How Retirees Can Turn Money Into Lasting Memories
If you’ve ever hesitated to spend your hard-earned savings on something fun, you’re not alone. Many retirees struggle to transition from a saving to a spending mode. I’ve seen this firsthand as an advisor. I’ve told many clients some version of “If we assume you spend at this level, you will likely die with significantly more than you have today.” Despite what the data says they can spend, there is a mental barrier that must be addressed. For the clients that do make the shift successfully, I’ve found that they start spending most often on two things -
Creating memories for themselves and their loved ones
Giving to their loved ones and charity.
I want to discuss today how to establish a framework for creating memories.
Recently, my family took a quick trip to Gulf Shores, Alabama. We had our share of mishaps - sunburns and a stomach bug - but those little imperfections have already become part of the stories we’ll tell for years. It reminded me how experiences, not things, create the memories that matter most.
So, how can we spend more money on what really matters? I came across this article on “maximizing memories with money” and wanted to share a few highlights.
1. Listen and Learn
The first step is simple: pay attention. Listen for what excites your adult children, grandchildren, or friends. Don’t assume you know what they want. Instead, ask open-ended questions and keep a “memory journal” to jot down ideas as they come up.
Examples:
If your grandchild mentions loving animals, plan a day at the zoo or an aquarium.
When a friend talks about a favorite band from their youth, surprise them with tickets.
2. Create Curiosity
Retirement is the perfect time to try new activities or revisit old hobbies. Encourage your family to step out of the routine.
Examples:
Take a cooking class together, even if you’ve never cooked anything complicated before.
Explore a nearby town or historical site you’ve never visited.
Invite your children or grandchildren to join you in a hobby you love, or try one of theirs.
3. Build Something
Building is about creating something meaningful, whether it’s a physical project or a shared experience.
Examples:
Start a small vegetable or flower garden.
Plan and organize a family reunion or a themed dinner night.
Volunteer together at a local charity, food bank, or community event.
Collaborate on a home improvement project, like redecorating a room or building a birdhouse.
4. Build Up and Look Back
The joy of an experience often starts before it happens and lingers long after.
Examples:
Create a countdown calendar for an upcoming trip or event.
After the experience, make a scrapbook or photo album together.
Host a “memory night” where you share stories and photos from your adventures.
Retirement is your time to turn money into memories. Try some of these out and let me know how it goes!
Happy Planning,
Alex
This blog post is not advice. Please read disclaimers.