Retirement saving and spending can be complicated. Here’s what psychology says

Before retirement, a person may be more susceptible to present bias because their future labor income is uncertain, and they don’t yet feel an ownership of that money.

The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.