Avoiding the New Retirement Spending Spree

Congratulations, you're retired! After 30 years of hard work and savings, you have over $1 million in your 401(k). Wow, that's a lot of money, you would think.

Feeling flush with cash, however, can lead to a problem. Overspending during the first few years of retirement is one of the biggest mistakes a recent retiree can make.

Here's what happens: After spending decades hard at work, many newly minted retirees jump into all the fun vacations and other bucket list items they had been dreaming of with both feet. I once worked with a family who took six cruises during only their first year of