The Retirement Mistake That Steals Joy (And How to Avoid It)
👉 Want to learn how to retire without the worry of running out of money in retirement? Click here to watch this video
Why This Matters — And Why You Should Listen to Me
As a financial advisor, I've had the privilege of walking alongside hundreds of individuals as they transition into retirement. Some thrive. Others, despite being financially secure, struggle to find the joy they envisioned. Over time, I’ve noticed a common pattern—a subtle but powerful misstep that robs many retirees of the life they worked so hard to create.
That misstep? Fixating on wealth accumulation as the primary goal, even after retirement begins.
This blog isn’t about investment strategies or tax shelters. It’s about redefining what success looks like in retirement—and learning how to use your wealth as a tool to live well, not as a scoreboard.
The Misstep: A Singular Focus on Accumulation
There’s nothing inherently wrong with wanting to grow your portfolio. But when accumulation becomes the only goal, it can slowly erode the purpose and joy of retirement.
Susie Tompkins Buell put it perfectly:
“If you wanna die the richest man, then just stay sharp. Keep investing. Don’t spend anything, and don’t eat any capital. Don’t have a good time. Don’t get to know yourself. Don’t give anything away. Keep it all. Die as rich as you can.”
I’ve seen retirees with millions in assets feel trapped by fear, scarcity, or simply the inertia of a lifetime of saving. Here’s how that plays out:
How the Accumulation-Only Mindset Can Backfire
1. Delaying Retirement for "One More Year"
Many individuals delay retirement even after reaching financial independence, telling themselves they’ll retire once they feel "really secure."
This can lead to missed memories with children, grandchildren, and friends.
It often stems from fear, not strategy.
2. Overly Restrictive Spending
Some retirees refuse to spend, despite having more than enough.
They eat out less, skip travel, and pass on experiences out of habit.
Their portfolio is growing, but their life feels smaller than it should.
3. Perpetual Portfolio Growth as the Goal
Wealth building becomes a self-fulfilling loop.
The portfolio target keeps moving upward.
This can create anxiety instead of freedom.
It shifts focus away from purpose and toward performance.
A Better Approach: Purpose-Driven Planning
To avoid this retirement misstep, we need a mindset shift—from accumulation to alignment.
1. Define What a Fulfilling Retirement Looks Like
What do you want more of in your life? Travel? Family time? Volunteering? Learning?
Quantify the income needed to support that lifestyle—not someone else's idea of "rich."
2. See Your Portfolio as a Tool, Not a Trophy
Ask: How much do I need my investments to produce to live the life I envision?
Don’t aim for the highest number. Aim for the right number.
3. Embrace Present Joy Without Abandoning Future Security
Give yourself permission to enjoy your money while planning smartly.
A balanced approach doesn’t mean reckless spending; it means intentional living.
4. Be Tax-Efficient, But Not Tax-Paralyzed
Yes, minimize taxes where possible.
But don’t let fear of taxes stop you from enjoying your money. Taxes are the cost of income—not the enemy.
Work with a professional to optimize without over-restricting.
Real Client Insight: From Fear to Freedom
A couple I worked with had saved diligently their entire lives. They had over $3 million saved, yet they were hesitant to book a dream trip to Europe.
Why? "We just don't know if we should spend that much."
After running the numbers and showing them they could comfortably afford it—without risking their long-term plan—they booked the trip. Two years later, they told me it was the most fulfilling experience of their retirement so far.
It wasn’t about the money. It was about the permission to live the life they already earned.
Final Thoughts: Choose Meaning Over More
Retirement should be more than just financial freedom. It should be a time to live intentionally, to connect more deeply, to give generously, and to experience what truly matters.
Yes, continue to plan wisely. Yes, stay mindful of market and tax implications. But don't let the desire to "win" retirement by hoarding wealth rob you of what that wealth is meant to do: give you a life well lived.
👉 Want to learn how to retire without the worry of running out of money in retirement? Click here to watch this video
FAQs
Isn’t it smart to keep growing my portfolio in retirement?
Yes, but growth should be balanced with distribution. Growth without purpose can lead to unfulfilled retirement years.
What if I’m worried about outliving my money?
That’s a valid concern. A financial plan can show you how much you can safely spend and help align your lifestyle with your assets.
Is it wrong to leave an inheritance?
Not at all. But consider whether sacrificing your lifestyle today is the best way to bless others. Often, a thoughtful legacy includes both experiences and resources.
Disclaimer: Case studies are hypothetical and do not relate to an actual client of Lock Wealth Management. Clients or potential clients should not interpret any part of the content as a guarantee of achieving similar results or satisfaction if they engage Lock Wealth Management for investment advisory services.