There are two ways you can ruin your retirement: running out of money and dying with regret.

If you are listening to this podcast, chances are, you’ve been a diligent saver and probably aren’t in danger of the first one.

That’s why, today, we’re exploring an article from the White Coat Investor on ways to spend more money.

Don’t risk ending your days with regret. Listen in to find out how you can enjoy all that you have worked for.

Outline of This Episode

  • [1:22] Two ways to ruin retirement
  • [5:13] Strategies for spending more money
  • [12:47] How to spend your HSA

Change your savings mentality

While many older Americans are in dire financial straits, there is a wealth of information on how to avoid running out of money in retirement. What is often overlooked are ways to overcome frugality and learn how to spend freely.

Many diligent savers have trouble loosening the purse strings to open up and enjoy their money in retirement. Since you have been saving your whole life it takes an entirely different mindset to begin to spend your money freely.

How to spend more money

  1. Give – Support your favorite charitable cause. Charitable giving can reassure you that you have enough by reinforcing the message that you can afford to help others. This benefits charities, while at the same time, alleviating your fears of financial insufficiency.
  2. Recognize your mortality – Consider your realistic lifespan. This will help mitigate your fears of outliving your resources. Shifting your perspective can help you feel more comfortable spending money on experiences and meaningful items.
  3. Give yourself permission to spend – Financial products are designed to help you spend without fear. One such product is a single premium immediate annuity (SPIA). Purchasing an annuity can provide you with a steady income and allow for your current spending.
  4. Buy time – When you compare your scarcity of time with your financial abundance it can help give you ways to save time. Ways to buy time include hiring help for domestic tasks, choosing faster travel options, or reducing work hours.
  5. Take up an expensive hobby – Have you ever wanted to try a hobby but thought it was frivolous? Think back to your childhood–what was one thing you wanted to do but didn’t have the opportunity to do? Fulfilling activities can enhance your quality of life!

So how are you going to implement these ideas into your own life? Think of ways that you can spend more money to improve your life.

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