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Spending Motivation: While financial strategies like annuities, TIPS ladders, and fun money accounts are often proposed to encourage spending, here, author Harry Sit argues that spending is a poor proxy for happiness. Many retirees choose not to spend more because they value their time and energy over the perceived benefits of additional consumption. Moreover, retirees often find greater satisfaction in low-cost or free activities, such as biking, yoga, reading, or enjoying nature, rather than expensive vacations or luxury items.

Key Takeaways: You might experience guilt when you spend money, but on the flip side, you might also feel that underspending is a flaw. Free yourself from either of these mindsets and remember that above all, a “rich life” is more about meaningful experiences and contributions than about money spent.