I saved $3 million but was afraid to spend it when I retired. 3 tactics changed my mindset after being frugal for decades.

"I spent a lifetime skimping and worrying about my retirement portfolio and savings, and by the time I was 58 in 2020, they were worth $3 million - more than enough to retire and cover healthcare for the rest of my life. Yet, I worried about worst-case scenarios, such as hyperinflation leaving me destitute. So I worked another year. And another."

"For decades, I'd heard retirement advice encouraging me to "save more!" But no one explained that at some point, I'd need to radically shift my lifestyle and "spend more!" I fixated on saving until an old college classmate died at age 59 in 2022. I was the same age, and his death deeply disturbed me. Realizing I had more money than time, I decided it was time to stop working."

"I was proud of my disciplined approach to saving I'd been saving for retirement since the beginning of my career, when I worked as a junior portfolio analyst at a financial planning company. I opted to have my company deduct 10% from each of my paychecks and place it into a retirement fund. They partially matched my contributions, too, and drummed into me the importance of saving for retirement."

Scott Scovel accumulated $3 million over a 40-year career through disciplined saving, consistent paycheck contributions, employer matching, and maximizing 401(k) limits. Persistent fear of extreme scenarios like hyperinflation led him to delay retirement despite sufficient assets. The death of a peer at age 59 prompted recognition that time could be limited, and he left his full-time role around his 60th birthday. Even after retiring, a savings-oriented mindset made spending difficult. Adopting concrete spending tactics, such as setting aside a dedicated "war chest," helped him transition toward spending and enjoying retirement.

Read at Business Insider