Upticks: 4 Signs You’re Saving Too Much for Retirement
By Luke Sullivan on June 5, 2025
Are you saving too much for retirement? Jake and Cory break down four signs that your financial habits might be costing you more than you think. From working longer than necessary to missing out on meaningful experiences, they explore how to bring more balance to your plan. With real-life stories and practical insights, this episode helps you rethink how your money supports your life—now and in the future.
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Read an overview of the conversation below
When Saving Becomes a Sacrifice
Many high achievers are driven by a deep-seated fear of running out of money in retirement. This fear, while understandable, can lead to an unintended consequence: saving too much. As Jake puts it, “By saving too much, it actually could be costing you big time.” The cost isn’t just financial—it’s emotional and experiential. People defer dreams like remodeling a kitchen or taking a long-awaited trip, only to find those moments slipping away. Cory reflects on this, noting, “People need to feel like they’ve earned the right to spend that money or they’ve earned the right to actually go and do the things they’ve wanted to do.” The key message is that financial planning should not only secure the future but also enrich the present.
Real-Life Lessons in Financial Balance
The podcast shares two compelling real-world examples that illustrate the importance of balance. One story involves a man who bought a lake house not just as an asset, but as a space to create memories with loved ones. Cory recalls, “I have a lot of admiration and respect for someone in that position because they know what’s important to them.” The emotional payoff was visible in the joy on his face as he watched his family enjoy the home. Another example features a client who installed a pool—not for resale value or prestige, but simply for personal enjoyment. Jake explains, “He didn’t have to delay his retirement. He didn’t have to change anything. We put it in the plan.” These stories underscore that financial planning isn’t just about numbers—it’s about aligning money with meaning.
Four Signs You Might Be Over-Saving
While saving for retirement is essential, it’s possible to go overboard. Jake and Cory outline four signs that you might be saving more than necessary—and missing out on life in the process:
- Maxing Out Accounts Without a Clear Goal: Contributing to every available account—401(k), IRA, HSA—without knowing what the money is for can lead to disconnection. Cory calls it “stuffing money… into every account… but not really knowing what that money’s for.” Jake admits he’s done this himself with a health savings account.
- Working Longer Than Necessary: Many people continue working out of fear, not necessity. Jake notes, “If you’re working until 70 and you don’t really know why… that’s another sign that you’re over saving.” If you’ve already reached financial independence, it may be time to reconsider your timeline.
- Being Overly Conservative with Spending: Skimping on things that bring joy is another red flag. Cory jokes about packing five-year-old jeans for a trip, while Jake says, “I don’t play cheap golf balls because I love golf.” If something adds value to your life, it’s worth the investment.
- Higher Taxes in Retirement: Overfunding tax-deferred accounts can lead to higher taxes later. Jake warns, “If you’re putting too much away in that 401k… that can be a real problem.” Diversifying with Roth or brokerage accounts can help manage future liabilities.
These signs aren’t about shame—they’re about awareness. As Jake says, “You shouldn’t be saving money for living an unfulfilled life.” The goal is to align your savings with your values and your vision for life.
The Myth of “You Can Never Save Too Much”
One of the most powerful moments in the episode is when Jake challenges Cory on a common industry belief: that you can’t save too much. Cory clarifies, “Saving more money for retirement won’t hurt your financial plan,” but Jake pushes back, arguing that over-saving can lead to a life unfulfilled. “Over-saving can cost you a fulfilled life,” Jake asserts. The myth is officially busted. The truth is that money should be a tool, not a trophy. It should enable experiences, not just accumulate in accounts. Cory agrees, adding, “It’s a good challenge… because I think that forces somebody to get down to what really matters.” This segment encourages listeners to rethink not just how much they save, but why they save.
Aligning Your Plan with Your Purpose
The episode closes with a call to action: align your financial plan with your life’s purpose. Cory shares a personal story about finally pulling the trigger on a long-delayed kitchen remodel. “We could wait five or ten more years… but if I can’t pull the trigger to actually spend that money when the time comes, then I’ve got a problem.” This sentiment captures the essence of the episode. Financial planning isn’t just about deferring gratification—it’s about knowing when to act. Jake sums it up perfectly: “Let’s get aligned with your purpose, your time, and what are you putting those dollars away for?” The goal isn’t just to retire rich—it’s to live richly, now and in the future.
If you find yourself reflecting on your own financial goals and wondering how to align them with your life’s purpose, consider reaching out for a planning conversation. It might be the first step toward a more fulfilling life.
Thank you for tuning in, we hope you have a great week!
