I've always tried to maintain a roughly equal balance of income while working and during retirement. Not an exact science, but you can at least plan for it. When you find a comfortable balance, you can spend the planned amount without worrying about it.
Retirement gives you a pretty stark example. Most of our basic expenses will come from SS, a pension, and retirement savings. But DW and I have separate investment accounts for our personal spending (including our own cars). That's just the way it ended up, even if it was a little strange. So I have $X to spend any way I want until I die, with no additional savings from income. It's enough to buy a Ferrari now and nothing in the future, or spend a few thousand each year (4% rule, not exactly a Ferrari lifestyle), or spend more now and less later, or leave it alone and let it grow. Probably a bad idea to blow it now in one shot (though the Ferrari has to have some resale value), but it's pretty much a personal decision how to spend it.
Dan
Retirement gives you a pretty stark example. Most of our basic expenses will come from SS, a pension, and retirement savings. But DW and I have separate investment accounts for our personal spending (including our own cars). That's just the way it ended up, even if it was a little strange. So I have $X to spend any way I want until I die, with no additional savings from income. It's enough to buy a Ferrari now and nothing in the future, or spend a few thousand each year (4% rule, not exactly a Ferrari lifestyle), or spend more now and less later, or leave it alone and let it grow. Probably a bad idea to blow it now in one shot (though the Ferrari has to have some resale value), but it's pretty much a personal decision how to spend it.
Dan