Afraid to Dip Into Your Savings? 8 Guilt-Free Ways to Finally Enjoy Your Retirement
Stop worrying about the balance. From legacy gifts to bucket list travel, here are eight ways to spend your retirement savings without the guilt.
If you have cash to spend in retirement but are reluctant to do so, don’t be. You’ve earned the right to enjoy what you’ve worked hard to achieve.
That doesn’t mean being frivolous with your money, but it does mean using your savings in well-thought-out and meaningful ways that benefit you and your family.
“If you have done a great job saving and investing, do an even better job of enjoying or celebrating,” says Denny Artache, president and CEO of Artache Financial Group.
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Spending more in retirement might require a mind shift — you’ve been saving for decades — but if you're ready, here are eight guilt-free ways to do it.
1. Go on those bucket list trips
This one might seem selfish, but why not?
You’ve worked and saved throughout your adult life; it's okay to reward yourself with a bucket list trip. Maybe it’s a trip to Iceland to see the Northern Lights, or a trek across the Serengeti to see lions and leopards; whatever your dream, taking that trip is a way to enrich yourself.
Bucket list trips are common among older adults. AARP found that 75% of travelers in their 50s, 69% in their 60s, and 60% aged 70 and up have a bucket list trip. A reason 20% of survey respondents don’t take those trips: health issues.
Don't be among those who don't go. If you can afford it once you’re in retirement, do it.
2. Bond with the family on vacation
If you dreamed of taking a multigenerational family trip, do it. If you dreamed of doing it once or twice a year, do that too.
The time you’ll spend bonding with your family is priceless and is a guilt-free way to spend your retirement savings.
“When you spend money on non-materialistic objects but more on adventure and memories, you seldom regret the investment,” says Artache. “If it is within the budget and it brings you joy without an expiration date, go for it.”
3. Get in shape to save
Spending money on your health is a guilt-free investment that can save you a fortune in the long run by helping you avoid costly medical care.
Staying healthy is a big deal for retirees, given the costs associated with getting sick. A 65-year-old with Medicare can expect to spend $174,500 in his or her lifetime on out-of-pocket health care expenses, according to Fidelity Investments’ 24th annual Retiree Health Care Cost Estimate.
That’s up 4% from $165,000 in 2024. Back in 2002, the first year Fidelity put out an annual estimate, the cost was a mere $80,000. The healthier you are, the fewer out-of-pocket expenses you'll be on the hook for.
Spending on your health can mean many things, depending on your interests. It can include a gym membership, exercise classes, stocking up the fridge with healthy foods, buying equipment and gear and exploring the outdoors. Adventure and fitness-focused trips also fall into this category.
4. Chase your dreams
The key to success in retirement is having a sense of purpose, a reason to get up every day. A hobby might give you that and should be high on your guilt-free spending list.
Your hobby could require you to invest in gear to hit the pickleball court or golf course, or to cover the cost of classes to learn a new skill or improve an existing one. You might think spending money on your hobby is wasteful, but if it brings you joy, it's worth the expense.
“Invest in your mental health and feed your brain with reading, learning, and trying new things,” says Artache. “These things last longer than material objects that may be obsolete quicker than you like.”
5. Enrich your loved ones
Helping your family members is a great way to spend your money, plus you'll get tax breaks for your generosity.
Take college for starters. Use some of your money to open a 529 College Savings account if your kids or grandkids are in grades K-12 to save for college.
The money grows tax-free, and withdrawals are tax-free if used for qualified educational expenses. In most states, you also get a state income tax deduction or credit for your 529 contributions; 529s are a great estate-planning tool. Leftover funds can be rolled over into a Roth IRA.
If your loved one needs help with the down payment for a home, you can contribute and also mitigate some of the tax hit.
For starters, in 2025, you can give as much as $19,000 to any one person without having to report it to the IRS. If you're married, it's a combined $38,000.
The rest can be deducted from your lifetime gift tax, which for 2025 is $13.99 million for individuals and $27.98 million for married couples.
6. Invest in your home
Whether you're thinking about overhauling your home to make it easier to age in place or you want to do some renovations, investing in your home is a way to spend money without feeling bad.
If you upgrade your bathroom or kitchen or add a deck or room, you'll likely see a return on that investment, plus you get to enjoy it.
According to Zillow, you’ll recoup 96% of your investment in a $27,000 kitchen remodel and 74% of your investment in a $25,000 bathroom renovation.
7. Give back
What more selfless way to spend your money is there than donating to charities? At last count, there were about 2 million in the U.S. alone in need of donations.
If you care about specific causes or just want to give, donating to charities can be a tax-smart way to spend money.
One way to give is through a donor-advised fund (DAF). Donor-advised funds are tax-advantaged charitable accounts that let you invest your money, then recommend which charities will receive the donations.
You can donate cash, stock, real estate, fine art, cryptocurrency and other assets with value. You get a tax deduction for funding a DAF.
8. Buy back your time
During your working years, you likely traded your time to save money by mowing your own lawn, cleaning your own house or hunting for the cheapest flight with three layovers. Once you hit retirement, you might suddenly balk at the idea of paying for these services because you feel you have an abundance of free time to do them yourself.
However, spending money on services that eliminate drudgery is not being lazy or wasteful. It is a strategic investment in improving your quality of life. By hiring someone to handle work-intensive chores like landscaping or deep cleaning, you free up physical energy to pursue your hobbies, your passions, or the people you actually care about. At this stage of life, your time is your most limited and precious resource, so do not be afraid to spend money to get more of it back.
You don't have to feel guilty
Indulging can be hard, especially if it’s out of character for you, but the benefits of doing so in retirement can’t be ignored. If you spend right, you can enrich yourself, your family and friends, or the causes you care about.
"Finding a balance between spending and not wasting depends on keeping a realistic budget each month and celebrating with some of the excess accumulated,” says Artache.
“Eat and live well as an investment in happiness that keeps paying dividends," Artache added. "Much like exercise and diet, this takes discipline and planning.”
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