 | | with Rivan Stinson | Michelle is on vacation this week. Today’s newsletter features advice from her archive. When my husband retired in June of 2023, I was terrified. I was honestly nervous about running out of money. Part of my anxiety stemmed from the timing of my husband’s retirement. It came sooner than we had planned. A troubling workplace issue proved untenable. So much retirement advice is about the accumulation phase of your life. It’s drilled into us to save, save, save. Then comes the time to start drawing down those savings. “Turning on spending is a different mindset,” said Christine Benz, director of personal finance and retirement planning for Morningstar. With retirement, savers often condition themselves that money can go into their accounts, but nothing can ever come out, she said. That’s exactly how I feel. My husband and I spent decades saving for retirement in our employer-sponsored retirement accounts. We worked with financial professionals to “stress test” our retirement strategy. In other words, they scrutinized our financial holdings to see whether we had enough fixed income, savings and investments to comfortably retire. There are some things you can do — we all can do — to alleviate any anxiety you may feel about retiring. If you’ve spent the time to develop a personalized retirement plan, fall back on it when you’re stressed. Don’t worry so much about rules of thumb that may not fit your situation. For instance, many experts recommend you wait until 70 to collect Social Security. That may not work for you. If you haven’t already, set up an account to view your Social Security statement. Go to ssa.gov and look for the “my Social Security.” Replace worry with facts. Know your numbers, and if all is well, don't be afraid to spend the money you worked so hard to save. There’s a book by Benz that I recommend you read, “How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement.” “The more I’ve learned about retirement planning, the more I’ve come to understand that whether, when, and how you retire is less than 50 percent related to money,” Benz writes. “Yes, you need to have funds. But more important, you need a network of people who care about you. You need to practice healthy habits and take care of your body. You need a plan for your days. You need activities that bring you joy. “Those things are more important to a happy and satisfying retirement than a well-designed portfolio and a carefully calibrated spending rate.” Click the link below for more of Benz’s advice for a happy retirement. | 
