Transitioning From A Saver To Spender In Retirement
1 Min Read
Studies suggest that it takes 21 days to form a habit. This is why financial advisors often ask their clients to steadily save for at least a month to get into the habit of saving regularly. As hard as it takes to build habits, it is equally tough to get rid of them. When people spend a better part of their lives saving, investing, spending frugally, and accumulating wealth, it is hard for them to transition into a spender when they finally reach retirement. The money that one earns in their lifetime is kept aside for use in retirement. But shedding the personality of a saver and becoming a spender overnight is not something many retirees know how to deal with.
