You’ve been working and saving for decades for just this moment: retirement.
Even though you may be ready to stop working full-time, now comes the hard part: Actually letting yourself use your savings, since you no longer will be bringing in that paycheck, which until now has covered your monthly expenses.
Making the psychological shift from saver to spender – not to mention nest egg manager – is no small feat for most people.
“Now you have this lump sum and have to draw it down. For some it’s almost physically painful,” said David John, a senior strategic policy advisor at the AARP Public Policy Institute.