Not spending money now doesn’t mean you have to be a sad panda. It just means that you better learn to enjoy cheaper things.

You know…not all people who are frugal are miserable. People can enjoy life with less money than they think…

I buy into the question of “Are we being ASKED to save too much?” Perhaps, because we think of savings as the major contribution to retirement lifestyle. For some, inheritances, pensions, and future asset reduction (e.g. reverse mortgages) may help reduce the saving needs.

On the question “Are we ACTUALLY saving too much?” For the majority of the people, the answer is “NO.” I think median savings for a 45-54 year old is around $40,000 to $50,000.

The NYT article also talks specifically about saving for retirement. In the case of many people, their savings are not exclusively for retirement. If you max out your 401k and IRA that’s only about $20,000 a year. Anything you save above and beyond that is usable for whatever. If you want your dream car, sell some of those assets and buy it.

The article really brings up the need for a balance between living well now and living well later. That’s important. You shouldn’t be sacrificing enjoyment all the time for something you may or may not have later.

In this case, even if we are being duped the outcome isn’t so bad. If you save more now then you’ll have more to enjoy later!