Retirement involves a balance of saving enough money and cutting expenses.
Retirement involves a balance of saving enough money and cutting expenses. - 
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Retirement. How does it feel? And how do you pay for it?

Lizzie O'Leary talks about the psychology of retirement with Nancy Schlossberg, the author of Revitalizing Retirement: Reshaping Your Identity, Relationships, and Purpose.

"Especially for men and women who are highly invested in their work, who love what they're doing, the thought of retirement creates some anxiety," Schlossberg says. 

For financial advice, Lizzie turns to Rhonda Schaffler, the editor-at-large at TheStreet and anchor of TheStreet TV.

"You should have about 70 percent of the income that you had while you were working, so that means your expenses have to come down because you will have less money," Schaffler says. "And that, by the way, is assuming you have saved enough money. So it's a very delicate balance, and we've seen in study after study that most people aren't getting it right.

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Follow Lizzie O'Leary at @lizzieohreally