5. Trying to leave an estate

For some, saving all that money isn’t just about spending it on lavish retirement vacations around the world. Some seniors might think that leaving an estate is a priority, especially for spouses, children, or grandchildren.

If your plan is to leave something behind for your loved ones then your strategy for how you’re going to manage all your money needs to shift radically. For example, even if you think you’re not going to live for very long after you retire, you probably won’t want to spend all your money liberally.

On the other hand, leaving an estate doesn’t mean leaving cash behind. An estate can also include investments, items, and real estate such as your home or other properties.