Adjusting From Accumulating Wealth to Living on It When the Goalposts Move
For decades, retirement planning has been all about one thing: saving. You contribute faithfully to your 401(k), build up your IRA, and remind yourself that the sacrifices will be worth it someday. Then retirement arrives, and suddenly the goal flips. Instead of asking, “Am I saving enough?” you’re faced with a very different question: “How do I actually use this money?” This shift from saving to spending is one of the most important and emotional transitions retirees experience. LETTING GO OF THE SAVER’S MINDSET One of the greatest challenges in retirement isn’t financial; it’s psychological. After years of discipline and delayed gratification, spending can feel uncomfortable, even wrong. Many retirees worry that every withdrawal is a step closer to running out of money. That fear can lead to underspending, where people live far more cautiously than necessary. Learning to trust the plan you worked so hard to build is essential. CREATING A PURPOSEFUL SPENDING PLAN Spending in retirement shouldn’t be random or reactive. A clear spending strategy brings confidence and clarity. Start by separating essential expenses such as housing, food, and health care, from discretionary ones like travel, hobbies, and dining out. This approach
helps you understand what must be covered regardless of the circumstances and what can be adjusted depending on market conditions or personal priorities. When your spending aligns with your values, it feels less like “giving up savings” and more like investing in your quality of life. MANAGING INCOME STREAMS WISELY Retirement income often comes from multiple sources: Social Security, pensions, investment accounts, and possibly part-time work. Knowing when and how to tap each source can make a big difference. For example, delaying Social Security may increase lifetime benefits, while drawing from taxable accounts early could reduce future tax burdens. Coordinating withdrawals thoughtfully helps your money last longer and reduces unnecessary stress. EMBRACING A NEW DEFINITION OF SECURITY Markets will fluctuate, expenses may change, and life will surprise you. The key is adaptability. By reviewing your plan regularly and adjusting as needed, you can enjoy your money without constant worry. The transition from saving to spending is a mindset shift, but once embraced, it allows you to fully experience the freedom you’ve spent a lifetime earning.
SUDOKU
VODKA CREAM PASTA
INGREDIENTS
1 tbsp extra-virgin olive oil
32-oz can crushed tomatoes Coarse salt and pepper 16 oz penne rigate pasta
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1 tbsp butter
3 cloves garlic, minced
2 shallots, minced
1/2 cup heavy cream 20 basil leaves, torn
1 cup vodka
1 cup chicken stock
DIRECTIONS
1. In a large skillet over moderate heat, sauté oil, butter, garlic, and shallots for 3–5 minutes. 2. Add vodka in a steady stream and heat for 2–3 minutes to reduce by half. 3. Add chicken stock and tomatoes, bring to a light boil, then reduce to a simmer. 4. Season with salt and pepper. 5. In a large pot, cook pasta to al dente in salted boiling water while sauce simmers. 6. Stir cream into sauce until it bubbles and remove from heat. 7. Drain pasta, toss with sauce and basil leaves, and serve with sides of your choosing.
Inspired by FoodNetwork.com
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