This week on the Retirement Quick Tips Podcast, I’m talking about the 5 ways to ruin your retirement...and all have nothing to do with the economy, the stock market, social security, inflation, or interest rates. 

Today, I’m talking about how spending can ruin your retirement. Now when I talk about spending you probably think I’m talking about overspending. And that certainly is one of the easiest ways to ruin your retirement - spend down your assets, run out of money, move in with your kids and live off of social security checks for the rest of your life.

But that’s a rare occurrence. Thankfully, I’ve never had a single client spend down all of their assets in 14 years, and we have about 300 clients. I bet if you polled 10 financial advisors with the same number of clients, they would only have at most 1 or 2 rare tragic case to tell where someone ran out of money in retirement. It’s a big fear, but with careful planning and adjustments along the way, it’s possible to avoid what might scare you the most about retirement.

What I see more often is ruining their retirement by underspending. They are so fearful about spending down their assets that they don’t actually enjoy their retirement years. They stay home rather than take vacations. They deal with lukewarm water in their shower for years rather than paying a plumber to come fix it. They drive around an old, unreliable car, not because they can’t afford a new one, but because they refuse to spend any money. 

Retirement years are meant to be a new adventure, particularly the younger years of retirement when you’re still healthy and active. But I see too many people waste it away watching Fox News or CNN all day and not doing much of anything else that’s meaningful or fulfilling. 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance