I Stopped Saving for Retirement


pigggg.jpgBefore you freak out, it’s not me that stopped saving for retirement. Sheesh! I’m not that crazy. But my friend is. The other day we went to lunch, got started talking about retirement and how she’s not saving anything.  She’s my age (25) so I was pretty curious.  Our conversation went a little bit like this:

Mrs. Money: “I am glad I am saving for retirement because my company matches up to 6%.  I feel that’s pretty good for me right now.”

Crazy Friend: “I’m not saving at all, and I don’t ever plan on it.”

MM: “You don’t ever want to retire?!? Are you crazy?”

CF: “Nah, I just think there are too many variables.  You know, the world will probably have ended by that time anyway, so what’s the point of saving if you aren’t even going to be around to enjoy it?”

MM: {blank stare}… “Are you kidding?”

CF: “No, I really think that.  With global warming and everything, our planet will probably explode or we’ll all be drowned or something. I’m living life now!”

While we’re all entitled to our own opinions, I’m going to go on record with believing this is one crazy girl. You never know what’s going to happen in the future, that’s why you plan for things.  Yes, the world could end, but she could also end up living until she’s 100 and out on the streets.  The real reason behind an emergency fund, planning for retirement, and saving for our children is because we don’t know what life will throw at us.  There’s that delicate balance between living life as if you’re going to die tomorrow and living as if you’re going to live until you’re 100.  But the thing is, you never know. I’m the kind of person that worries and plans and wants to make sure there is some money saved if there is an emergency.  To be honest, I’m worried for this friend!

What advice would you give Crazy Friend?

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9 thoughts on “I Stopped Saving for Retirement

  1. traineeinvestor says:

    I’d also be worried for yourself – she is exactly the sort of person who will want taxpayers to pay more to fund the retirement that she couldn’t be bothered paying for herself. In effect she is deciding that other people will pay for her failure to save.


  2. Karen says:

    OMGosh! I had that same attitude back in my 20’s too. I didn’t make much money and could barely get by so why save for retirement? I could be dead by then so who cares. Looking back I wish I woiuld have set aside even a small amount out of each paycheck. $5.00, $10.00, anything would have been better than nothing! I am now in my 40’s and a lot has happened. The biggest thing is my health. I’m not very well, and now I have nothing to fall back on. NOTHING! All I can say is I hope your friend has some sort of “wake-up” call SOON, before it’s too late. Fortunately, I have been able to get some help financially, and so far have avoided having to live on the streets, but everyday, I worry. My illness isn’t serious, but has temporarily kept me from working. I could live another 20, 30, or 40 years. Now all I can think of, is how am I going to support myself?


  3. Mrs Money says:

    @traineeinvestor- It makes me sad. I think that my biggest concern is that she truly believes that the world is going to be ending soon, so why plan for anything? I think she’s reading too much into the global warming/climate change. I’m going to try to talk her into putting something away for retirement.

    @Karen- I am so sorry to hear about your illness. I know many people don’t save for retirement because they think they can’t afford to, but the thing is, she can afford to, she just thinks there won’t be a world left for her when she’s retired due to climate change and global warming. It’s kind of crazy.

    @Kacie- Yeah, she’s a little out there. I think she’s friends with Al Gore.


  4. Miss M says:

    She will likely grow out of it, most 20-somethings have a devil may care attitude. It starts to change in your 30’s when you start realizing that you do want to retire some day and while the world will end eventually, it’s probably not in our lifetime. Then you look back and get mad that you didn’t save in your 20’s because now you’d be so much farther ahead. We all have to learn somehow.


  5. Petunia says:

    It sounds like a rationalization to me. She doesn’t want to save, therefore, the world will end soon and saving is just a waste of money. Best of luck to her.


  6. Mrs Money says:

    @ Miss M- It’s going to be interesting to have this conversation with her in 10 years, that’s for sure!

    @ Petunia- That totally made me LOL!


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