Guest columnist Bill Smith, RICP®, MRFC®, is the founder and CEO of W.A. Smith Financial Group, specializing in retirement income planning and helping clients create financial strategies that allow them to confidently enjoy their retirement.
For decades, financial advisers have told retirees: Be careful. Spend conservatively. Don’t run out of money.
It’s well-intended advice, but it often creates an unexpected problem -- retirees who have more than enough, but lack the confidence to enjoy it.
Many people have spent their entire career saving, budgeting and living below their means. They’ve done a great job accumulating wealth, but when it’s time to spend, they hesitate.
Even though the numbers show they can, they feel like they shouldn’t.
It’s a common challenge among the “millionaires next door” -- hardworking, disciplined savers who have built financial security but don’t view themselves as wealthy.
After decades of careful choices, old habits are hard to break.
Most people aren’t worried about running out of money; they’re more worried about giving themselves permission to enjoy it. They don’t need to hear “spend less.” They need to hear: “You have enough. You can enjoy your retirement. And you should.”
Flipping the script on retirement planning
Traditional financial advice focuses on investment strategy -- building a portfolio and withdrawing a “safe” percentage each year. But this approach overlooks a key piece: structured retirement income.
Investment strategy is important, but income planning is the foundation of a great retirement plan. It’s not just about knowing you have enough; it’s about knowing where your next paycheck is coming from.
That’s what gives you confidence to enjoy life now.
Planning starts with defining what ideal retirement looks like -- the experiences, travel and lifestyle a client envisions. Only after that vision is clear does the team build a structured income strategy -- retirement paychecks that provide stability and freedom.
When people see exactly where their income is coming from, it’s a game-changer. It removes uncertainty. Instead of fearing spending, they feel free to live.
The go-go years won’t last forever
A common misconception is that spending should remain steady throughout retirement. But retirement happens in phases.
The early years -- the “Go-Go Years” -- should be about living fully. This is when people have the health, energy and motivation to travel, start new hobbies and make memories.
But too often, they hold back, thinking they need to preserve their savings. Then, by the time they feel comfortable spending, they may no longer have the same ability to enjoy it.
The reality? Many retirees underspend early on and leave behind more than intended.
I’ve seen clients in their 80s look back and realize they could have done more. It’s a tough realization -- to know you worked hard, saved and didn’t fully enjoy what you built.
Retirement planning should start with the life you want
My message to retirees is simple: Retirement isn’t just about making your money last. It’s about making it work for you.
Working with a financial team that prioritizes income planning first ensures that retirees can spend confidently, knowing their plan has stability and certainty.
Most financial firms focus on maximizing assets, but the real question isn’t just “Do I have enough, and how do I use what I have to create the retirement I’ve always wanted?”
If you’re nearing retirement and wondering whether you can afford to enjoy it, maybe it’s time to change the question. Instead of “Do I have enough?” ask yourself “What am I waiting for?”
You didn’t work and save just to sit on a pile of money. The real success in retirement isn’t just accumulating wealth -- it’s using it to live the life you envisioned.
And if your financial plan doesn’t give you the confidence to do that, maybe it’s time for a new plan.
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