What if you could prevent one of the biggest regrets retirees face and spend more of their money early on in retirement? Too often, the fear of the unknown prevents people from enjoying the wealth they have worked so hard to build. So today, we’re talking about a very common challenge that many retirees face: spending with confidence.
We discuss the popularity of the “jar system” for saving for vacations, kids, and home projects, and how it can be reimagined for retirement. Instead of just saving into buckets, we discuss the concept of creating “spending buckets” that ensure your money is used for what matters most—whether that’s travel, family time, or hobbies you love.
This episode is about more than money and spending habits. It’s about building confidence, conquering fear of the unknown, and creating a retirement where every day feels like it’s Saturday.
KEY TAKEAWAYS
- What Mike Would’ve Done Differently in His 30s
- Budgeting Lessons from Their Early Years
- Why Retirees Often Stop Strict Budgeting
- The Fear of Spending in Retirement
- Converting Saving Habits into Spending Habits
- Financial Planning Conquers Fears of Spending
INSPIRING QUOTE
- “What people don’t want is to one day wake up in their eighties or nineties and look backwards and say, ‘Man, I wish I spent more money on the things that I really enjoy doing.’” – Mike Panico
- “Instead of having a goal to save $20,000 this year, it should be to spend $20,000 this year.” – Jessica Panico
- “What does your Saturday look like in retirement? Give me your Saturday declaration, because how can I do proper financial planning for you if I don’t know what your goals are?” – Jessica Panico
DISCLOSURE
Arcadia Wealth Management, LLC (Arcadia) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). The information presented in this video is for educational and informational purposes only and is intended for a broad, general audience. It is not intended as, and should not be construed as, an offer, solicitation, or recommendation to buy or sell any securities or to adopt any investment strategy. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. Any references to investment strategies, philosophies, or client experiences are illustrative and may not be representative of all clients or outcomes.
Arcadia Financial has a reasonable basis to believe that this content does not include any false or materially misleading statements and presents information in a fair and balanced manner. No portion of this communication should be construed as tax, legal, or accounting advice. Please consult your own tax or legal professional for guidance specific to your situation.
Investment advisory services are provided through Arcadia Wealth Management, LLC, an SEC-registered investment adviser. Insurance products and services are offered through Arcadia Financial Group, LLC, by appropriately licensed agents. Bookkeeping and tax preparation services are provided by Arcadia Tax, LLC. These affiliated entities operate independently but are under common ownership.
