We Have Four Million Dollars and Ten Years Until Retirement... Will We Ever Need to Dip In?

"It is a curious pattern in human behavior. We trade our time, energy, and even our long-term health for money, yet once we finally accumulate it, many of us do everything possible to avoid spending it. People often cling to their savings long past the point when that money could meaningfully improve their quality of life. Behavioral economists note that this reluctance is rooted in loss aversion, the tendency to fear losing money more than we enjoy gaining it."

"Research also shows that wealthier individuals often become even more cautious with their spending, choosing preservation over enjoyment or generosity. Psychologists suggest that once people grow accustomed to watching their accounts rise, the idea of seeing those balances drop can trigger anxiety, leading to choices that do not always align with their actual needs or desires. Greed is one explanation, but fear, habit, and a desire for control also play powerful roles in these surprisingly irrational decisions."

Many people work hard and sacrifice health to accumulate money, then resist spending it even when spending would improve life. Loss aversion drives fear of losing money more than pleasure from gains. Wealthier individuals often become more cautious, prioritizing preservation over enjoyment or generosity. Habit, fear, and desire for control reinforce the reluctance to spend as account balances rise. A specific example describes an individual with four million dollars who still worries about spending in retirement and consults the r/fatFIRE community for reassurance and strategies. Community responses focus on maintaining and growing wealth while balancing long-term security with present enjoyment.

Read at 24/7 Wall St.