5 Signs You’re Saving Too Much For Retirement

Adam Del Duca
9 min readJul 6, 2022

While it’s rare, sometimes in life, having too much isn’t a good thing like that time you had way too much to eat at that all you can eat buffet or when you drink way too much and have a headache for the next six days. Now, going overboard in these situations is obviously not a good thing but one area of your life where having too much is surprisingly a burden pertains to your retirement. You may not realize it but you can actually be saving too much and I’ll share with you the 5 signs you are right now

Sign #1: You’re saving based on your current expense levels

One of the first pieces of financial advice most people receive early on in life is that if you want to get ahead, you need to learn how to save money. When you were young, you were probably saving up your allowance to buy a brand new toy and when you got a bit older, that money was probably going to be spent going to the movies with friends or buying a new outfit to wear on Friday night. Unfortunately, as we age, our money tends to start being allocated to more adult-like expenses with retirement being one of them.

Now, I wish I could sit here and tell you that a large majority of people have their retirement on lock and are simply riding out their days until they reach this chapter of their life but that sadly isn’t true. As of 2021, only 62% of Americans have any retirement savings set aside with the average savings being $65,000. To put it bluntly, there are going to be a lot of people flipping burgers and greeting people at Walmart well into their old age.

Now, while you already know that the average retirement savings of $65,000 is nowhere near sufficient to get you through your retirement years, the good news is that you may actually have to save less than you think.

You see, most people forget one important thing when retirement planning. They overlook the fact that in their retirement years, their living expenses are likely to be less than they are now which means that they can probably get away with saving up a smaller retirement nest egg.

You may be wondering why you can get away with less money in retirement so let me explain. While everyone’s situation will be different, during retirement, there is a good…