Why It’s So Hard to Stop Saving Once You Hit Your Number

Saving for retirement isn’t always easy. It often means making sacrifices and spending your money very carefully.

In this Reddit post, we have someone who’s long had the goal of retiring at age 55. And they say they’ve saved up for that goal and then some.

Originally, they set a certain savings target but have actually managed to double it (they don’t say what that number is). So you’d think they’d be all set to retire.

The problem? They keep pushing to save more.

Part of it is that the people they work with keep asking the poster to stay on board. But there is clearly something that’s pressuring the poster to keep working, and they’re struggling to call it quits.

Here’s what I think is going on — and what the poster can do about it.

It’s hard to say no to the money

There’s something very satisfying about saving money. And it’s easy to see why the poster is having a hard time saying no to more savings.

It’s also clear that the poster earns a very nice income. It can be hard to give that up.

It’s one thing to say you’ve had enough of a job that’s mediocre and pays you minimally. When an employer is throwing a generous amount of money your way, it can be difficult to say “no thanks, I’m good.”

There may be some underlying fear

Running out of money is a scary thing. And it’s something many people worry about.

Having a lot of savings should, in theory, help mitigate that fear. But that’s not always the case.

The reality is that you could stretch a $500,000 nest egg so it lasts for 30 years in retirement if you manage your money carefully. And if you’re not careful, you could blow a $5 million nest egg in 10 years or less.

The poster doesn’t sound like the type to just spend down their savings recklessly. It’s clear that they value money and have worked hard to build savings.

But it’s natural to have that fear about running out of funds, even if you know you’ll be careful. That, too, could be driving the poster to continue working even though they’ve reached their retirement number.

What the poster can do

It’s clear that the poster needs a push to retire, as well as some reassurance. So what I’d recommend they do is sit down with a qualified financial advisor.

A financial advisor can show them how to manage their savings so their money lasts as long as it needs to. Having that conversation, and having a game plan, could help the poster feel more confident in their decision to retire.

But also, the poster has to start thinking about what their time and freedom are worth. It’s clear that a company is willing to pay them nicely to stay. But the poster needs to ask what that money is really worth.

Is it worth missing out on travel opportunities while they’re on the younger side? Is it worth giving up time with family? If the poster asks the right questions, they might get on board with finally retiring before too many more years pass them by.