How Can You Feel More Comfortable Spending Money in Retirement?
Kristin and I recently made time for a date at Easton. We ate at Bar Italia, did some shopping, and enjoyed a beautiful day with the top down in the Corvette. Then we drove home in a torrential downpour. The car survived, and we had a great time together.
What mattered most was making time for each other. Life gets busy, and even when you spend plenty of time together, an intentional date feels different.
That is part of what I want a retirement plan to support: the ability to make thoughtful decisions about enjoying your life. Feeling comfortable spending starts with understanding what your resources can support and what would help you feel secure.
Why can spending retirement savings feel uncomfortable?
After years of saving, using that money can feel strange. You may have spent your working life watching the balance grow. Now you are asking it to help cover your lifestyle.
I have met people with substantial savings who still worry about ordinary expenses. Having money and feeling comfortable using it are two different things. Sometimes the concern is uncertainty about future income. Sometimes it is a strong need to see accessible money in the bank.
I want to understand that concern before trying to change someone's mind. A feeling does not disappear just because a spreadsheet says the numbers work.
How can a retirement income plan help?
Start by making the spending picture clearer. Understand your regular bills, the things you want to enjoy, and the income available to cover them. Then discuss how savings will help meet those needs and how the plan could respond if circumstances change.
When couples can see how their expenses fit into the plan, they have a clearer basis for deciding whether to take a trip, enjoy dinner out, or make a meaningful purchase. It also helps them understand when an adjustment may be needed.
The aim is to make spending decisions with a better understanding of both your finances and your priorities.
How much cash should you keep to feel comfortable?
No single amount fits everyone. In one conversation, a client acknowledged that she wanted more money in the bank than she thought she needed. For her, seeing it there provided reassurance.
We discussed that preference in the context of her full financial picture. Keeping additional cash involves tradeoffs, including less opportunity for growth, so comfort needs to be considered alongside the plan's other needs.
I want people to be able to lay their heads on the pillow and rest. I also want them to understand their choices. Your retirement plan should make room for both practical needs and the life you hope to enjoy.
If spending your savings still feels uncomfortable, you can reach our team throughLegacyRetirementGroup.com. We can talk through what is behind the hesitation and how it fits into your retirement picture.