Retirement Retirement Planning

Barbara Corcoran Says Near-Retirees Should Never Do These 5 Things With Money

Are you making the mistakes she says to avoid?

By Catherine Collins , Edited by Laura Hohenstein

Updated Oct. 21, 2026

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Barbara Corcoran is a successful entrepreneur and real estate investor who is best known for her starring role on the TV show Shark Tank. She has invested in numerous businesses over the past few decades and often gives money advice on podcasts and in the media. Usually, her tips are pretty unconventional from a personal finance perspective.

For example, you won't hear Corcoran talking about how to optimize your retirement plan portfolio. Rather, she encourages people to take action, be bold, and pursue opportunities. Here are five different things she said near-retirees should never do with their money.

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Play financial catch-up

One piece of advice Corcoran has given is to not play financial catch-up. She says it's especially hard to get ahead with money and business if you're always behind. One of the most common reasons people feel behind with finances is because of high-interest debt, which compounds and grows, even if you're making minimum payments. Having high-interest debt is especially challenging for retirees who are living on a fixed income. If you're within a few years of retirement, taking the time to reduce high-interest debt now can improve your cash flow in your golden years.

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Let money sit in your bank accounts

Corcoran has said in a few interviews that she has never saved a dime in her life. This quote, which has been widely circulated, may raise some eyebrows. However, Corcoran means that when she receives money, she gives it a job. She invests in assets, buys real estate, and finds ways to use it to help her wealth grow. That may include investing in people, relationships, and experiences too. However, for people nearing retirement, having an emergency fund to protect you in unexpected situations may be wise, especially if you don't have significant liquid assets, as Corcoran does.

Wait for the perfect time to make a big choice

Another tip Corcoran gives is not to procrastinate on your decisions. She says that so often, people wait for the perfect time to make a big choice, but that perfect time may never come. Sometimes, making a significant transition, like switching jobs or retiring, comes with risk. However, Corcoran encourages people to take action on whatever their goals may be and not wait for the perfect moment.

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Dwell on previous financial failures

It's easy to beat yourself up about steps you wish you would have taken in the past, especially when it comes to real estate, business, or your personal finances. However, Corcoran says not to let fear hold you back and that procrastination is the enemy. Everyone makes mistakes, and in many cases, people learn from them. Instead of letting fear paralyze you, take the next logical step and ask for advice from someone you trust if you need it.

And for someone nearing retirement who perhaps wishes they had more saved, another option is to take action by looking at different retirement scenarios, like delaying it by a few years or taking on a less stressful part-time job.

Ignore your financial numbers and remain ignorant about your balances

Corcoran is a huge proponent of financial discipline. She encourages people to know and understand all their financial numbers. That includes getting familiar with your total debt, savings, and the amount of money you have in your investment accounts. While some people may be afraid to face the numbers, it's often the first step to getting in control of your finances. After all, once you know your numbers, you can move forward to making a plan.

Corcoran's advice may not be best for all retirees

Corcoran is known for her outgoing personality and unique way of navigating financial and business decisions. Some of her advice may not be applicable to retirees who don't have millions in assets as she does. Workers who are within a few years of retirement may consider taking a different, more conservative approach with their savings and investments to ensure they retire on time.

What to do if you don't feel ready for retirement

If you've followed Corcoran's advice, looked at your financial numbers, and you want to take action to prepare for your golden years, you're on the right track. If you don't feel ready for retirement, you can always consult with a financial planner who can review your retirement plan and make personalized recommendations for you.

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Bottom line

Some of Corcoran's advice, like knowing your numbers and avoiding procrastination, could apply to anyone, regardless of portfolio size. If you're worried that you've made too many financial mistakes in your life thus far, and you're not sure if you'll ever retire, there's still time to make a turnaround. Working with a financial planner can help you understand what your options are over the next few years so you can hopefully transition into retirement sooner rather than later.

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