You Can Still Spend Money After Retirement: David Giertz Explains

Creating a sound retirement plan involves saving money, creating a budget and making arrangements for insurance requirements. However, a retirement strategy must also include spending some of the accumulated savings for daily needs along with pure, simple fun.

For many people, saving money becomes a habit that is difficult to break. At first, the thought of putting aside a few dollars for a rainy day is a difficult task. Nevertheless, saving money becomes easier as the habitual effect takes root. The main problem with saving thousands, or even millions, of dollars is that taking money out of a savings or investment account is often a scary event.

People who have saved millions of dollars are hesitant to spend any of their savings because they are used to living lives that are far from extravagant. One thing retirees need to learn is that it is perfectly fine to spend money without feeling guilty.

Even though most people are under the impression that Americans do not have any savings when they are ready to retire, the fact is that a surprising number of individuals have succeeded in saving small fortunes. These savers have most likely lived their lives without indulging themselves in extravagance.

Sacrificing cups of coffee at a local coffee shop in exchange for drinking brewed coffee in their kitchens is only one of the many ways to save money. Of course, luck also plays its role in the lives of many people who are trying to save money for their retirement years. Savvy investors need to have a certain amount of luck to realize their goals.

Unfortunately, some seniors are literally paralyzed by their own dreadful thoughts about possible future events necessitating the need for large sums of money. Even the most remote events provide logical reasons to avoid spending money from savings or retirement accounts. In most cases, these retirees are never going to use their money for pure enjoyment. Instead, they are bound to live their lives without fulfilling their youthful dreams.

Perhaps a retiree has always had dreams about traveling around the world and tasting ethnic foods prepared by famous chefs. Another retire may have had plans to go on holidays to exotic places once or twice a year. The bottom line is that too much prudence leads to an unsatisfied mind and a lifestyle devoid of passion and enjoyment.

According to financial advisor David Giertz, enjoying retirement entails a balance between saving money wisely and spending money with an equal sense of abandonment. The following advice offered by David Giertz suggests insight into how to live life in a responsible way without forfeiting the chance to have fun during the golden years.

1. Discipline is the key to a sound retirement. However, people need to implement different approaches based on their personal preferences. One person may want to travel the world alone while another individual may wish to spend time with the grandchildren. Another retiree may want to spend money on dance lessons several days a week.

2. Developing a retirement plan means deciding how much money the retiree wants to leave for his or her heirs. However, the plan must also include activities that were previously put aside due to work schedules and other demanding duties.

3. Creating a budget is a helpful tool for the retiree who is hesitant about spending money. A traditional budget serves many purposes. Retirees can learn to budget their money by setting aside funds for traveling and taking holidays. Once the figures are calculated, it is easier to spend money for pleasurable activities because the budget permits these expenditures.

4. Always have enough cash reserves on hand. One mistake often made by retirees is to invest every last penny in the stock market. Most retirees feel more comfortable and less stressful when they save some cash in liquid money market funds.

Cash reserves that are readily available without the need to sell shares prevent retirees from worrying about losing money. The important thing to remember is that retirement is not just about sitting back and waiting to grow old. Instead, seniors need to view their retirements as a way to reap the benefits of their previously disciplined lives.

David Giertz: A Man with an Impressive Financial Background

David Giertz is a financial advisor with more than 30 years experience in advising people about how to plan for their retirement years. Formerly the president of Nationwide's financial sales and distribution center, Mr. Giertz was largely responsible for directing the company on the road to successful financial gains. In addition, Mr. Giertz worked at Citigroup for 10 years as a financial advisor. Thanks to David Giertz, many retirees are living happy and productive lives during their retirement years without suffering from financial distress.

Follow David on LinkedIn, or read his interview on Ideamensch.



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