In an earlier article entitled, “Retirement, Financial Risks and Negative Interest Rates”, I identified and discussed the key financial risks that every retiree must understand and consider in developing a retirement plan. Based upon my own experience and from my observation of others, there is another risk that some retirees must address, which is seldom identified or even discussed.

Frugality is considered by many to be a valuable financial habit and some consider it to be a significant contributor to the establishment of wealth. By definition “frugality” refers to the quality or state of being frugal; the prudent and careful management of material and resources, especially money. Those who consider themselves to be frugal are economical in the consumption of consumable resources such as food, time or money and avoid waste, lavishness or extravagance. READ ON