Retirement Ready: Shifting from Saving to Spending Mode

I'm wondering when it's time to transition from saving to spending in retirement. In this video, I explore the key signs that indicate you're ready to shift gears and start enjoying the fruits of your hard-earned savings, as well as understanding the psychological shift from saving to spending. Whether you're approaching retirement or already there, this video will help you ask the right questions and fully enjoy this next chapter of your life.

#RetirementPlanning #FinancialFreedom #RetirementTips #SavingForRetirement #RetirementLifestyle #SpendingInRetirement #RetirementSavings #FinancialIndependence #RetirementGoals #PersonalFinance

Videos referenced:

🎥 Watch next:

Join my Patreon Community for access to behind the scenes and exclusive content focused on sharing the nuts and bolts of building and growing my YouTube channel.

My Patrons have started and are trying to grow their own presence online, so check them out and give them some love!

Affiliate links to my equipment (affiliate links mean I receive a small commission if you visit a link and buy something on my recommendation. Purchasing via an affiliate link doesn’t cost you any extra, and I only recommend products and services I trust.):

[nancynickerson]

I am a happy, single-and-solo 70-year-old who retired at 55 with no debts, a paid-off home, and a defined benefit pension. I stopped saving when I retired, and am not worried about outliving my savings, but still I have somerimes struggled to spend money! I'm not interested in long-distance travel and none of my hobbies is very expensive. I have turned my attention to giving back to my community and various charities.

[joygatewood]

Hi! I've retired and I began spending instead of saving sometime ago. I'm single, am still active, work out, travel, hang out with friends, etc. It is so wonderful to have money for leisure activities without work getting in the way. Yes it can feel weird to not save money but I remember that one of my parents died before 50 years of age. I worked hard for my money and deserve to enjoy it now - before it is too late.

[SimplyKatieWalks]

Retirement at 56 was the best thing i ever could have done. My life is so full and never in a hurry!🎉

[mariarooney]

Your plan sounds great. I am retired 9 years now. Living on Social Security. No debt. I’ve always followed Dave Ramsey starting with an emergency fund, then no debt at all, pay off house, credit cards, cars, then invest. It’s worked for me and many others. The freedom of no debt on my mind and body are priceless. I’m free.

[rhondadownes]

I’m 64 and my husband will 61 this year and, regretfully, we have not been good with money in the past several years and now we have been playing catch up for retirement in the past 5 years, which has been very stressful. But, we can only start from where we are… 🍀💪🏼

[melaniepalker]

I stopped working FT 3 years ago. 6 weeks later, I was at home, twiddling my thumbs. Gotta call from an old per diem employer asking me if I wanted to help them with their new product. And I haven't looked back since. I work a couple of weeks a month and have all expensive paid. The hourly rate isn't the greatest. But it keeps me from dipping into my retirement funds. I love it. A phased in retirement. Meeting mew people across the country and staying active. 🎉❤❤❤🎉

[edithlyman]

I tried retirement in 2020 when I was 59. However Covid and not being able to do anything so had planned in retirement saw me rejoin the work place on 2021. I have on the whole used this income for travel once we could cruise again and to move home. Now I am established in my new home with no debt I have moved to 3 day working week which suits me fine. It’s all about having balance on my life.

[MsDoglover]

My Dad is 90 and still go-going! His trips might be shorter but he loves going out on a Jimmy Buffett cruise for 2-3 days. He likes to gamble and never met a stranger so he has a great time. He doesn't get off at ports of call anymore but he's been everywhere. He's retired for 28 years! He lives alone and is completely independent.

[majelthesurreal]

I can really relate to this. My father died when I was four and my mother instilled in me that I would have to take care of myself. I was very frugal as well and saved my money. Now at 70 it is very difficult to spend. But like you I try and get the extras that I never did before.

[paulinegagne-bertrand]

I retired at 55 and have been retired 16 years now and I regret not travelling more. I am still in good health but my husband is not and can’t travel anymore. I won’t travel without him. If I could go back in time I would of travelled at least twice a year. Do as much travelling as you can when you are younger because you don’t know what is waiting for you around the corner (health wise). Looking forward to the next video.😊

[susanmason]

Your long term consistent financial discipline is remarkable. I’m an advocate for teaching children about money from Kindergarten on to include credit traps, investing, savings, and to think through your expenditures. Living within our means is necessary for financial success. It matters more how you manage and choose to spend, the how much you make. Delayed gratification is an individualized learned skill. Thank you.

[diannabentley]

Great topic Jen! I'm 50 and save 25% of my monthly income (invest it for my retirement), spend 50% on my needs (house, car, food, insurance) and spend 25% on my wants. I am a minimalist and when I do buy clothes or household items etc I purchase good quality and what I love. I enjoy travel too! I'm excited for you to be at this shift between saving and spending. It seems very balanced and I'm sure you will enjoy your go-go years! Being disciplined with yourself though the younger years definitely has paid off!

[caoimhenimhuireadhaigh]

When my aunt retired at 60 from forty years as a physio, the first year she was absolutely exhausted and mostly stayed home and read some of the books she's been collecting for "when she had the time to read". Several years out from that she's got a busy social life, travelling about to meet up with her friends from all over, going on her daily walks on the quays. She's living her version of a life of leisure, seeing as the woman couldn't sit still to save her life 😂

[susanc]

Another great video Jen. I’m 66 and retired 2 years ago. I’m a single solo as well and raised two kids as a single mom. I did a lot of reading about how to draw down my savings in retirement, which initially was confusing to me. The most helpful book I read was Retirement Income for Life by Frederick Vettese. I also read Millionnaire Teacher and watched a lot of YouTube videos. Vettese’s strategies I’ve found are in sync with most retirement advisors.

I’ve lived a frugal life (I’ve had to) and expect nothing different now that I’m retired and that’s okay. I have no debt; own my only little house; have a car and so far two grandchildren who I adore. I am happy and relaxed. I can afford the odd trip if I want, just haven’t planned anything yet. I will focus on that soon. Thanks for your relatable content! 😀

[kkv]

Gotta give my 3rd grade teacher Kudos for taking us to the local bank to learn about money for one of our field trips. The very next week I walked into the bank and sat with the manager as she got the paperwork ready to take to my mom so I could open my first savings account with my birthday money. Every so often I would stop and add a few dollars of my allowance to the account, and I was eventually able to buy my first 10 speed bike with my savings. I have been saving ever since...and yes, it's hard to actually spend some of it even if it's for a good reason after you have been programed to save.

[grandmaswords-cy]

I love your videos, I'm 63 yrs old, and after watching you, I decided to start my own

[Seeking_Myself]

Hello Jen! Thank you for another great vlog. I am going to be working for another 7 and a half years (until I'm 70). I have recently changed from a full-on, more than full time job (!) to an education term time post. This is my plan to slip into my slowing down work years. Like you, I am silver and solo but I do have a "child" still living at home which changes the dynamics a bit for me. I will release one work pension soon and I will get government pension in a few years, which will help take a bit of pressure off at the edges. I am still trying to save as much as I can at this point. I love your channel and wish you fun on your travels!

[sandracontreras]

It depends on your health, my mum is 82 and she was very active until she started having a few health issues and she had to slow right down, which is frustrating for her, so enjoy your life while your healthy

[focusedfreebird]

If there's a lot of money left when you die, someone else will get to spend it. Once retired and into your 60s and 70s, it's time to use some of your money without guilt to enjoy yourself. It's hard to switch to spending mode....but life gets shorter...so it's good to enjoy yourself. 😊

[PatsSwingingSixties]

Hi Jen, I'm 63 and in an opposite situation to you. I have no savings and have only what I'll get from CPP and the small work pension that I qualified for 5 years ago. It will be something, but with 2 years to go, I'm looking at saving money and finding other ways to make my retirement better. Even though I'm single with no partner to rely on, I have 2 kids who have said they'll help me if I ever need it, so that's reassuring, but I hope that I won't need to worry about that straight away.