Featured Post from Retire with Equity

From Saver to Spender: Navigating the Retirement Mindset Shift

It's time to retire the notion that frugality is forever

Apr 29, 2025

5 min

Sue Pimento

Let’s start with a familiar—and slightly ridiculous—scene: a retired couple with $750,000 safely tucked away in investments, quietly nibbling no-name tuna on toast while muttering, “We just can’t afford steak anymore.”


Sound absurd? Sadly, it’s not fiction. Despite having ample savings, many retirees live with perpetual financial anxiety, clinging to their nest egg as if it were their last roll of toilet paper during a pandemic. Meanwhile, they try to survive solely on government pensions, making life unnecessarily stressful and, let’s face it, a bit joyless.


I've wrestled with this as someone who entered retirement earlier than expected. Years in finance taught me how to budget, invest, and plan, but transitioning from saving to spending required a whole new mindset. I learned quickly that being financially “prepared” doesn’t mean you’re emotionally or psychologically ready to spend.


So, what’s going on here?


The Hypothesis: Individuals Prefer Spending Income Rather Than Saving

Retirees prefer spending income (pensions or annuities) rather than withdrawing from savings or investment accounts. This isn’t just a quirky behavioural trend—it’s a deeply ingrained bias, and neuroscience supports it.


Research by Michael S. Finke, a professor at The American College and noted researcher in retirement economics, revealed that retirees tend to spend most of their guaranteed income but only withdraw about half of their savings. In his words: “Retirees spend lifetime income, not savings.” The implication is clear: it’s not about how much money you have but how it feels to use it. This is partly due to what behavioral economists call “mental accounting.” We categorize our money into imaginary buckets: income is for spending, and savings are for safekeeping. Unfortunately, this can lead to financially irrational and highly risk-averse behaviors, such as eating cat food while having six figures in a TFSA.


The Neuroscience of Spending Fear


Add a little neuroscience, and the story deepens. As we age, changes in the brain, particularly in the prefrontal cortex, can affect how we assess risk and manage uncertainty. This can lead to:


• Increased loss aversion: We more acutely feel the pain of spending or loss.

• Decision paralysis: We delay or avoid withdrawals, even when reasonable.

• Heightened anxiety about the future: We fear running out more than we enjoy spending in the present.


This Fear of Running Out (FORO), which I’ve written about in a previous post, keeps many retirees in a defensive crouch, emotionally hoarding their savings rather than using them to enrich the years they worked so hard to reach.


It’s no wonder money stress impacts us so deeply—our brains are wired that way. From an evolutionary perspective, our minds are designed to fear scarcity because running out of resources once posed a real danger. When we perceive that threat today, whether it’s a dip in our investments or rising grocery bills, our brain shifts into fight-or-flight mode and begins releasing cortisol—the stress hormone that heightens our anxiety.


Then our amygdala, that little alarm system in our brain designed to protect us from danger, can’t differentiate between a financial crisis and a sabre-toothed tiger. So, it reacts similarly, nudging us toward quick, often irrational decisions. Sometimes that means freezing and doing nothing; other times, it leads to panicking and regretful choices.  Understanding how our brains function under financial stress allows us to step back, breathe, and make better, calmer decisions—ones that serve us, not scare us.


Retirement can be wonderfully freeing—no more commutes, no more meetings—but let’s be honest: it also comes with a significant shift in financial responsibility. Without that steady paycheck, it’s completely normal to feel uneasy about how you'll manage your money, especially when unexpected expenses arise.


Sure, there are mindset tools and mental prep strategies that can help ease that existential “What now?” feeling before retirement. But let’s be specific—here are the real, concrete financial stressors that keep many retirees awake at night:


• Not Enough Income: One of the biggest fears? Your savings won’t stretch far enough to support the life you want—or handle surprises.

• Healthcare Costs: As we age, medical expenses climb. It’s not just the big stuff, either. Even prescriptions and dental bills can blow a hole in your budget.

• Market Ups and Downs: A stock market dip can uniquely affect retirees. Observing your investments fluctuate can cause genuine anxiety regarding your income, especially in today’s “trade war” environment.

• Inflation: We all feel it. The gradual rise of higher prices erodes your purchasing power, making that carefully saved nest egg feel less secure.

• Living Longer Than Planned: It's both a blessing and a challenge. If you're healthy and living well into your 90s (and many do), the big question becomes: will your money last as long as you do?


Here’s the good news: when you acknowledge these risks and build a plan around them, you exchange fear for control. And with power comes clarity, confidence, and significantly less stress. That’s when you can truly enjoy retirement—on your terms.



How to Flip the Script: Make Savings Feel Like Income


So, how can retirees overcome this psychological hurdle?


Here are 3 powerful strategies:


1. Create Artificial Income Streams

Turn a portion of your savings into predictable, automatic income. This could mean:


• Setting up regular monthly withdrawals from an RRIF

• Purchasing an annuity

• Utilizing a bucket strategy, in which one portion of savings is maintained in a cash-like account to replicate a paycheck


When money shows up like a salary, you’re more likely to feel permission to spend it.


2. Use Home Equity as a Back-Up Income Source


A secured line of credit (HELOC) or a reverse mortgage can serve as a “Plan B” or income buffer. Knowing that the funds are available can alleviate anxiety, whether you use them or not.


3. Involve Family in Income Planning


Sometimes, the best way to reframe a spending decision is through conversation. Adult children or trusted advisors can help develop a spending strategy that feels both secure and reasonable.


Families can be invaluable in helping you design:

• Emergency funding plans for unexpected expenses like healthcare

• Gifting strategies (Want to help the kids or grandkids? Do it while you’re alive to see the joy!)

• Income simulations replacing a regular paycheck


Open conversations can also help uncover mismatched expectations. For instance, some older adults worry that spending their savings will leave less of an inheritance for their children, which might cause disappointment. But in many cases, their children would much rather see their parents use that money to care for themselves and enjoy their retirement years.


The great irony of retirement? The hardest part isn’t building wealth; it’s allowing yourself to enjoy it.


So, let’s retire the notion that frugality is forever. Replace the guilt of spending with the confidence of an income strategy. And if you're facing your savings with trepidation, remember: cat food may be a pantry staple for your pet, but it’s no reward for 40 years of hard work.


Retirement isn't merely a financial phase—it’s a shift in mindset. That shift begins when we stop hoarding and start living.


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Sue Pimento

Sue Pimento

Founder | CEO

Focused on financial literacy and retirement strategies. Authoring new book on home equity strategies to help seniors find financial freedom

Pension ReformInterest RatesHome EquityMortgagesReverse Mortgages

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Guilty. • Zoning restrictions? Voted yes. • Capital gains reform? Over my arthritic body. • Preferred Pronouns – Me, Myself and I We feared anything that could lower our property values. A 25% correction? Not in my golden years! But that might be what it takes to give our kids a fair shot. We told them to "work hard," then quietly reinforced a game they couldn’t win. We Told Them to Hustle—Then Rigged the Game Today’s young Canadians aren’t lazy; they’re exhausted. They’ve done everything we asked—degrees, careers, even side hustles—and still can’t afford a 500-square-foot shoebox in Toronto without cashing in their RRSPs or moving back into our basements. By the way, they’re doing this—not because they missed us, but because rent is eating up half their paycheque and still asking for dessert. Even worse? Many are looking abroad, not for a gap year, but for an economy in which they can participate—one where they might be able to afford a home and groceries in the same month. If the best and brightest are quietly packing their bags, it’s not wanderlust; it’s a policy failure. There’s now a whole ecosystem catalyzed by everything from consultants to cloud-based software and payment platforms that has aided a global movement of “creative-class” digital nomads. For those who want a more affordable cost of living and have the skills necessary to work remotely, this generation has options to move. In "Intelligent Money," author Chris Skinner envisions a future where AI-powered financial systems won’t just advise against homeownership—they’ll actively discourage it. Why commit to mortgage debt when you can rent flexibly, invest digitally, and maintain liquidity in your life? Not a dream, but a necessity. We told them to pull up their socks. They’re wondering if we sold their shoes. What Happened to Profit Sharing? Remember when companies used to share their success? Microsoft, Google, and yes, still Costco, offered profit-sharing or stock options that turned employees into unexpected millionaires. It wasn’t charity; it was a fair deal. Then gig work emerged, HR departments disappeared, and the only thing we shared was burnout. We need to restore fairness—perhaps even incentivize companies that value loyalty. Renter Equity Accounts: A Radical Concept—Equity You're not building wealth if rent is more than 30% of your income. You’re funding someone else’s retirement. So, here’s a thought: when rent exceeds 30%, why don’t we match the excess—25% to 50%—and deposit it into a locked “Renter Equity Account”? It grows tax-free and can be used for: • A down payment • Retirement savings • Student debt relief • Emergency funds Employers could contribute to REA plans. Governments could provide incentives, and renters could finally receive more than just a rent receipt and a pat on the back. It's Time for Bold, Practical Ideas We can’t rewind to 1990. (Although the fashion world is trying.) But we can fix what’s broken: Let Canadians earn their first $250,000 tax-free, provided it is used for a down payment or to eliminate student loans. That’s helping reduce overall debt. Ensure zoning reform is effective by linking federal infrastructure funding to genuine housing development. Establish public wealth tools - TFSA-style accounts for low-wealth, high-effort Canadians. Forgive student loans for public service, specifically for individuals filling positions such as nurses, teachers, early childhood educators, and tradespeople, with added incentives for those relocating to underserved areas. Invest in them, and they will reinvest in us. What Families Can Do—Right Now No, you can’t rewrite national policy from the kitchen table. (Unless you’re Chrystia Freeland.) But here’s what you can do: Start a down payment fund—consider using a TFSA or an investment account to help your kids build capital. Create an ADU—laneway homes, granny suites, legal basement rentals. Housing and support combined. Access your home equity—HELOCs or reverse mortgages can be lifelines, not luxury options. Create a rent-to-own family plan—turn monthly rent into future equity. Discuss finances—share your successes, warn against mistakes, and share the financial knowledge you’ve gained from hard lessons. An Apology—from the Heart To our kids and to the next generation, we should say we’re sorry. We didn’t plan for this outcome. We assumed the paths we walked would still be open for you, that the same rules would still apply, and that equity would be available to all. We forgot that a contract—even an unspoken one—still needs to be honoured. But it’s not too late. We can speak out. We can share our thoughts. We can change the policies, shift the mindsets, and reopen the doors that have been closed, because the future of this country shouldn’t be something you have to leave to find. Let’s fix this. So, you can stay. And thrive. And lead. Let’s rebuild the contract together. Deal? Don’t Retire … Re-Wire! Sue

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