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Comment by acover | Hacker News Reader

It's not a strawman. Most of the article is written with the assumption that not spending all your money is sub-optimal.

From the article:

> After a lifetime of saving, it requires some psychological gymnastics to start spending your nest egg. Browning’s suggestion is that financial planners urge their thriftiest clients to make big purchases–like a second home or a fancy car–before they retire, out of their pot of savings. The idea, he said, is “training people to spend.”

Edit: this comment is attracting a surprising amount of downvotes. Strangeness

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Sub-optimal for whom? What does sub-optimal even mean in this case? Who benefits from "training to spend"?

It's not at all clear that the authors of the article are concerned about the well-being of rich old people. There seems to be some other argument that's not being stated explicitly.

That might well be the paradox of thrift, that is that their frugality, while individually rational, collectively harms the entire economy (including themselves).

Just like arguably a lot of austerity in the Euro zone was self-defeating.

The quote is about what financial planners should recommend to their clients (the retiree).

I don't think the article is suggesting that financial planners recommend their clients take one for the team and spend more money.

If you saved it with the intention of enjoying it as well as relying on it for financial security and you don't let yourself enjoy any of it, then a lot of the work you did was wasted.

> then a lot of the work you did was wasted.

Unless you get enjoyment on some level from the financial security of having a bunch of money saved (i.e. you sleep better at night because of it). It's like purchasing insurance - if you never end up using the insurance, that doesn't imply you made a poor decision (wasted money) in purchasing it.

Likewise, knowing that an expensive medical emergency could come up means that having considerable savings is an appropriate response.

Or you could take the opposite view and arrive at the same conclusion - if you have a healthy lifestyle and expect to remain healthy, you might predict that you'll have a long lifespan, making it prudent to conserve your retirement savings by spending it at a very slow rate.

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