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MANY FINANCIAL IDEAS are tough to embrace. But perhaps the toughest can be summed up in one simple word: enough.
Will we ever feel like we have enough and that we’ve accomplished enough? Accepting that we have enough and done enough might seem like worthy goals, a serene acceptance that’s possible for those at peace with themselves and the world around them. Indeed, for many, “retirement” and “enough” seem to be pretty much synonymous, a declaration that the pursuit of “more” is over.
But that isn’t where my head is. Even now, I’m not sure I’ll ever declare “I’m done,” which is weird, because I sure don’t have the time to do much about it.
Part Five of Six
And I don’t think I’m alone. In their 60s, and with decades potentially ahead, I suspect many retirees—and perhaps most—aren’t quite done, and I’m not sure it’s necessary. There’s great pleasure to be had in life’s striving. While we might want to temper our pursuit of more, I’m not sure we should seek to squash it entirely.
Amassing more. We spend our lives running on the hedonic treadmill, imagining the next accomplishment—the new house, the seven-figure portfolio, the promotion—is all that stands between us and happiness, only to discover that success soon leaves us dissatisfied and hankering after something else.
This desire for more doesn’t seem to disappear with retirement. Most of us spend three-plus decades amassing money to fund our post-work life and yet, when the time comes, we’re often reluctant to let our dollars go. How many times have you read HumbleDollar commenters gleefully note that their portfolio today is larger than when they retired?
Such sentiments are understandable. After a lifetime of saving, it’s hard to watch our money slip away. And if an ever-growing portfolio brings someone happiness, why should the rest of us object?
Still, the desire for more can create two key problems. First, consider the comment from financial author Bill Bernstein: “When you’ve won the game, stop playing with the money you really need.” In their pursuit of an ever-larger portfolio, retirees might take too much risk—and imperil their financial future.
Second, folks may shortchange their retirement by failing to spend in ways that could enhance their happiness during their final years. This, I think, is one virtue of Social Security benefits, pensions, immediate fixed annuities and laddered bond portfolios. All are designed to generate income, so folks feel they have permission to spend the money involved.
Struggling to let go of the dollars you’ve amassed? Consider making gifts to charity and loved ones. These aren’t just an alternative to spending. Such gifts are also an acknowledgment that we have enough—and the resulting sense of abundance may prompt us to be more generous with ourselves.
Scoring goals. Even as we struggle to accept that we’ve amassed enough, we’re also reluctant to declare that we’ve done enough.
Humans are a restless, relentless bunch, always looking to improve their lives in one way or another. This drive, I’d argue, is a good thing: It not only helps the individuals involved, but also it can spur economic growth and make society a better place for everyone.
Yes, retirees and those near the end of their career will often proclaim that they’ve reached the point where they’ve done enough, and they’re now happy to cruise through their remaining years. But I’m not entirely sure I believe them.
These folks might be content to step off the workplace hamster wheel, and they might fiercely resist my frequent suggestion that they consider working part-time during their early retirement years. Yet retirees often replace their professional aspirations with goals of their own choosing, such as reading a book every week, or visiting all 50 states, or pursuing their favorite hobby. And I see nothing wrong with that. There’s great happiness to be had from accomplishment.
Will we ever feel like we’ve done enough? I suspect not. We might be willing to declare that we’re done with career goals, but I doubt most of us will ever feel like we have nothing left to achieve.
Still, we might try to cut ourselves a little slack, especially as we age. How? I like to make a daily to-do list, preferably one that isn’t too long, so I know what success looks like for that day. Clearing each day’s list allows me to head into evening with a pleasurable sense of accomplishment—and the chance to recharge and reflect before tackling the next day’s list.
Check out the four earlier articles in this six-part series: Money Grows up, Taking Center Stage, Mind Over Money and Taking It Personally.
Jonathan Clements is the founder and editor of HumbleDollar. Follow him on X @ClementsMoney and on Facebook, and check out his earlier articles.
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The part of me that says I have enough is battling the other part that says I need more. It’s hard being me.
Henry David Thoreau said wisely “I make myself rich by making my wants few.”
This may seem a bit random and off-topic but when I wake up every morning I say the words from Psalm 118:24
“This is the day the Lord has made; let’s rejoice and be glad in it.”
For whatever reason it centers me and brings me back to starting my day with gratitude for what is in front of me.
Sometimes that is ‘enough’.
Jonathan,
Thanks for another excellent and thought provoking post!
And thanks too, to the wonderful members of the HD community who share their insights.
Drinking my coffee and reading the posts and comments here is a very rewarding part of my retirement mornings.
Still, though, not quite as fulfilling as spoiling my grandchildren.
Since I decided broadly when I should target my exit from full-time work I’ve been trying to work on both the financial number of “enough” and increasingly much more the emotional rationale of “why” it was enough.
This involves obviously panics about global politics and knock on effects but also drilling down on the small rewarding things that I’ll be able to do every day and the new relationships I’ll need to invest in.
The solution to “enough” is “contentment”. My daily goal is Matthew 6:33.
In my mind, the concept of “enough” gets redefined in retirement.
One may not run out of money ever due to savings and investments, but we are sure everyone will run out of time at some point. In addition, we don’t have much control over how much time we will have. So the time we have is “Never Enough”.
“Enough money” is an oxymoron.
The Apple TV+ show Slow Horses has a brilliant theme tune sung by Mick Jagger which contains the lines, ‘To get back in that game…/And dance with the big boys again’. I was discussing the show with a soon to be retired lawyer friend whom I’ve known for over 40 years; we both agreed that we’d danced that dance in our respective careers & had no need or desire to stay on the incessantly competitive dancefloor for a moment longer. Enough really was enough!
I’ve shared my version of Bill Bernstein’s “ I played the game and won it. I’m done playing the game.” With a few financial advisors and they look at me like I’ve grown a 2nd head. Since retiring, my husband and I are spending more than we did while working and still have plenty. Our investments have been on the conservative side and when I get , “if you would have done…your portfolio would be $$$, it really annoys me because we have more than what we started with 12 years ago and the risk reward suits us fine. As far as personal goals, I love having the opportunity to do whatever, whenever and with whomever! There are no guarantees how long we have or what may happen tomorrow. “Therefore don’t worry about tomorrow, for tomorrow will worry about itself. Each day has enough troubles of its own.” Matt:6:34
Yes, Jane, I couldn’t agree with you more. Imagine that you are fairly financially secure (it sounds like you are). You and you husband have been talking to your advisor about retirement, soon. But then your husband passes away very unexpectedly. In your 1st meeting with your financial advisor, after this life changing event, he says “if you continue to do X, you’ll have Y when you are 65.” My reply, “Hmmm, that’s not what I’m thinking about right now.” After losing my spouse I’ve determined that the financial services industry is far too incented to keep everyone on the hedonic treadmill. Both my parents (divorced/remarried) are over 80 and they have spent their 70’s amassing more money. Now, they are terrified that the money will be stolen or that they still don’t have enough for some undetermined life changing event?
I agree with you Jane. Whenever an advisor, or anyone really who suggests something to me like “If you had done X instead of Y, you would have much more…” I think to myself, you haven’t asked me what my financial goals are, so how can you agree or disagree with what I am dong with my nest egg? Sounds to me like you have achieved your goals, so I say great job!
I believe there are two more words that we struggle to say, and they many times twist together in our mental frameworks. The other words are “yes” and “no.” Combining “yes” with “enough” was the toughest decision of my life.
My goals in life now that I have “enough,” aka retirement, focus on flexibility. Today’s goal was clearing the drive and walks of snow. My afternoon goal; the Kite Festival on frozen Clear Lake IA, with my grandsons. My evening goal; making chili. There are some things I want to do in life, but they are more like a bucket list than goals. Lather, rinse, repeat. I have enough that I am happy and the flexibility to change that if necessary.
As mentioned last month I’ve been lazily searching for a new “thing” to focus on in retirement and I have found it. I’m learning French with my Duolingo app for a half hour a day, give or take. It is free, although I have chosen the paid version after the first week of deciding I don’t like ad interruptions.
Many languages are offered. It offers the perfect scratch to my learning itch.
Give it a try! Italian will be my next choice. I’m sticking to my romance languages, acknowledging that my existing Spanish skills are a solid base to my learning process. I’ll dive off the deep end with a more difficult language next year. That’s enough goal-setting for me. 😀
I’ve recently started using Duolingo to learn Spanish. It’s sort of addicting. Not sure how much I’ve learned but I have lots of gems and XPs! Haha
Great job! Search me out, you’ll get more XP! I have a blond avatar with green eyes, Stacey632090. I’ll cheer you on!
Jonathan, I’m absolutely with you on the To-Do lists. Although for me, it’s less of a strategy and more of an innate need—I’ve been a “list man” as long as I can remember. There are always several on my desk, including: “This Week”, “ST” (Short Term), and “LT” (Long Term”).
I confess the “LT” items often stay “LT” for quite a while as they’re usually chores I’m not looking forward to. Fortunately my wife is a patient woman. But progress is possible and I recently began the long awaited “getting a whole bunch of aging chairs reupholstered” project. Looking forward to finally scratching that one off the “LT” list!
I have enough and don’t need or want more. After working all my life, starting part time in my teens, I do not feel the need to accomplish anything else. Financially we (wife and I) have more than we could ever spend. We helped all our kids buy homes, pay for college, etc, and help charities we like. I don’t make to do lists. I do whatever I want, whenever I want. Most days are busy, starting with going to the gym 3-4 days a week, and then seeing whatever the day brings. No scheduled meetings or conference calls. I had must-do lists from my work all my adult working years. Enough of those. We also traveled a lot for work (awards) and pleasure when younger, going to many beautiful resorts and going on cruises with the kids. . We have no desire to traipse around the world now, dealing with airports, crowds, delays and all else that goes with tourist travel. Nothing appeals less to me than sitting in traffic trying to see tourist sites, or waiting to get into a crowded restaurant teeming with tourists. I think it is great if retirees want to travel, but it seems that most articles about retiring assume that’s what retirees must do. What I don’t understand is why the really wealthy out there, whether billionaires or not, always want to get richer. They must know they cannot take it with them, and they may not realize it, but the general populace doesn’t care how much they have. Relax and enjoy life.
I remember as quite a young kid thinking the band ABBA must have fantastic lives and be so happy because they were mega successful and rich ( this was a time when top soccer players perhaps bought a pub when they retired so popstars were probably a pretty good signal of wealth).
Since the I’ve obviously read many accounts of how miserable they were with marriage breakups, estrangements from kids and the stress of touring and performance.
I do pity some of the mega rich. Some seem to need to buy stardom or keep winning no matter what. I realise some of this will be hardwired in personal drive that enabled them to get where they are. As an introvert I think the biggest thing for me would be the freedom to have personal time and space rather than further acclamation.
I think Bill Gates is a good example of how to have a second purpose in life.
Prescription For Progress
Daily Tasks:
(from my archives of, “interesting stuff other people said or wrote.”)
I quit and got out of rat race in 2023. Reason, I had “enough” to leave a legacy, per my financial advisor. I was going to do all the cool things all of you had mentioned about travelling and seeing the world etc. I was waiting on my wife to finish her PhD in Q1/Q2 2025. Then life threw a curve ball – diagnosed with bladder cancer in Jan 2025. Had to meet with my financial planner and change life expectancy to 75. Wasn’t going to collect SS till 70 – now I decided to start it this year. My whole perspective has changed – all the focus is on dealing with cancer. So, something to keep in mind is that life’s curve balls can completely derail the meaning of what we think is enough, what we think our retired life looks like etc.
Sorry to hear of your diagnosis. Good luck and keep perspective. In 2022 I was gravely ill and was diagnosed with a rare stage 4, inoperable and deadly bladder cancer. After two years of treatment (2023-2024 radiation, chemo and immunotherapy) I am stable and living a mostly normal life. I was told that 5 years ago the specific treatment was not available. So, there is hope.
You are so right! Plans are just plans. I wish you the best with your cancer treatment!!
Sorry to hear your diagnosis, my husband’s uncle had it & it is a tough road. May your family stay strong & may you continue to enjoy your time together.
Sorry to hear. This points out the importance of enjoying life as you go along, because one never knows when that curveball will appear. Thanks for sharing
Great topic!
“Humans are a restless, relentless bunch, always looking to improve their lives in one way or another.”
Well, no. I’m happy with my life as it is, and at 77 I’m just hoping I stave off physical and mental decline for a few more years. Short of rampant inflation or a black swan event I’m probably OK financially, and my investments are on auto-pilot.
Maybe there is an introvert-extrovert difference here? I was immuno-compromised during Covid, and spent a couple of years almost entirely home alone with a pile of books and my computers. I was fine. Now I’m living in a retirement community with a plethora of things to do. I’m busy enough I am blocking Sundays as “alone” time, but there is no way I am writing a to-do list in the mornings.
“Maybe there is an introvert-extrovert difference here?”
I think that’s exactly what explains the two worldviews, those for whom “enough” really is, and those who can’t help continuing to build and do more. I know which I am.
Several decades ago, I bought for a song a nice one-level ranch-style home in the country with a million-dollar lakefront view. Over the years renters fully paid for it (three times!), while I worked a satisfying job back in the city.
Now I feel very content living alone in that modest dream-house, but still can’t help wondering if minimal social interaction will eventually make it all implode.
Happily, four years into living “almost entirely home alone with a pile of books and my computer (internet)” – and glorying in the ever-changing lakefront panorama – this really does appear to be “enough.”
(Sorry it that’s a little TMI.)
As a fellow introvert, I’m sure there is a difference between introverts and extroverts in many aspects of retirement living.
Like you, I’m content to spend multiple days alone. I’m stunned by the social calendars of many of the people in our retirement community. They are booked from 8am until 8pm nearly every day. I can’t even imagine…
I also wonder about the influence of the “Protestant work ethic”. Why do people feel they have to be useful/productive even in retirement? When do they get to relax?
This is an interesting topic for me. I can’t help but try to be productive. I am one of those people who just can’t stop doing something nearly every waking moment.
Many years ago I took a trip to Hawaii with some family members. Their idea of an ideal vacation was to sit on the beach.
All. Day. Long.
I would, literally, go crazy if I sat on a beach for more than 20 minutes. I have to be moving. I have to be doing something. Anything.
That work ethic (or neuroticism) served me well in my jobs. I was always the person who would volunteer to do whatever task other people didn’t want to do. I’d rather be too busy than not be busy enough.
I grew up on a small farm and I wonder if this is where I learned this ‘skill’. No matter what time of day it was, there was always something to be done: Animals to be fed. Stalls to be cleaned. Fences to be repaired.
I’m not much into beaches either, except for a rest in the middle of a long trip. A comfy chair with a good book, however….
I find I have a desire to do less. It is nice to have a good book to read, or “free time”. I agree about those pesky filled social calendars. I too am in a retirement community and there is something I call “socializing creep”.
When I was working I became expert at the art of saying “no”. I generally had enough seniority for it to stick. When I took early retirement and started traveling it was a skill I no longer needed. Now I’m thinking I should revive it.
”Will we ever feel like we have enough and that we’ve accomplished enough?” Excellent question!
I took Bill Bernstein’s comment to heart: “When you’ve won the game, stop playing with the money you really need.” However, that requires having realistic expectations and the setting of specific goals. After all, how does one know that they have “won the game?”
I’d suggest this is not a finish line to cross, but a mind-set to embrace. For example, by setting ongoing savings goals and then meeting these goals month by month and year after year, the game has been won. We’ll never really know specifically how much we will eventually amass in our retirement bucket because we cannot with absolute certainty predict the performance of our investments. But in all likelihood we’ll have enough.
As for determining how much I will need, that can benefit from some rigor. I mean, the sky could be the unrealistic limit, could it not? Why not attempt to acquire a mega-yacht, or a private jet? Etc.
I once got some sage advice from the director of a large nutritional lab at a major university. We were discussing diet and fast food. “Off the record” she said that nearly everything is okay but it must be “in moderation”. Today, my cancer doctors have told me I can drink alcohol if I choose to do so “in moderation”. (I very occasionally drink a half-glass of wine).
Taking that earlier advice to heart, I decided that living a life “in moderation” would be an appropriate existence. From that came a range of solutions to “Having enough”. Surprisingly, to me, I exceeded all of my retirement savings goals and I’ve lived a wonderful life before and after retiring.
I can’t say what it will take for others to be fulfilled. I do think it encompasses a lifestyle, a holistic approach both before and after retirement.
In the domain of doing and as has been discussed elsewhere at HD, taking on a volunteer position can be rewarding. I was recently asked to set up and run the digital sound system for a nearby band, something I’ve never done. Now, in any negotiation there are three possible approaches: accept, counter-offer or decline. Declining stops the action so I seldom do that. In this case I accepted. It was rather exciting and some work to set up the digital mixer from scratch (a XR-18).
I am slacking off a bit. I used to have a running “task agenda” at the ready. Today I simply have a day-planner for 2025.
Nice article, Jonathan!
I’ll never be done, never have enough, never not have another goal. What’s the point if you don’t have those things?
Even today I have an asset goal, to reach the next highest total in investments. When that number is reached- maybe today -I will set a new goal. It’s not about wanting more, It’s about achieving goals, the quest.
After retirement my goal was travel and blogging which I do every day. I also engage on social media to keep my brain active and me frustrated.
We are on “vacation” in Florida for a few weeks. We saved in our travel account the last year. I don’t care what we spend as long as it comes from that account.
Always a goal, always wanting more of something. That’s what keeps us motivated.
If you are always aiming for a new goal, when do you get to enjoy where you are? If you already have more money than you and your heirs need, why do you want more? What is the point of chasing a number?
I enjoy every day, well almost. I only want more to give more, but really to demonstrate to myself i can do it. Just a game.
I doubt there is anyone on HD who doesn’t want to see their investments grow.
I read a lot about financial maneuvering, about avoiding taxes, maximizing SS. Aren’t those goals?
My investments have been growing without me needing to anything except stay out of the way. I have already taken care of maximizing SS, and there is little I can do at this point about taxes. So while I will be happy if my investments continue to grow, I am doing no “financial maneuvering”.
Dick, I wouldn’t call them goals, the subjects you describe are research information which enables us to better help us keep more of our hard earned money.
as far as acquiring more so you can give more, that all sounds very altruistic. But once we attain a goal, it doesn’t become a new goal, it’s just the same goal driving our behavior. But to what end?
Im not criticizing your methods but our life’s goals should reflect who we are, not how much money we have. Money is what we make it. If you feel that acquiring higher sums of money is a game to you, Then I say, play on.
I was just giving an illustration of a goal because i don’t think we should ever be without them. Money isn’t the end all for sure. But i bet many HD readers have a goal of remaining financially secure and independent and never running out of money.
My problem is, with good fortune and help, I have achieved every goal i set at age 18 and then revised when i got married 56 years ago. My remaining goals – to see at least one grandchild graduate college and to see a specify grandson play in the Cape COD baseball league are beyond my control.
You can do both.
Are the goals serving you, or are you serving the goals?
Not sure what that means, but i enjoy having goals, i enjoy striving. There is no stress involved i don’t give up anything. Who doesn’t have goals?
“Eough” is a feast.
Thanks for another thought-provoking article Jonathan. Reading it, and the comments, highlights to me the importance of knowing yourself, and what makes you happy and fulfilled. We all get to define our own enough. It’s also important to understand what doesn’t make you happy and causes unneeded stress. Finding the right balance isn’t always easy.
We spend many decades gaining experience, skills, and wisdom. I still enjoy learning new things, and gaining new skills. And I think there are still ways for me to use those skills and experience and wisdom to contribute to my community. And that is part of my enough.
Enough is complicated.
We have enough to retire (if the whole system doesn’t implode, which I worry about as I read news, deal with immediate budget cuts at work, and people we know are fired).
So we personally have enough, but we’d like to help our daughter pay for housing (selfishly close to us to spend a lot more time with our grandchild and hopefully soon, grandchildren) and do more for charity or our friends in need. But if we do that, will we still have enough?
Thus, I crave more.
An aside, I started reading Jonathan’s column in WSJ before having kids. Wow, time flies!
Jonathan, Agree that there is so much satisfaction in accomplishment. This is true even when we advance in age, as even the most gifted individuals won’t accomplish much in this world unless they can free themselves from self imposed limitations.
We all want to leave a mark on this world. We all want to know that our lives matter that we made a difference somehow. If we identify the things that mean the most to us, Then we can show the world and ourselves what we can accomplish.
“Yes, retirees and those near the end of their career will often proclaim that they’ve reached the point where they’ve done enough, and they’re now happy to cruise through their remaining years. But I’m not entirely sure I believe them.”
So much of what you write Jonathan I agree with entirely, but not on this topic.
As you write some of us get off the hedonic treadmill, however we are content to disengage and take each day one at a time. Yes I work out nearly daily, and read voraciously, and follow my New England sports teams. I don’t put pressure on myself by writing a to do list every day, or push myself to accomplish daily goals, but take each day as it unfolds. My time is now mine (and my wife’s).
Being self diagnosed as being on the spectrum I so looked forward to stopping work and not waking up each day having to engage with others and constantly wondering what I may be saying or doing wrong on the job, and what the consequences might be. At one point the stress was so bad I considered performing some bad actions to myself to escape. Luckily counseling and heavy doses of medication got me through a dark period in my life.
Since I retired and disengaged I felt a huge weight being lifted off my shoulders, and my mental and physical health improved tremendously.
Now I can just be my imperfect self, believe you me.
You’re right. A completed list at the end of the day feels good. But I wouldn’t want to begin any day–I imagine even my last–with no list at all.
A problem I’ve identified is never feeling successful.
The list of things I’ve taken on is so extensive that I never can do them all and I don’t reflect on the massive amount I do get done.
Especially at work, all during each day I get interruptions of emergency things that must get done. (Yesterday: I don’t any light through the microscope; can you hop on a Zoom right now to answer technical questions a new recruit has; leadership is rearranging the newly renovated space so we need you right now; all my data from the last two years on the server appears corrupted, please help now.) Therefore, lists keep getting longer and there is no time for reflection (although I just did some here).
One suggestion someone made is to keep a list of done things next to the to do list. Too busy to keep this list.
And then I have a concern about retirement, will I miss the constant emails and calls of being needed Right Now?
You will learn to adjust. It took me almost a year. To me, looking back, there must have been an element of PTSD in how I approached my jobs/ career. As an accountant, you basically live to please clients and address their problems. Jump how high?! It got old. I sleep much better now.
Enough is a great word, thought, philosophy to live by.
As a Christian my joy comes from loving. My friends and family of course but also my community. And I demonstrate that love by giving. I funded a donor advised fund at Fidelity with appreciated shares of stock. I’m one of those people that gets so much more joy from giving than receiving. Retired now,I have more time to give of myself by listening to others and offering guidance when asked. I would say Jonathan that you have shown your love for your fellow man by writing this column and helping so many achieve their life’s dreams.
Housel wisely said “‘Enough’ is realizing that the opposite—an insatiable appetite for more—will push you to the point of regret.” In my experience it is a mindset and a path.
A portfolio can continue growing without adding a dangerous level of risk if your draw rate is enough. If you’ve saved enough, that draw rate still permits retirement with fulfilling experiences you’ll enjoy in the moment, and again countless times with family and friends.
I agree retiring is not the end of striving, it simply enables striving for goals or purpose that each of us is empowered to choose. “The Purpose Code” by Jordan Grumet is so far an interesting read on this topic.
“retiring is not the end of striving, it simply enables striving for goals or purpose that each of us is empowered to choose.” I absolutely love this quote. Thank you for putting how I feel about approaching retirement. Everyone tells me I am too young to be thinking about retirement because I have so much energy and too much to offer. From today forward, this is going to be my response!
Perfectly stated.
Agree with you and your lifestyle completely Jonathan, mine being very similar. Nearing age 85, I’ve said to myself numerous times that upon reaching a certain figure, I’m done, what Jeffrey Kosnett of Kiplinger calls “taking a knee.” Hasn’t happened and isn’t going to happen, largely because I’ve learned that investing is a large part of my happiness in old age, an age where I need nothing, want nothing. We tell ourselves to keep it up because we don’t know what our final chapter will be, most of us anyway. Could be expensive yes, but there does come a time when we couldn’t possibly spend it all. Like you, I take pleasure from small accomplishments each day and go to bed at night thinking about what I accomplished today, in our need to remain relevant. Investing for my children, I have derisked dramatically in advance of the next extended downturn, so let the chips fall where they may. They will be happy with their inheritance and hopefully take a lesson or two as to how to enhance their financial futures as well.
Thanks Jonathan.
Last couple months have convinced me it’s time to stop thinking…
Am I good enough?
Do I do enough?
Have I got enough?
I am enough.
BTW, you are, too.