Do You Want to Spend Your Very Last Dollar When Retired?


Here´s an interesting thought for you; do you want to leave behind a big inheritance or would you rather spend your very last dollar while retired?

At first this doesn´t seem like much of a choice to make. After all, we are traditionally taught to plan for retirement so that we can live off an income or interest without dipping into our savings.

However, might there be situations in which you would be better just spending all your money while you are alive?

The Luxury Retirement

I don´t know about you, but I always feel a bit sad when I read those news stories about someone apparently dying poor but really having their cupboards stuffed full of thousands of dollars they never spent. We probably all have someone in the family who hardly ever spends money but whom everyone believes is filthy rich. If you earn money through your working life then what is it for? You can´t take your savings account with you when you die, so why not spend the money while you are alive? If you have never truly splashed the cash before then you might be tempted to do so once you retire. We each want different things from our retirement years but most of us would like the chance to live life in a relaxed manner without worrying about money. If you can’t give yourself a few treats at this time of your life then when can you?

The Uncertainty

Of course, none of us knows exactly when we will breathe our last breath, which makes it kind of difficult to spend our very last dollar while retired. However, perhaps we can adapt this idea to deal with the uncertainty. In this case, maybe you would be happy spending your money at a rate that gives you a luxury retirement without exactly running down to your last dollar. Ideally, you will give yourself a safety margin so that if all that fish and olive oil makes you live to, say, 100 you will still have enough to live off. This could still give you a more luxurious and enjoyable retirement than you had planned but without necessarily causing you to fret over whether the money will run out. Maybe you would be happy to spend a decent amount each year until you reach a certain limit on your savings, at which point you would cut down on your spending.

The Family Issues

One of the biggest reasons for not spending all of your money while alive is so that you leave something behind for your loved ones. Having said that, we shouldn´t take it for granted that leaving an inheritance for surviving members is something we all must do. If your kids and grandchildren are all making a good job of finding their own way to a successful life then why should you need to leave them money anyway? Clearly this is a personal decision and we all have different ways of viewing the matter. However, it is at least something to think about rather than blindly accepting the idea that you automatically have to leave behind an inheritance. In many cases, the retired person´s family would be a lot happier to see them enjoy their life after work rather than receive an inheritance anyway. Of course, having a life insurance policy in place will make sure that your loved ones receive some cash when you pass away.


This is a very personal decision and we all presumably have different opinions on it. Regardless of what your retirement plans are, it makes sense to consider spending some of your money while you can.

Would you like to spend your last dollar during your retirement years?

2 Responses to Do You Want to Spend Your Very Last Dollar When Retired?

  1. There is always a solution for the family and that’s through insurance.This is the decision have made ever since and you have given me a go ahead.I will love to spend my last dollar when I retire.Great post there!

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