly enjoy life. 

How to know if you are saving too much

If you’re constantly asking yourself on a daily basis how much things cost, you might be saving too much. Try not to calculate your spending down to the penny. Instead, be more conscious of how you spend your money. The is a balance between spending your entire paycheck and over saving is fluid and complex, so it is important to analyze your situation to understand the best saving situation for you.

There are several factors to consider when analyzing your savings patterns:

  • How old are you? 
  • What do you value in life? 
  • What type of lifestyle do you want? 
  • Do you have a career you enjoy? 
  • Where do you live? 
  • What are the odds you can do your work until you’re old? 
  • Do you have a support system? 

Understanding the answers to these questions can help you recognize whether you are saving too much. 

How to balance saving for the future while maximizing today

So, how do we balance living in the present and making the most of our lives today while, at the same time, being responsible stewards for our future selves? A good place to start is by coming up with a financial strategy that incorporates your values. Once you do that, you can use the free tools available on the internet to help you determine how much you need to save. 

Self-reflection is important to understand whether you are truly living your best life now or if you are waiting for some arbitrary future date to pursue happiness. Are you living your best life now? If not, what are you waiting for?

Resources & People Mentioned

Connect with Benjamin Brandt

Subscribe to Retirement Starts Today on

Apple Podcasts, Stitcher, TuneIn, Podbean, Player FM, iHeart, or Spotify

0 Comments
Adding comments is not available at this time.