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Two types of retirees: There are those who have no problem spending (and may even overspend), and those who find it difficult to spend beyond the basics, potentially missing out on enjoyable experiences. This hesitancy may stem from psychological tendencies, such as being a maximizer (prioritizing wealth accumulation) or tightwad (feeling pain when spending).

Strategies to spend more: This is where your Advisor can help. One way is by helping you understand the probability and magnitude of Monte Carlo outcomes – or, helping you segment your spending into "core" (essential and preferred) and "adaptive" (discretionary) categories to provide flexibility. Furthermore, you can increase guaranteed income by delaying Social Security or by leveraging annuities, which can boost confidence in sustainable spending.

Behavioral tactics: You can also encourage yourself to spend more by "practicing" retirement before fully retiring, exploring different types of spending (buying time, experiences or giving to others) and prioritizing your goals and values to make mindful spending decisions.

Where does your hesitancy to spend come from? Is it driven by need or by emotions of your past that are still holding you back from a bigger future?