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I did a financial plan for a middle-aged doctor and his wife many years back.

The doctor was a big spender and it concerned his wife that they would never save enough to have financial security. For example, if they took a vacation, he always wanted to stay in a five-star hotel with the kids. His wife felt it was too extravagant for little kids to appreciate.

The retirement analysis showed that they would run out of money at age 75 with the amount they were saving and if his spending continued. To have a more secure retirement, he would need to begin spending less. The doctor thought for a long while and then said “I will take it”.

I said “take what”? He responded, “I take dying at 75 rather than spend less… I’m working to enjoy myself.” His wife said, “what about me?” The doctor turned to me and said “what can we do for her?”

I said you would need to buy life insurance on you. He said “buy it” and we purchased the life insurance.

Margaret Starner, the Starner Group of Raymond James, Coral Gables, Florida.