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This phenomenon isn't just anecdotal – research confirms that many retirees underspend, even when they have ample resources.

Two Psychological Types:

• Tightwads: Experience too much pain when spending and thus spend less than they would like.
• Spendthrifts: Experience too little pain when spending and thus spend more than they would ideally like.

Studies, such as those from New York Life and BlackRock, show that a significant number of retirees do not withdraw regularly from their portfolios, preferring to reduce costs instead.

Why It Matters: Retirement is a reward for a lifetime of hard work. By adopting a more balanced approach to spending, you can create a retirement that's both financially secure and deeply satisfying. Allow yourself to spend on things that enhance your life and well-being, whether it's a new home, travel, or experiences.