You’ve Spent Your Life Saving. Now Learn How to Spend
On Merryn Talks Money, we talk about the enviable problem of how to draw down all that cash you worked your whole life to accumulate.
How can a person start spending freely, when their attitude towards spending has been the opposite for most of their lives?
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Most people spend their working lives earning and saving toward a financial goal. This goal can be a number or something more tangible like a paid-off mortgage. But when you’ve spent decades feeding the same frugality habit, entering retirement and reversing that addiction can be an unfamiliar challenge. Retirement also has a tendency of throwing up questions of status, belonging—and of course, mortality.
In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek confront a difficult listener question on the topic of retirement spending. How can a person start spending freely when their attitude toward spending has been the opposite most of their life? Chartered financial planner George Agan joins this episode to share his insights on what to do.