Overcoming Fear of Spending in Retirement
As a retirement advisor for over 25 years, I’ve come across many retirees (especially in the last couple of years) who are deathly afraid to spend down their retirement savings. They would never pay for things that they can actually easily afford – such as flying first class, for instance. If you’ve worked hard and have successfully navigated the accumulation phase of life, you’re now in the distribution phase and it’s time to enjoy the fruit of your labors.
You do need to be invested properly, however. If you’re still invested for growth and, in order to spend money, you have to sell shares, then next month you’ll have fewer shares. If you keep cannibalizing your principal, eventually you’ll run out. You’re in a race against time.
So how do you need to be invested in order to actually enjoy your retirement? Find out.
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