I've always thought this was an extreme response to managing the fear of death. By postponing retirement with that much in the bank you're saying: who knows, I could live so long I could run out of money - a flattering thought.
If I could talk to those people I would say: like it or not, you're going to die, sooner rather than later. If you're 65 you'll probably die within 30 years: use that as your reference point. It's death that makes your savings excessive, since you'll die before you can use it. You'd be better off accepting this truth and spending some of it now.
If I could talk to those people I would say: like it or not, you're going to die, sooner rather than later. If you're 65 you'll probably die within 30 years: use that as your reference point. It's death that makes your savings excessive, since you'll die before you can use it. You'd be better off accepting this truth and spending some of it now.