For decades, you’ve worked and, along the way, saved and invested for retirement. You probably made more than a few sacrifices – maybe you held on to that old car a couple of years longer than you wanted, or abandoned plans for that European vacation. But now that you’re retired, is it time to use some of your financial resources to enjoy life a little more?

Logic and emotions drive spending decisions.

You don't want to outlive your savings, so it's important to start with how much you can afford to spend. For example, when taking money from your IRA, 401(k) and other retirement accounts, you’ll need to follow a sustainable withdrawal rate. And you’ll want to be aware of the various risks you face in retirement.

But there’s also an emotional aspect to the spend-or-don’t-spend question. Leaving your money intact for as long as possible may help you feel more secure. And if you have been saving and investing diligently, you may even find it challenging to shift into a “spending” mindset.

That’s why it’s important to understand your relationship with money. This knowledge can help clarify your feelings about saving and spending – and perhaps help you see things in a different light. Your financial advisor can help you connect your thoughts about money with your spending choices.

Align spending with your goals and values.

When you think back to why you wanted to save and invest for your retirement, what sort of lifestyle did you envision? You probably didn’t picture a future where you spent all your time counting pennies. Instead, you might have seen yourself spending more time with loved ones, exploring your hobbies, learning new skills or traveling extensively. While you certainly shouldn't live beyond your means, you also want to enjoy the retirement you worked so hard to achieve.

It's time to reward yourself.

You worked hard to save the money you need to enjoy retirement, and while you don't want to overspend, you also want the confidence to spend. You’ve planned for this day and now it’s here. Enjoy it!