In this enlightening episode, we tackle the often overlooked mental shift required in retirement: transitioning from a saver to a spender. Join us as we revisit a compelling conversation with Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisory Services. We'll explore the psychological barriers many face in letting go of frugality and how to embrace the resources they've accumulated to enhance their lives. Discover practical strategies to gain confidence in spending, overcome the fear of uncertainty, and ultimately, live a fulfilling retirement without the regret of dying with too much money. Tune in for insights that could transform your approach to retirement!
*This episode originally aired March 20, 2024
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [00:30] Overcoming frugality is a major crisis for many in retirement
INTERVIEW WITH DAN CROSBY
- [01:19] Roger introduces Daniel Crosby.
- [02:50] How do we overcome frugality?
- [04:30] There are a lot of behavioral things that change when you leave full-time work.
- [09:45] How to gain confidence in the midst of uncertainty.
- [17:22] People are wired to avoid regret.
- [18:01] What are some basic things people can do to overcome frugality?
- [22:16] You can't undo 40 years of programming in 4 minutes- experiment with behavior and small commitments.
TODAY’S SMART SPRINT SEGMENT
- [25:15] In the next seven days, I challenge you to examine your retirement plan and ask yourself- is there something else I should add that’s important to my life?
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