Workers are conditioned from the start of their careers to prioritize building a nest egg so they can live comfortably in their golden years. 

However, for many people, their golden years are already underway. 

The “die with zero” movement challenges everything we’ve been taught about saving for retirement. It encourages spending your wealth throughout your life on hobbies, travel, new experiences, and milestones — rather than saving as much as possible to live off of in your later years. 

But does this strategy make sense, or does it set you up for financial insecurity down the road? Here’s a closer look at the die with zero movement and how it works.

Read more: What is the average retirement savings by age?

What is the ‘die with zero’ philosophy? 

The die with zero (DWZ) philosophy or DWZ movement was first made popular by the book Die With Zero by Bill Perkins, a hedge fund manager and entrepreneur.

The central idea is that many people oversave out of fear and end up reaching old age with far more money than they can realistically enjoy. Perkins says that rather than building the largest possible nest egg for retirement, you should spend money on experiences — like travel, hobbies, family time, and learning new skills — treating them as investments that lead to more happiness and fulfillment throughout your lifetime. 

“The die with zero philosophy, at the surface level, means you should try to spend or give away all your money during your lifetime and die with zero in your bank/investment accounts,” said Derrick Schuler, CFP and wealth planner at Schuler Wealth Planning. 

After all, some activities are best enjoyed while you’re younger and healthier. For example, a once-in-a-lifetime adventure like hiking Mount Kilimanjaro or taking a monthlong backpacking trip through Europe may not be realistic when you’re 75, so delaying big expenses until retirement can mean missing opportunities.

Further, Perkins argues that inheritances are often more valuable when given earlier in life. For instance, helping an adult child buy their first home or pay for graduate school in their 30s may have a much greater impact than leaving them the same money decades later after you pass.

However, the die with zero philosophy doesn’t encourage reckless spending. Rather, it’s about saving enough money to maintain financial security without sacrificing decades of enjoyment just to accumulate wealth you may never use.

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Pros and cons of DWZ

While traditional retirement savings strategies prioritize making sacrifices now to obtain greater financial security later, the DWZ philosophy emphasizes that money should be used throughout your life to create meaningful experiences and invest in the people and priorities that matter most. 

The reality is that no retirement plan — no matter how conservative — can predict exactly how much money you’ll need or what your expenses will look like decades from now. The DWZ philosophy appeals to people who are comfortable accepting some uncertainty in exchange for enjoying more of their wealth while they’re still young and healthy enough to do so.

Many workers are conditioned to save aggressively for retirement out of fear that their savings will quickly run out once they stop working. But in practice, that isn’t always what happens. 

A 2025 study by TIAA, for example, found that many retirees retain substantial financial wealth in later life. The median retiree still held about 68% of the wealth they had at age 65 by age 72, while roughly 40% of retirees increased their wealth over that period. 

Why? One big reason is that spending often declines with age. As retirees get older, they may travel less, participate in fewer expensive activities, and naturally spend less overall. In fact, data from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey shows that average annual spending tends to peak between ages 45 and 54 before beginning to decline after age 65.

However, it’s impossible to predict the future. And, for some retirees, healthcare costs, long-term care needs, inflation, or changes in family circumstances can all drive expenses higher later in retirement. 

That’s where the risks of the DWZ philosophy become more apparent. Spending too aggressively early in life could leave you with fewer resources to handle unexpected costs in your later years.

“Retirement matters, but so does spending on experiences, family, and milestones along the way,” said Mindy Yu, CIMA and senior director of investing at Betterment at Work. “That’s the appeal, but the risk is in how literally people take it. If you optimize purely for spending today, you’re exposed to everything you can’t predict, like a multi-decade retirement, market downturns, rising healthcare costs, or a family member who needs support.”

Read more: Is a ‘mini retirement’ right for you? Here’s what you need to know.

Is ‘dying with zero’ the right approach for you?

While some take the DWZ movement as literally dying with zero dollars to your name, in practice, it isn’t necessarily that drastic. You can implement the DWZ money mindset in a more balanced way with these tips: 

Consider your values 

The Die With Zero philosophy encourages you to prioritize enjoying your wealth throughout your lifetime rather than focusing solely on building the largest possible nest egg. Think about what matters most to you: Does the security of a larger retirement balance bring you more peace of mind, or would you rather use more of your money now to fund travel, hobbies, or other meaningful experiences?

For many people, the answer is both. The key is understanding your priorities so you can build a retirement strategy that reflects them. 

That might mean saving more aggressively during periods of your life when you’re less interested in travel or other experiences, or dialing back retirement contributions temporarily so you can afford the lifestyle you want while you’re younger.

Read more: What is values-based budgeting, and how does it work?

Understand your current financial situation

Understanding where you’re starting from is key to making a realistic plan that supports your goals and values. 

“Check that you have a solid foundation to support it. Look at things like your debt, make sure your emergency savings are in place, retirement account contributions are on track, and have a clear sense of where your future income is coming from,” says Yu. “The best approach is the one that lets you live well today without leaving your future self exposed.” 

Think about how your expenses might change over time 

Before adopting a DWZ mindset, it’s important to understand your current financial situation. Knowing where you’re starting from will help you determine whether you can afford to spend more today without jeopardizing your future financial security.

“To effectively put this strategy into practice, without jeopardizing your future, you must put a long-term financial plan in place that considers your goals and finances through each stage of life,” Schuler said. “While your goals and finances will certainly change throughout life, this can provide the structure and flexibility needed to maximize your life experiences without sacrificing your retirement.”