Spending money in retirement is OK, you have our permission! We see folks we know deciding to retire every week here at Mullooly Asset Management. Some folks have been great savers throughout their careers. Sometimes these very same people have problems “being okay” with spending money in retirement. Especially because they do not see a paycheck coming in anymore!
In this week’s episode, Tim and Tom discuss the transition from working (and receiving a paycheck) to retirement. That sudden feeling of saying “we can’t afford that” looms large for many new retirees. You are not alone! We discuss this topic frequently with clients. But the article was inspired by a post in the Wall Street Journal, stating, “When one spouse is fearful of spending in retirement—even when there’s enough money—it can make life a lot less enjoyable for both of them.
Episode 433:
2:25 the transition from work
4:30 “we can’t afford it” and “spouse vs. spouse”
6:38 the sticker shock of big ticket expenses
7:45 “when does this plan break” and “peace of mind”
9:30 retirement planning is a process
12:20 The “depression” mindset, and the anxiety
15:40 helping put a mind at ease
Links:
Retirement Running Out of Savings – The Wall Street Journal
What is Your Retirement Savings Goal? – Mullooly Asset Show
In Retirement: Being Okay With Spending Money – Mullooly Asset Podcast
