We hear all about “not saving enough” when it comes to retirement, but there’s another issue that can be worse: “not spending enough.” After a career focused on saving, when it comes time to retire, the saving tap is turned off and the spending tap is (supposed to be) turned on.

For many retirees, that’s when the sudden fear of spending kicks in. And there may be indications this phobia is reaching pandemic levels. “Yes. I have noticed a reluctance to spend as the cost of living goes up,” says Stephen H. Akin of Akin Investments, LLC in Biloxi, Mississippi.

fiduciarynews.com

Perhaps, just as plan sponsors have developed onboarding programs for new hires when it comes to saving for retirement, maybe they should add “unboarding” programs as a bookend for those nearing retirement.