One of the most difficult aspects of retirement, is the mental switch required to go from a saving mentality to a spending plan. After a lifetime of putting aside money for the future, it's not easy to start spending down that savings. When they're no longer receiving a regular paycheck, many retirees find it hard to transition from saving to spending. The biggest concern is making sure they don't outlive their savings. Fear of other outside factors also play into this concern like investment risk, health issues, medical expenses and caring for family members.
The best way to give yourself peace of mind and minimize the downside, is to put together a retirement spending plan that takes into account all of your concerns, factors in all your sources of income and considers how you want to live during retirement. Many clients are relieved to discover that they will actually be able to spend more than they realized. Once you have confidence that your financial plan is solid, you can start spending and enjoying your retirement.