Jan 29, 2020
This week, we’re playing “would you rather” - retirement edition. We all have limited resources and with those limitations in mind, you’ll definitely need to make trade-offs in retirement. By thinking about these conundrums ahead of time, you’ll be equipping yourself to make thoughtful and smart decisions when the time comes.
Today’s “would you rather” question is: Would you rather take twice as many vacations or dine out twice as often?
Ah, the dilemma of how to spend your discretionary income and your free time in retirement. What is more valuable, fulfilling, and fun - more travel or more eating out?
This is a personal decision obviously that is going to be different for everyone, but like many other lifestyle choices in retirement, it’s one that needs to be carefully considered, since most of us just don’t have the means to do whatever we want, when we want. When it comes to how we spend money, it’s vital to our life satisfaction that we spend it in a way that is consistent with what we value.
Personally, I enjoy travelling and visiting new places, but I would have to go with eating out twice as much over travelling twice as much. Many of you listening probably think I’m nuts and would choose travel over eating out, and that’s why it’s so important to be thoughtful about the choices you make in how you allocate your discretionary funds in retirement, ensuring that where you spend your money is contributing to your happiness and fulfillment, and your not just flushing your money down the drain by spending it on things that don’t actually matter to you all that much.
That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.
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