Retirement Spending Got You Stressed? Six Signs You May Need Help

A wealthy, but stressed senior couple sit with a financial adviser.

(Image credit: Getty Images)

published 21 May 2025

When it comes to saving for retirement, Americans have it down. They know the sooner they start saving, the better off they’ll be when they stop working. It's why the number of 401(k) millionaires is growing and why target-date funds are so popular.

But saving is the easy part. Spending in retirement is where it gets complicated.

Sure, there are rules: the 4% rule, the 80% rule, and the rule of 25, among others. But those are just general guidelines. Determining how much you’ll need to draw down each month is uniquely individual and requires a deep dive into your finances and lifestyle.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Yet many people enter retirement with no clue what to do. They know how much they've saved, but not much more. Having money saved, but not knowing how and when to spend it, could create a tenuous situation for a retirement that can easily last thirty years.

“We found that a lot of investors don’t draw down over concerns about doing so. It’s stressful. They don’t want their money to run out and are worried about healthcare costs,” says Rob Williams, managing director of financial planning, retirement income and wealth management for the Schwab Center for Financial Research.

“The goal is to manage and use your assets effectively and efficiently," Williams said. "A lot of investors end up with more money in retirement than they started with.”

If the idea of parting with your retirement money is stressing you out, you aren’t alone. According to an Allianz study, 64% of Americans are more worried about running out of money in retirement than death.

But that doesn’t mean you shouldn’t spend any money either. You don’t want the reverse to happen, and your money outlives you. Even if you plan to leave it to charities or heirs, you want to be alive to see the benefits of your good graces.

With that in mind, if any of these telltale signs ring true, you may want to seek professional advice.

If you are about to embark on retirement and don’t know how much you spend each month or where your money goes, that’s a sign you may need help navigating your spending plan.

“Without understanding the flows in and out, it’s easy to overspend,” especially when you are no longer generating income to offset the spending, says Jeremiah Barlow, executive vice president and head of wealth solutions for Mercer Advisors.

A financial adviser can help you figure out where all your money is going, create a budget for you, and, based on that, determine how much you can draw down each month.

Remember, just because you stop working doesn’t mean you are going to save a ton of money. Sure, you may not spend on commuting, work attire, or lunches at the office, but you will have a lot of free time that you’ll want to fill, which could include hobbies and travel.

2. You’re not sure how to plan for the retirement phase

If you have no clue how much you are supposed to spend in retirement, what Required Minimum Distributions are, the benefits of a Roth conversion or the impact of drawing down from a taxable versus non-taxable account, then it may be time to enlist a professional.

After all, the buckets you draw down your retirement savings from will have a big impact on your taxes and future income. That help can come from educating yourself about the nuances of retirement spending or hiring a financial planner to figure it out for you. “It can be stressful, especially if you have more than one account,” says Williams.

3. The world is stressing you out

Anyone who lived through the past few months knows how stress-inducing big movements in the stock markets can be, especially if you are near retirement.

Some investors shrugged off the volatility and shut out the noise, while others panicked, sold stocks, and moved to cash. Those emotional reactions can be damaging, especially in retirement when you typically no longer have money coming in.

You have to protect, preserve and grow your investments all at the same time, which can cause a lot of anxiety and is a good reason to consider getting help from a financial adviser.

A professional can help you determine how your portfolio should be invested and walk you off the ledge if you have an overwhelming urge to overreact in a volatile market. “If you are stressed about politics, stressed about the drop in markets, and stressed about tariffs, that is likely a good sign,” that you can use help, says Williams.

4. You are too heavily invested in stocks

Retirement can last decades, which is why you still need to remain invested even once you retire. It doesn’t mean you should have all your investment dollars in stocks. A better approach in retirement is to have a diversified portfolio in which risk is dialed back.

If you're still in a high-growth portfolio, talking with a professional can help you create a more balanced approach. “If you don’t have those defensive assets and don't feel confident, it's a good indicator you should get advice,” says Williams.

5. You don’t know how much you want to give to charity or heirs

You may know you want to give some of your estate to charity or heirs but if you haven’t given it any real thought and/or you have no clue how to do it in a tax-smart way for you and your heirs, an estate planner can help, says Pete Fry a financial planning manager at EP Wealth Advisors.

He recalls one person who left enough money to the local high school band for each student to get three or four instruments, but if she had advice during her lifetime, she could have seen the benefits of her charitable donations. “She didn’t have to wait until the end of her retirement plan to give all that money away,” says Fry.

6. You haven’t planned for longevity

Longevity is a real issue and something that may cause sleepless nights. While nobody has a crystal ball, you can get an idea of how long you might live based on your health, family history, and lifestyle. Armed with that knowledge, you can then estimate how much medical costs may be during your retirement years, factoring in rising costs due to inflation and stock market fluctuations.

If that sounds like too much work or is causing stress, or worse, avoidance, enlisting a financial adviser can take the pressure off you.

“Most retirees underestimate how long they will live and overestimate how far their savings are going to go,” says Barlow. “If there is uncertainty around that, it’s a strong indicator you need retirement income strategy help.”

Can you afford not to get help?

Retirement can be an emotional and stressful time. After all, you spent a good portion of your life working and saving, and now you are required to spend your nest egg.

The thought of paying someone to help you spend may seem off-putting, but if it enables you to create a tax-smart way to draw down money without blowing it all in the early years of retirement, it will pay for itself and then some. The good news is that a financial adviser doesn’t have to break the bank, and if you prefer the DIY approach, there is free information and calculators available online.

“Everyone should at least ask and not assume seeing a financial adviser is above one's ability or means,” says Barlow. “There are a lot of different options out there.”

Donna Fuscaldo is the retirement writer at Kiplinger.com. A writer and editor focused on retirement savings, planning, travel and lifestyle, Donna brings over two decades of experience working with publications including AARP, The Wall Street Journal, Forbes, Investopedia and HerMoney.