Frugal retirees: Go ahead, spend your money
Don't equate spending with squandering
Sometimes it's more prudent to spend your money than to save it. If your car is running up big repair bills, laying out the cash for a new one might be cheaper in the long run. If your house is ready for a new roof, it's likely to be more cost-effective to replace it now than wait until you start seeing water damage on your ceilings. If you want to go back to school in retirement to prepare yourself for a new career, think of it as an investment in your future rather than an extravagance.
Other big expenditures, such as new furniture or a dream vacation, can be a harder sell to the supersavers among us, Garry says. But consider whether you'd get more happiness from a slightly bigger bottom line on your mutual fund statement or, let's say, a once-in-a-lifetime cruise around the Greek isles. You might find yourself lounging on the beach on Mykonos before you know it.
Achieving retirement success
Whether your retirement plans involve a part-time job or full-time leisure, be sure to think through the details to ensure your dreams come true.