When you’re working, saving for retirement feels like the hard part. But once you’re retired, the challenge becomes spending in a disciplined fashion and according to a well-thought-out plan.
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“Managing retirement funds requires a strategic approach to balance present enjoyment and future needs,” said Marty Burbank, an estate planning and elder law attorney and the founder of OC Elder Law in Orange County, California.
If you spend down your savings without a strategy, you risk running out of money.
“We emphasize asset protection and sustainable withdrawal strategies to prevent such scenarios,” said Burbank, who sits on several prominent boards and has been recognized for his work helping veterans and retirees plan for their financial futures.
“These involve setting up trusts and planning estates that align with a client’s long-term financial well-being, ensuring they don’t outlive their resources.”
GOBankingRates spoke with two financial planners who help clients develop strategies for making their money last — and both say it all starts with avoiding these retirement spending mistakes.
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Matthew Argyle is a chartered financial analyst (CFA), certified financial planner (CFP), enrolled agent and a lead retirement planner for Encore Retirement Planning in Utah.
His no. 1 spending mistake comes from retirees who try to overcompensate for their lack of savings by placing a desperate wager on one, last all-or-nothing hand. But Argyle knows that the first thing you should do when you realize you’re in a hole is stop digging.
“Betting big on a stock to try and make up for lost time is a great way to torpedo your retirement,” he warned.
Burbank agreed.
“I’ve seen many retirees make the mistake of spending their savings too quickly on high-risk investments in a bid to generate high returns,” he said. “This often results in significant financial losses rather than the intended growth of their nest egg.”
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Since withdrawals from pre-tax retirement savings accounts count toward your taxable income, the worst kind of spending is any that doesn’t consider how it might impact your standing with the IRS.
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