We Retired at 62 With $6.1 Million. My Wife Wants to Make...

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We Retired at 62 With $6.1 Million. My Wife Wants to Make Large Donations, but I Want to Travel and Buy a Lake House.

We worked hard for this nest egg, and I see the lake house as an investment in our happiness. We asked financial planners for advice.

By Maurie Backman published 18 February 2026 in Features

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Mature couple relax on wooden pier, looks out across lake, Whistler, BC.

(Image credit: Getty Images)

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.

After decades of hard work, you may be inclined to spend your fortune on experiences like travel and an $800,000 vacation home as a nice escape. Your wife, however, may be more charity-minded. She may be dreaming about specific causes she wants to support or charitable boards she'd like to serve on.

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Since both goals are equally valid, it's important to come to an agreement that works for both of you. And the good news is that with $6.1 million to work with, you should have plenty of options.

It's more than possible to do both

It's normal to want to enjoy the money you've worked hard to save, and it's also natural to want to share your good fortune and give back.

Keith Spencer, CFP, founder and financial planner at Spencer Financial Planning, insists that with $6.1 million, "This doesn’t have to be an either-or situation."

Spencer recommends establishing a plan for how much you can afford to spend each year, given your resources.

"You want to strike a balance between being able to spend enough now to be truly happy while making sure you don’t risk running out of money," he explains.

From there, Spencer says, think about how an $800,000 lake house might impact your spending capacity. Dig into the actual cost of owning a vacation home. For example, home insurance premiums, particularly in some states, have been rising sharply.

"If your spending capacity would still be sufficient for your needs and wants, then by all means, purchase the lake house," he insists.

Spencer also says that if your spending capacity is higher than your normal spending, you should be able to give generously to charity each year without fear of going overboard.

If you're not comfortable with a large upfront gift to charity, you could consider spreading your giving over time. This affords you the opportunity to see how your portfolio performs and what surprise expenses arise in the course of your retirement lifestyle.

Spencer also points out that your charitable giving doesn’t have to be done while you’re alive.

"We have clients who have decided to give quite generously to charity, but that giving is happening primarily via their wills or trusts when they pass away," says. "The main downside to this approach is that you wouldn’t experience as much of the joy of giving while you’re alive."

If you don't have children who would inherit the lake house, you could also leave it to a charity in your estate plan.

Rustic style Sun porch Lake Wallenpaupack, Silver Birches Resort, Hawley, Poconos Region, Pennsylvania, USA.

(Image credit: Getty Images)

Take the right approach to charitable giving

Many retirees fear running out of money, and there's no single level of savings that's guaranteed to quash that concern. But with careful planning, a $6.1 million nest egg could last a very long time, even with charitable contributions, says Robert Jeter, CFP and founder at Back Bay Financial Planning & Investments.

"The reality is the client could probably donate $500,000 of securities and not make a dent in the sustainability of their retirement," Jeter says. "The philanthropic goals would need to be measured against other spending goals such as the home, longevity concerns, and cash flow needed to maintain their existing quality of life."

That said, it's important to donate that money strategically.

Jason Dall’Acqua, CFP, founder and financial advisor at Crest Wealth Advisors, says, "If you decide to give to charity, then aim to do so in a tax-efficient way so that you get that benefit as well."

Dall’Acqua says that a donor-advised fund (DAF) is a great way to make a large contribution in a year when you may have a larger tax consequence, such as selling assets at a gain.

"By contributing to a DAF, you can take a larger charitable deduction in that year to reduce your tax bill. You can then give to charities over the years as you decide where you want the money to ultimately go," he says.

Jeter agrees.

"A DAF would be a likely vehicle to fund one time and maximize the tax benefits. You can deduct the fair market value of the gift and not pay tax on appreciated gains. The couple can then continue philanthropic giving from the DAF periodically over the years as causes and recipients may change," he says.

Qualified charitable distributions (QCDs) are another avenue you can explore, says Dall’Acqua, if you're on the hook for required minimum distributions.

"Charities will not pay tax on gifts made through a QCD, so there is tax benefit to both the individual and the charity," he explains.

Make sure your donations are meaningful

It may be easier to get on board with the idea of making large charitable donations if you can feel confident that your money is serving an important purpose. To that end, Jeter recommends looking at community foundations.

"Working with a local community foundation can be a fantastic way to hear about causes and timely needs in their community," he explains. "Many aren't sure about philanthropic pursuits because they don't know where or how the funds will be used. Community foundations are just incredible places of information."

Ultimately, Jeter says, "Philanthropic contributions can be one of the most rewarding ways for high-net worth individuals to use their dollars in retirement." With proper planning, you should be able to create a spending plan that allows you to enjoy retirement, treat yourself to a lake house, and support causes that are meaningful to you.

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Maurie BackmanContributing Writer

Maurie Backman is a freelance contributor to Kiplinger. She has over a decade of experience writing about financial topics, including retirement, investing, Social Security, and real estate. She has written for USA Today, U.S. News & World Report, and Bankrate. She studied creative writing and finance at Binghamton University and merged the two disciplines to help empower consumers to make smart financial planning decisions.