Of course they should. Why pay more if you can buy something at a cheaper price? Why spend cash on stuff you don't need just because you a senior citizen? But that's not the kind of saving I was referring to. Most people save money so they can spend it when they retire. But I see old people around who instead of enjoying their sunset years are trying to invest more while denying themselves much just so they can have more cash in their accounts "in future." What do you guys think? Is there an age when one should stop working altogether so they can enjoy what they've earned and saved all their lives?
I certainly agree with you. When you retire, move your retirement savings into safer investments like CD's and relax, enjoy life. It's still necessary to have a savings account for unexpected expenses such as replacing a computer, and for annual expenses like home insurance, tax bill in the spring, things like that. The trick is to live within your income and be able to save a few bucks for expenses later. I think a lot of people want to retire too early before they have enough saved and then have to rely on "making a killing in the market" before they can truly retire. Others find they have to return to work in a minimum wage job because there retirement income is too low or their expenses too high.
Well just think of the hilarious Joan Rivers, God rest her soul. To the end of her days, she never stopped working or making money for that matter. No one's ever too old to make and save money. As long as you love this money-making endeavor, as long you don't feel forced with what you're doing, then carry on. Also, you need to think about the generations who will succeed you. The money you save could go to your grandchildren's trust funds or, if you're single without grandchildren, you could stipulate in your will you're going to donate every drop of your earnings to a foundation or to research.
