I'm 61 With No Debt, Financially Secure, $1 Million Saved and Still Afraid to Retire

Core Insights - The article discusses the psychological challenges faced by individuals approaching retirement, despite having adequate financial resources [4][5][6] - It highlights the phenomenon where retirees often underspend relative to their financial plans due to psychological barriers rather than financial constraints [6][7] Financial Readiness vs. Emotional Readiness - Financial readiness for retirement does not guarantee emotional readiness, as anxiety about retirement is common even among financially secure households [8] - The fear of drawing down assets can lead to feelings of guilt and discomfort, which are prevalent among those who have spent decades equating progress with accumulation [4][6] Behavioral Finance Insights - Research indicates that financial anxiety persists even when individuals meet traditional retirement benchmarks, driven by factors such as uncertainty and loss of routine [5][7] - The "retirement spending puzzle" reflects a tendency for retirees to spend less than their financial plans allow, often due to ingrained beliefs about saving and spending [6][7] Solutions and Strategies - To address emotional discomfort related to retirement, individuals can seek financial advice to model long-term outcomes based on different retirement scenarios [8] - Some retirees are exploring alternative income streams that are not directly affected by market fluctuations, such as fractional real estate investments [8]