When To Spend The Savings?

[jamesnan]

My husband and I are in our very late 60's and retired. We managed to save whilst he was at work, and now manage well, without touching the savings we have got, and which are tied up to give us a small monthly income in addition to our pensions.
We have been discussing various things, one of which is when do you start to spend the savings? We have family owning their own houses, (ours is rented) and wonder whether we should enjoy some of the savings now on what we enjoy doing, eg travelling, whilst we are still fit and able or do we keep it for "a rainy day" and when indeed do you decide when the rainy day is here.
What are your thoughts on this please.

[ubasses]

Coincidence, we have just been discussing the same thing. We are in early sixties, took early retirement, living off Company Pensions okay. I don't think there is an easy answer, none of us know how long we will live and if we will keep good health.
I think you have to enjoy spending some now but, keep a reserve in case of emergency.

[Graham-W]

We are in a similar position and, after thinking long and hard, have decided to start ticking a few boxes whilst we are still able.
Mediterranean cruise last year, including a visit to Florence to see Michelangelo's David.
Did the Nile cruise the year before, including a visit to Cairo to see King Tut's mask etc. ( Awesome!!)
Venice in two weeks time. Another tick.
Do it whilst you are both young enough and fit enough to enjoy it. You've worked long enough and hard enough. Now enjoy it.

[RATTER15]

Well, their aint no pockets in a shroud!!

Spend it while you can, you never know what is around the corner, dont leave it until you are too old or incapable.

[DaisyNonna]

Go now while you are both fit enough to enjoy the travel.
I have the money to do so but find travelling alone rather depressing. Sharing new sights, food, experiences and languages is exhilarating and keeps you young.
Have some fun together.
I went on a Nile cruise. Fabulous but would have been even better to share with a spouse. Good luck and bon voyage,
.

[gness]

Difficult one this isn't it? Having seen all my mother's house and savings go to her care when she should have spent it and enjoyed herself before succumbing to dementia I have decide my sixties are when I am going to spend my savings enjoying myself.
I have one bond which I can't touch for a few years and the rest is going to be spent over the next few years having fun. If I run short so be it.
My husband made sure we were going to be okay in our old age then took ill and died shortly after retirement....what a waste.

[jamesnan]

Some good thoughts, thank you. We do enjoy travelling, and have visited 30 different countries over the years and it is the travelling which we miss. We do have holidays, usually into Europe, and this country, but love far distant shores. We don't smoke, drink just a little, enjoy home cooking more than going out very much, and enjoy family life. The death of friends and family seems to be happening more and more and it certainly makes you think what to do.

[gness]

Jamesnan....I have a friend in her mid sixties...quite wealthy and has just come into some more money. She goes nowhere, has no treats and lives quite frugally. She has been twittering on about how she can make the most of her windfall and where should she save it. Save it for what? When I am sitting on my cloud I don't want to see what I left in my bank account....I want to see the skid marks I left behind enjoying the money I worked for........Enjoy!

[tonyav]

Made it back then gness !.

[gness]

Yes Tony..and now I am going to get tipsy. x

[tonyav]

Good gal gness, you know it makes sense.

[237SJ]

Spend it. I don't want to sound hard hearted but when you get old and you look back on your life, you will remember the experiences you have had in your life and not the money you still have in the bank. I would say keep enough for a rainy day if that makes you feel secure, but enjoy your life while you are still able-bodied. You might not always be in a situation where you can travel the world so you should do it while you can and as they say, "You can`t take it with you"

[woofgang]

Another vote for spending. My husband died at age 61 a year ago very shortly after he retired. We had loads of plans that came to nothing. Enjoy life and each other while you can.

[Dee Sa]

my hubby is too ill to fly anywhere anymore, luckily we managed to see most of the world before he became so ill and also we lived in Dubai for 14 years, so looks like our roving days are over. Spend your money on yourselves and enjoy doing so. I saw a sticker on the back of a car it read "out enjoying ourselves and spending the kid's inheritence" it says it all.

[jamesnan]

We are loving your answers, it seems to confirm what we are beginning to think. Enjoy it whilst we can, as long as we don't go short and have some put by for emergencies.