5 Signs You’re Over-Saving For Retirement, According To TikTokker Humphrey Yang

Retirement should certainly be a time to enjoy the fruits of your labor. Ideally, you’ve worked hard for decades and saved enough money throughout your career to call it quits at work without any financial worries.

Check Out: 7 Things You’ll Be Happy You Downgraded in Retirement

Read More: 9 Easy Ways To Build Wealth That Will Last Through Retirement

With rising costs these days, it may seem like achieving retirement isn’t going to be easy. But, it’s entirely possible that you’re saving too much money for your future and not spending enough money in the present. Finance Expert and Influencer Humphrey Yang said in a recent YouTube video that hyper-saving can be a detriment to your lifestyle.

So, here are five signs you’re over-saving for retirement , according to Yang.

Money mistakes the super wealthy never make - that you might be doing now.

It’s Affecting Your Friendships and Relationships

If you’ve saved a lot and scraped by for a long time and now you’re financially secure, kudos to you. You could be “too good” at saving money.

However, saving too much may cause you to miss out on life experiences or delay essential purchases, which can harm your relationships. Maybe you refuse to go out to dinner with friends or delay a vacation with your family just so you can save more money. It’s important to strike a balance between saving and living your best life.

Find Out: I’m a Retired Boomer: Here Are 3 Debts You Should Definitely Pay Off Before Retirement

Time Slips By and Every Day Feels the Same

If you aren’t experiencing anything new because you’re a mega-saver, you might be saving too much money. Perhaps you stop yourself from participating in leisurely activities, taking a vacation, or going to a concert with a friend all because you’ll have to spend money.

Some habits of mega-savers are simply going to work, earning a paycheck, and spending the rest of their time at home while spending as little money as possible.

Ask yourself: “Am I living a fulfilling life now?” If the answer is no, then you might want to make some changes. Avoid a scarcity mindset that stops you from enjoying life.

You’re Far Exceeding Your Financial Goals

Here’s how much you should have saved for retirement by age:

• Age 30 : 1 times your annual salary
• Age 35 : 2 times your annual salary
• Age 40 : 3 times your annual salary
• Age 45 : 4 times your annual salary
• Age 50 : 6 times your annual salary
• Age 55 : 7 times your annual salary
• Age 60 : 8 times your annual salary
• Age 67 : 10 times your annual salary

If you’ve already saved double the amount of these financial benchmarks, you’re likely already financially secure and you might be saving too much money. Plus, if you’re grinding too much at work and it’s taking too much time away from time with your family and friends, you should probably make some changes.

You Spend Your Time Doing Low-Impact Activities

Another, subtle but important sign you might be missing is spending time doing low-impact activities. If you’re spending much of your free time to save an inconsequential amount of money, it could be a sign that you’re simply saving too much. For example, Yang stated if you drive 20 minutes out of your way just to save a few cents per gallon on gas. It’s important to understand the opportunity cost of your actions when it comes to saving money.

You Sacrifice Your Health and Needs To Save Money

Health insurance in the U.S. is very costly and many people put off going to the doctor or getting treatment for a health issue to avoid spending money. Some people even turn down an ambulance to go to the hospital since it can cost an average of $400-1,200, even with health insurance.

However, saving for the future should never come at the expense of your health. If you have the means, don’t avoid medical care. Second, don’t turn down or delay spending money on things you need like a brake job on your car or extra home insurance. The whole point of making money is to be able to spend it on the things you need, especially when it relates to your safety.

This article originally appeared on GOBankingRates.com : 5 Signs You’re Over-Saving For Retirement, According To TikTokker Humphrey Yang