Stop Feeling Guilty for Spending Your Money in Retirement

For decades, you’ve been told one thing: save more. Save for the future. Save for retirement. Save for “just in case.” And when you finally get there, when the retirement you worked 30 or 40 years for actually arrives, what happens?

You still can’t spend it.

You feel guilty. Every time you take that trip, buy something nice, or even consider dipping into your savings, that little voice whispers, “What if I run out?”

Let’s be clear, this isn’t your fault. The industry trained you to feel bad about spending your own money.

Why We’re Wired to Save (and Afraid to Spend)

Most of your working life has been in the accumulation phase, earn, save, invest. Articles, advisors, and banks all reinforced the same message: spend less, save more. That part is straightforward: the math is simple, the rules are clear, and watching the balance grow feels like proof you’re doing it “right.”

But once you retire, the rules flip. You’re no longer adding to the nest egg, you’re drawing it down. That’s where things get complicated, emotional, and frankly, where most of the industry gets uncomfortable.

The decumulation phase is hard to do well. So what advice do many people hear instead? “Spend less.” That’s not a plan, that’s a cop-out.

The Industry’s Quiet Incentive Problem

Let’s be honest about another uncomfortable truth: many advisors charge a fee based on your portfolio size. The less you withdraw, the more they earn. I’ll be generous, this isn’t the main driver for most advisors, and plenty act in their clients’ best interest. But it does create a subtle bias that discourages healthy, confident spending.

The Truth: You Can (and Should) Spend More

Here’s what most people never get told: you can probably spend more than you think, safely.

In retirement, you control two levers:

• How much you spend
• How much you leave behind

That’s it. And whether you realize it or not, if you don’t spend it, you’re choosing to leave it behind. Without a proper withdrawal and tax optimization strategy, more of that “left behind” money goes to the CRA instead of your family. That’s not legacy, that’s leakage.

The Silent Epidemic of Over-Savers

There’s a growing number of Canadians reaching their 80s and 90s with far more money than they expected. On paper, that sounds great. In reality, it often means one thing: they didn’t have a plan, just a fear of running out.

They lived their healthiest, most active years being overly cautious, skipping the trips they dreamed about, all to “play it safe.” Then they find out they could have afforded it all along.

We see this constantly in Optiml. Users run their plan and discover they have room to spend, not recklessly, but confidently. When you see the math, the fear fades. Retirement isn’t about preserving every last dollar, it’s about using those dollars to live the life you built them for.

Spend Intentionally, Not Fearfully

When people model smarter, tax-aware withdrawals with spending flexibility, they often find they can safely increase annual spending without increasing the risk of running out. That’s the difference between worrying and actually enjoying your prime retirement years.

The point isn’t to spend recklessly, it’s to spend intentionally. Every dollar should have a purpose: living your best years now, helping your kids today (not just later), or leaving a meaningful legacy.

How Optiml Helps

• Set your lifestyle in today’s dollars (go-go, slow-go, no-go, your call).
• Optimize withdrawals across RRSP/RRIF, TFSA, non-registered, LIRA/LIF, CCPC, and more to minimize lifetime taxes and avoid clawbacks.
• Stress-test your plan against market swings, inflation paths, and CPP/QPP/OAS timing so you can spend with confidence.
• See real trade-offs in dollars: spend vs. estate, now vs. later, with clear, tax-aware math.

So please, don’t let guilt keep you from living fully.

You already did the hard part, you worked, saved, and invested for decades. Now you’ve earned the right to enjoy it.

Don’t let guilt or an industry built around “saving more” keep you from living fully. With the right decumulation plan, you can spend with confidence, protect your estate from unnecessary tax, and still leave what you want to the people you love.

Retirement isn’t about how much you keep. It’s about how much you enjoy on purpose.