Want to die rich? Not me

If you've been diligent enough to have saved well for retirement, so much so that you can see a comfortable life in your future, congratulations! That's wonderful. But keep in mind that all of your efforts should have taken place while you were living the life you wanted.

It's a good idea to live below your means. That's how you were able to save for retirement, bank your windfalls and be prepared for unplanned events. But what about now, when you should be enjoying the fruits of your labor?

Many seniors I know say, "I just want to live off the interest and dividends from my investments." They are either saying that they want their children to enjoy their hard earned savings or they want to have financial security no matter what. But they don't plan to tap the principal.

I like the saying, "Fly first class. If you don't your children will." While I don't necessarily agree that blowing your nest egg to live the high life makes sense I often find that seniors remain frugal with themselves (clipping coupons) while their substantial retirement fund continues to grow. There must be a happy medium (besides that weird TV lady on Long Island) for everyone.

Ideally, one should live at least as well in retirement as in pre-retirement. If that means travel, dining out and dressing well great. But dying rich? What's the point? Take a look: How much to spend safely in retirement