Question: We just retired at 62 with $6.1 million in savings. My wife thinks we should make large charitable donations, but I want to use the money we've worked so hard for to buy the $800,000 lake house we've always wanted. I also care about philanthropy, but I feel exhausted after a long career. I want a place of our own to unwind and the ability to travel abroad while we still can.
Answer: Congratulations on having such an enviable conundrum! The average retirement savings of a 62-year-old stood at $537,560 as of 2022, the last year for which data are available. If you and your spouse just retired at 62 with $6.1 million, you're clearly in a strong position to enjoy this new stage of life to the fullest. But you may not be fully in sync on what you want to do with your money.
