I was chatting about company 401k and retirement savings in general/vague way with a coworker this week. You know - when you want to talk about it without mentioning any numbers?
She mentioned that when she hits 55 next year (and can withdraw from company's 401k without penalty) that she is going to "stop saving and start living". She has been with company over 10 years, so I assume the 401k is relatively stocked but of course didn't ask for specifics! She felt that with this safety net now accessible, she didn't need to worry about unemployment. She mentioned that she will keep saving "minimally to get the company match" so there's that! She will be using non-retirement savings for a big trip in 2020, and then direct savings each paycheck to her travel savings throughout 2020 for a 2021 trip.
Her plans include splurging on lots of travel, particularly international, and "getting that latte whenever the hell I want one" etc. Then if let go or forced to retire due to health or just decides to pull the plug herself, she will cut back and won't feel deprived because she splurged for a few years. She is hoping to do this for a minimum of 5 years and is planning a series of 5 , international trips, each for 3 weeks, to see the world.
Wondered what you all might think about this as a strategy?