A 68-year-old woman used to spend very little out of fear despite having ₹25 crores. With the help of an advisor, he used the money in retirement to improve his life. This story teaches us the balance between saving and enjoying life.
Hatke News: Kurt Sappé, a retirement planner, has shared on social media the story of a 68-year-old woman who, despite having assets worth crores, was living like a poor. This story forces many people to think about how money should be viewed in old age. This client of Saipe was a 68 year old woman, whose total wealth was 28 lakh dollars i.e. about Rs 25 crore. Despite having such a huge amount of money, she was living like a poor woman. She used only the $38,000 she received from Social Security every year for her expenses.
Sapey tells that this woman used to use coupons even while eating outside. She bought the cheapest items and did not spend any of her retirement savings. “I will not withdraw money from my retirement account. I need it for emergencies,” she told SAPE. His past experiences of poverty had forced him to live such a simple life. After months of counseling, Saippe finally convinced him to withdraw a fixed amount every year.
Now she withdraws $1,20,000 every year. This brought a lot of change in his life and his living condition became better. Referring to this incident, Saippe reminds that you do not get any reward if you die with a lot of money. This experience is a lesson for many people who save aimlessly after retirement and do not even meet their needs. This story teaches that one should not live by suppressing one’s desires due to the worry of running out of money.