I’m a Financial Planner: 5 Ways NOT To Spend Your Savings in Retirement

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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Andrew LisaMon, November 10, 2025 at 4:11 PM GMT+1 4 min readWhen you’re working, saving for retirement feels like the hard part. Once you’re retired, however, the challenge becomes spending in a disciplined fashion and according to a well-thought-out plan.For You: Here’s How Much You Need To Retire With a $100K LifestyleLearn About: How To Get Guaranteed Growth On Your Money — Without Risking Your Principal“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.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 agrees. “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.”Read Next: Dave Ramsey Warns: This Common Habit Can Ruin Your RetirementSince 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.“I see retirees throw themselves into a tailspin after they ignore tax implications,” said Argyle. “Common mistakes I see are taking too much from an IRA, cashing in too many savings bonds or selling a property.”Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,881.25 +9.75 (+0.14%)Dow Futures48,057.00 +27.00 (+0.06%)Nasdaq Futures25,715.75 +75.00 (+0.29%)Russell 2000 Futures2,463.10 -3.10 (-0.13%)VIX17.28 -0.32 (-1.82%)Gold4,125.00 +8.70 (+0.21%)PortfolioSign in to access your portfolioSign inTop gainersEWTX Edgewise Therapeutics, Inc. 21.48 +3.20 (+17.51%)LB LandBridge Company LLC 85.55 +10.55 (+14.07%)DNLI Denali Therapeutics Inc. 17.58 +1.98 (+12.69%)APGE Apogee Therapeutics, Inc. 62.95 +6.18 (+10.89%)CWAN Clearwater Analytics Holdings, Inc. 18.40 +1.71 (+10.25%)Top losersLIF Life360, Inc. 72.79 -20.51 (-21.98%)CRWV CoreWeave, Inc. 88.39 -17.22 (-16.31%)BTDR Bitdeer Technologies Group 15.02 -2.63 (-14.90%)CENX Century Aluminum Company 27.88 -4.43 (-13.71%)WULF TeraWulf Inc. 12.37 -1.93 (-13.50%)Most activeOPEN Opendoor Technologies Inc. 8.48 +0.51 (+6.40%)PLUG Plug Power Inc. 2.5300 -0.0300 (-1.17%)NVDA NVIDIA Corporation 193.16 -5.89 (-2.96%)BBAI BigBear.ai Holdings, Inc. 6.06 +0.35 (+6.13%)PFE Pfizer Inc. 25.51 +1.12 (+4.59%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersAMD Advanced Micro Devices, Inc. 237.52 -6.46 (-2.65%)BTC-USD Bitcoin USD 103,112.37 -3,550.42 (-3.33%)MRK Merck & Co., Inc. 90.95 +4.20 (+4.84%)OKLO Oklo Inc. 104.22 -7.30 (-6.55%)ETH-USD Ethereum USD 3,425.35 -190.59 (-5.27%)Top economic events