Struggling to Spend Your Retirement Savings? Here's What to Do.

Core Insights - Many retirees who save well struggle to spend their retirement savings, often living more frugally than necessary due to a fear of outliving their savings [1][2] Group 1: Budgeting and Spending Plans - Creating a budget and a customized withdrawal strategy can help retirees manage their finances effectively [3][4] - A budget should include all sources of retirement income, such as Social Security and savings withdrawals, while also accounting for essential and discretionary spending [3][5] Group 2: Portfolio Management - Regular monitoring of the retirement portfolio is essential to ensure it generates sufficient income to meet withdrawal needs [6][7] - Adjusting the portfolio based on income requirements and spending goals can help retirees manage larger expenses, such as travel or home renovations [7] Group 3: Psychological Factors - Retirees may hesitate to spend their savings due to anxiety about financial security, but a solid budget and withdrawal strategy can alleviate these concerns [8]