Retired Homeowners Need To Start Spending Their Nest Egg—and The Best Investment Is Your House 

Most homeowners spend decades saving for retirement. However, when the time finally comes to quit working, many are afraid to spend their savings. In fact, Corebridge Financial’s decumulation survey found that 38% of retirees have spent less than they wanted during their nonworking years. And that’s not because they don’t have the funds. They’re simply anxious about shrinking their nest egg.If you’re a retiree or plan to be one soon, it’s essential to prioritize smart spending, especially on your home.“The home is the most impactful place to spend and upgrade in retirement,” says Evan Mills, associate financial advisor at Scholar Advising in Winston-Salem, NC. By investing in your property, you can improve your mental health, live there longer, and avoid costly repairs and health issues down the road. The psychological hurdle of “decumulation”Decumulation refers to converting your savings into income that can support your retirement lifestyle. Corebridge describes the spending anxiety of many retirees as a “planning gap between the accumulation and decumulation phases of retirement.”According to Stephanie Lewis, therapist and VP of clinical operations at Epiphany Wellness in Blackw...