Are HENRYs Saving Too Much for Retirement?
Some high earners, not rich yet (HENRYs), are over-saving for retirement, which could lead to sacrificing short-term goals and desires. Over-saving is more common among HENRYs who are anxious about the future and feel the need to allocate a large portion of their income to retirement. However, experts suggest that saving more than necessary may not be beneficial, especially for younger individuals. It is important to strike a balance between saving for retirement and enjoying life in the present. Personalizing retirement planning and setting concrete goals can help avoid over-saving and ensure a comfortable retirement without compromising on current needs and wants.