Scared to Tap Your Retirement Savings? 3 Things to Do.

A lot of people don't manage to save much, or any, money ahead of retirement. People in that situation are commonly forced to reduce their spending significantly once they stop working.

But if you're entering retirement with a nice amount of money in your IRA or 401(k), you deserve to enjoy your nest egg to the fullest. Unfortunately, though, a lot of people find that they're scared to actually use their retirement savings once they stop working.

Image source: Getty Images.

It may be that you're worried about running out of funds in your lifetime. Or it may be that you're feeling guilty about using up your nest egg and leaving your kids with a smaller inheritance.

It's important to get to the bottom of those feelings so you can enjoy the money you've worked hard to save. Here are some steps to take if you're feeling antsy about raiding your nest egg.

1. Come up with a withdrawal rate that makes sense for your investment mix

If a fear of depleting your savings in your lifetime is giving you pause, that's understandable. To get around it, take a look at your investment mix and figure out a safe withdrawal rate based on it.

If you have a roughly equal split of stocks and bonds, you may be safe to follow the 4% rule, which has you withdrawing 4% of your nest egg your first year of retirement and adjusting subsequent withdrawals for inflation. For a $2 million savings balance, that means you'd take an $80,000 withdrawal your first year of retirement.

If you have a very different investment mix, it could pay to meet with a financial advisor, as they can help you establish a withdrawal rate based on how your portfolio is put together.

2. Remind yourself what the money is there for

You may be nervous to spend your retirement savings if you have kids you're hoping to leave money to. But as nice as it is to want to leave an inheritance behind, do remember that your IRA or 401(k) plan was funded all of those years to pay for your retirement -- not to leave your grown kids with money to buy a beach house.

If you remind yourself why you saved that money, you may feel less guilty about spending it. And if need be, have a conversation with your family to set expectations on what an inheritance might look like.

3. Ask yourself if there are alternatives

If you're worried about spending your retirement savings, you'll eventually want to address that fear. But you may not actually have to tap your nest egg right away. And if not, why not let that money continue to grow?

It may be that you're retired but still plan to consult in your former field for a few hours a week to stay busy. It may also be that you have a generous monthly Social Security benefit coming your way. If that's the case, and you can cover your expenses for a while without touching your savings, why not wait?

Even though you have every right to use your retirement savings to cover your costs and better your life, it's natural to be anxious about doing so -- especially for the first time. But it's important to work through those feelings so you're able to make the most of your hard-earned savings.

The Motley Fool has a disclosure policy.