You've spent a lifetime building a nest egg. Here's some suggestions for spending it with no regrets.
Been a diligent saver during your working years? Upon retirement, you’ll likely find it tough to transform yourself into a happy spender. This is not a problem you’ll read much about—because it isn’t exactly a widespread affliction.
1. Just say no. If you’ve always thought folks were idiots for lavishing money on spanking new European luxury sedans, you shouldn’t buy one just because you retire with a plump nest egg. In all likelihood, it would be a deeply uncomfortable experience, you’d suffer terrible buyer’s remorse—and you’d think less about the marvels of German engineering and more about your emptier bank account.
That brings me to an important distinction: You might choose not to spend, because not spending delivers greater happiness than spending. But if you’re choosing not to spend out of fear, you should probably seek out a social worker or a psychologist, so you can better understand what lies behind your anxiety. Each of us gets to travel this road just once, and you don’t want to reach the end of the journey filled with regrets.
Maybe pursuing our passions will cost very little. Maybe it’ll cost a lot. But either way, if we are passionate about what we’re doing, we’ll likely have few qualms about the price tag involved. There’s nothing novel about this advice. Folks have long allowed themselves to “spend income, but never dip into capital.” Experts often pooh-pooh such an approach as suboptimal. But guess what? It may not be a strategy favored by economists, but it works for humans.
5. Prepare your heirs. If you’re reluctant to spend your own money, soon enough your heirs or a charity will get their chance. Will they handle your money with care? This is the moment to find out.
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