The context you need, when you need it

When news breaks, you need to understand what actually matters — and what to do about it. At Vox, our mission to help you make sense of the world has never been more vital. But we can’t do it on our own.

We rely on readers like you to fund our journalism. Will you support our work and become a Vox Member today?

Should you spend your money on retirement or give it to your kids?

The secret to a more enriching retirement may start with abandoning your zero-sum thinking.

Hi readers! Shayla Love here, science journalist and longtime fan of Your Mileage May Vary. I’m honored to be subbing for Sigal Samuel while she’s out on parental leave. I’m diving into your questions as a way to help understand human nature and our choices through multiple lenses: philosophical, psychological, and beyond. Please send in any emotional, body/brain, sociological, perceptual, or other kind of life quandaries you might have.

I am a (gracefully?) aging mother of three and proud grandmother of four. I keep hearing about how my generation (okay, I am a boomer) is hoarding wealth and failing to pass it down.

When I look at my lifestyle, I’m facing a fork in the road. Either I splurge on a lovely retirement, or I save so my kids and their kids can have an easier life. We’re all middle-class, so this is not a question of survival. The kids have college funds. Do I owe it to my descendants to scrimp as I age? Surely it’s not right for me to spend my savings on bucket-list vacations…How should I balance spending on myself and on the others that will come after me?

Dear Rainy Day Funder,

I’m so glad to hear you’re not in financial survival mode. But you are facing some economic constraints: You can’t splurge on a luxurious retirement while at the same time saving a substantial nest egg for your kids and grandkids.

Have a question you want answered in the next Your Mileage May Vary column?

Fill out this anonymous form! Newsletter subscribers will get my column before anyone else does and their questions will be prioritized for future editions. Sign up here!

It sounds like this feeling of either-or is causing you some anguish. The instinctual response is, as you suggest, to hoard as much as possible for your progeny to use later on. But at the same time, that feels like it’s zero-summing your own experience in your golden years.

So I’d like to introduce you to an economic thinker who has some advice that might surprise you. John Maynard Keynes, 19th-century British economist, would say: Don’t save your money!

I don’t feel rich enough to have a kid. Should I do it anyway?

Keynes wrote that when times are tough, people react by keeping their money close, and not spending it. But this sets in motion what he called the paradox of thrift. One person’s expenses are actually another person’s........

© Vox