With the high cost of almost everything, from groceries and healthcare to insurance and more — coupled with experts estimating the need for at least $1 million to retire comfortably — you may wonder if splurging in retirement goes against all common sense. The thing is, there’s a big difference between recklessly spending on items you’ll never use and occasionally splurging on items or experiences for your enjoyment.
Despite being financially well-off, around 25% of people spend less in retirement than they did in their working lives, according to the Consumer Expenditure Survey (CE). For many, the same habits that built their wealth, such as hard work, diligent saving, and financial restraint, make it difficult for them to relax and enjoy their money.
