What is the point of saving all our money in our youth if we are too old to spend it in our retirement?

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asked Jan 4, 2017 in Other-Finance by Alex Holden (310 points)

A lot of financial experts drone about the fact that young people must save money or face doom! 

I do agree with the fact that you should not blow all your money on partying and leased sports car etc, but doesn’t the above advice seem a tad bit too extreme?Little fun for memories?

1 Answer

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answered Jan 5, 2017 by Shawn (102,160 points)
You should definitely have fun while young and enjoy your money. But you do indeed need to put some in savings.

Some People are living to 100 years old and sometimes a bit longer. Say you retired at 65 if you lived to be 100 you'd need 35 years worth of living expense money and medical bill money as well.

By all means spend some money and enjoy it while young but do put some back into savings for the future.

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