Many retirees can afford to spend more than they do — often far more — yet still feel uneasy watching their account balances fall, even when the withdrawals are part of a healthy plan.

In my work as a financial planner and coach, I’ve worked with many financially secure clients, including multimillionaires, who still feel uncomfortable spending even modest portions of their wealth after retiring, despite projections showing they can afford it.

These are not people deciding whether to buy a yacht or make another extravagant purchase. They are typical retirees with common retirement goals: travel, a home improvement or another experience that could meaningfully improve their lives. Still, withdrawing money from accounts they spent a lifetime building felt less like enjoying retirement and more like taking a financial step backward.

Their discomfort may sound surprising, but it is far from unusual. A 2026 survey from Corebridge Financial of 2,210 Americans ages 45 to 79 with at least $100,000 in investable assets found that only 28% were comfortable with the idea of their retirement savings declining to cover living expenses. Among retirees, 38% said they spent less than they wanted to preserve their nest egg.

This does not mean every cautious retiree should simply spend more. Inflation, health care, market declines and a desire to leave a legacy are legitimate reasons to hold back. But another group faces a different problem: They want to spend more, their financial resources support it, and yet spending still feels wrong.

Retirement Reverses The Rules Of Financial Success

During our working years, the rules of responsible financial behavior are relatively consistent: saving is good; withdrawing is bad. A rising account balance indicates progress. A falling balance signals danger. Delaying gratification demonstrates discipline and responsibility. Follow those rules for 30 or 40 years and they can become more than financial practices. They become part of how a person defines security, competence and success. Then retirement arrives and reverses many of those rules.

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After retirement, contributions may slow or stop. Earned income disappears. Withdrawals become normal. Account balances may decline over time even when the retirement strategy is functioning exactly as intended. A person can understand those new rules intellectually without accepting them emotionally. Watching a retirement account decline may still feel like losing ground, even when the money is being used responsibly........

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