I don't believe retirement savings plans like rrsp's for instance are for everyone. As a matter of fact, putting tons of money away for your retirement simply does not make much sense to me at all. Especially once the government knows you have the money tucked away(like in a registered plan or even a bank account). Your pension will be adjusted and most likely that will be a downward adjustment. It is much better in many cases not to have this source of income.
It makes as much sense as working and hoarding your money all your life so you can leave it for your kids when you are gone. What kind of thinking is that? If every one had that mentality, then it begs the question, "who the heck eventually gets to spend the money?"
SPEND AND ENJOY WHILE YOU CAN:
My feeling is, if you work hard all your life, you should be able to play hard all your life. Why would I want to work hard year after year and never take time to smell the roses? I believe in enjoying myself now while I am healthy and able to get full enjoyment and value for my hard earned dollar.
DON'T GAMBLE ON GOOD HEALTH:
There is no guarantee that when you retire at 55 or 60 or 65 or whatever age you decide on, that you will be healthy enough to enjoy your golden years to the fullest. I for one would be pretty upset if I worked for 40 years, banking every cent and saving so I had hundreds of thousands of dollars in the bank only to end up with some indsidious illness a year or so after I retire. No way!
THANKS FOR THE MEMORIES:
I'll probably retire when I'm 65. I mean why not? The company pays me to take 7 weeks holidays every year. They pay all medical and dental. I might as well let them take care of all that for as long as possible. In the mean time, I make good use of my 7 weeks per year. some people plan an amazing cruise for their retirement years. So, why wait? I'm most likely working for 8 more years and I've already been on 12 of them. With more on the way. Or maybe they plan to try a fling at Las Vegas in those golden years. I've already done that 6 times. I've also taken the time to visit the places I was really interested in seeing. Like pretty well every Caribbean Island. A stay in Cuba. Club Med many times. Hawaii a couple of times. Switzerland. New York, Bermuda, Miamia, New Orleans and Boston.
The one thing savers have that I don't, is money in the bank. I've chosen to spend mine as I go. I will however be sure to be debt free and own my own home when I retire. I'll have a pretty good company pension and with the travel bug pretty well non-existent, won't need a lot of extra "fun" money. As long as I have the memories of the things of done, that's good enough for me. I won't feel cheated. Especially if I become ill and face an early death.
TRAVELING IS NOT SO EASY:
Travelling these days is a challenge. Airports are a nightmare. Security measures all over the world have changed and make flying a pain in the rear. Cruises are becoming so popular that there are line-ups at every turn. Walking down Las Vegas Boulevard is like a Manhattan sidewalk on a Monday morning. Travelling really is for the strong and fit. Older people get tired out much easier and soon find they would much rather be back home. So much for saving for fancy holidays. I've been on cruises when there have been over 100 people in wheelchairs. This is what they saved for? I just don't get it.
RETIRE AND ENJOY THE CHEAPER THRILLS:
Maybe my idea is flawed and everyone else is right, but I think its smart to save some things to do for the years when you do retire and have lots of time on your hands. For instance, I would love how to learn how to fly fish. Not only fish, but to make my own flys and try them out down at the river. However, I've decided to leave that until I retire. Now there's a hobby that won't cost a small fortune. Like say for instance, the cost of a fancy cruise. Of maybe I'll finally take up golf. Or volunteer somewhere. Or go for long walks by the river. Or sit in the park and watch the kids play. You know. All the things that are there for us to enjoy. Yet, don't cost a lot and fill in the time.