GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
20 YearsHelping You Live Richer
Reviewedby Experts
Trusted byMillions of Readers
Agnes P. saved every penny she could forretirement.
The Downside of Saving Too Much
Her entire life, Agnes watched what she spent.
Growing up without a lot of money instilled the idea that she had to save every penny.
She packed lunches, kept her old car, and rarely took time off.
While her friends were taking vacations, Agnes put every extra dollar into her retirement accounts.
I thought I was doing the right thing, she said.
But I gave up too much of my life for a future that wasnt guaranteed.
I lost touch with a lot of people because I always said no, Agnes shared.
Now Im retired with fewer friends and not many good times to look back on.
Years of saving and compound interest left her with a huge nest egg.
Ive got plenty to live on for the rest of my life, she said.
But I cant buy back lost time or missed chances.
She has the money to travel now, but her body cant keep up.
I wish Id taken some big trips when I first retired and had more energy, Agnes said.
Now even short outings take it out of me.
Im trying, but its not the same.
You need financial security, but not at the cost of a good life.
I shouldve spent less on stuff and more on making memories, she said.
Things get old, but good times stay with you.
Agnes now tells people to include some fun money in their budgets.
Its okay to splurge now and then, she said.
A few treats wont ruin your retirement if youre careful with money overall.
Agnes regrets letting friendships fade because of her tight spending.
Hold onto your friends, she shared.
Theyre really important, especially as you get older.
One of Agness biggest regrets is putting off her travel plans.
Dont save all your big goals for retirement, she warned.
give a shot to do some while youre younger and can enjoy them more.
Agnes wishes shed gotten financial advice earlier.
An expert could have told me I was saving too much, she said.
They might have encouraged me to loosen up and enjoy life more along the way.
I kept saving like crazy even after I had enough, Agnes said.
While people often warn against lifestyle inflation, Agnes realized some increases in spending can make life better.
Its okay to upgrade your lifestyle a bit as you earn more, she said.
You dont have to live like youre broke forever.
One area where Agness saving paid off was in covering health costs.
Medical bills can be huge in retirement, she warned.
Having extra money for that is really important.
I just wanna give it all away to good causes!
More From GOBankingRates
Share This Article:
