Retirement Retirement Planning

Mark Cuban's Message to Near Retirees: Never Do These 4 Things With Your Money

These mistakes can delay your retirement.

By Chris Lewis, CEPF , Edited by Laura Hohenstein

Updated Oct. 1, 2026

Add Us On Google

If you're nearing retirement and worried you don't have enough saved in your 401(k) retirement plan, Mark Cuban has some advice and tips for getting financially ready to take the leap.

Cuban is well-known for his often blunt but straightforward advice for people who are struggling with money and want to find a way to financially prepare for the future. After all, those who are in their final few years before retirement are in a critical window where making surprising financial mistakes could delay their retirement date.

Now Available: The Definitive Guide to Retirement Income

Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.

That is exactly what The Definitive Guide to Retirement Income helps answer.¹ <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›

The key financial mistakes people make before retirement

Many of the principles Cuban preaches are especially important for those nearing retirement. For example, Cuban encourages people to invest their money in the market, rather than just saving it, because simply saving it in a savings account won't help people meet their goals.

Here are a few other mistakes Cuban says to avoid when it comes to your personal finances.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

Carrying high-interest debt into retirement

Cuban has said that paying off credit card debt is one of the best investments people can make in their futures because it's a guaranteed 20% return. This is especially important for people nearing retirement age, since carrying high-interest debt into retirement can negatively impact cash flow.

Many people also start having more health issues as they age, which can be costly, so worrying about high-interest debt while trying to afford basic necessities may be a challenge.

Investing in expensive funds that you don't understand

Cuban warns people that many investments charge high fees, like management fees, which can cut into your retirement returns. He also cautions people against investing in any business that they can't clearly explain.

Those who are near retirement are especially vulnerable to expensive investments, especially if they believe an opportunity will garner them outsized returns. Ultimately, nearing retirement is a time to be more conservative and protect and add to your nest egg.

Released: The Definitive Guide to Retirement Income (Sponsor)

Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out. It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan.

That is exactly what The Definitive Guide to Retirement Income helps answer.¹ <p class="">Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Guides are provided by Fisher Investments. The publisher may be compensated when readers request a guide.</p> It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn More Here ›

Retire without a large emergency fund

Cuban is also a huge proponent of having some cash on hand as a way to protect yourself from emergencies and also to have money available when opportunities arrive. He believes people should have a six-month emergency fund before investing for the future for this reason.

An emergency fund is even more critical for people who are nearing retirement. Having cash on hand can prevent people from withdrawing money during a market downturn or taking out a 401(k) loan, both of which can delay meeting retirement goals. Additionally, having an emergency fund provides insurance against job layoffs, since losing a job close to retirement is much more challenging to recover from financially than it is when you're in your 20s or 30s.

Using peak earning years to inflate your lifestyle

Cuban often derides lifestyle inflation. Instead, he encourages people to "live like a student" for as long as they can. He himself lived very frugally early in his career, drove old cars, and slept on a couch. He says that those frugal habits enabled him to start his business.

Many people get to mid-life, when they are at their peak earning years, and upgrade their homes, cars, and vacations. However, high-earning years can be an opportunity to accelerate your nest egg growth and take advantage of catch-up contributions after age 50.

Plus, if large, inflated expenses like a higher mortgage payment follow you to retirement, it may be harder to afford to live on a fixed income.

Cuban's advice isn't flashy, but it works

Ultimately, Cuban's advice isn't flashy. In fact, it's very straightforward and consistent between the many interviews that he does.

Overall, he maintains many of his frugal habits and isn't interested in fancy watches or a chauffeur. He encourages other people to also be mindful of their spending habits so that they can enjoy financial security now and in retirement for many years to come.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

How to get back on track after making financial mistakes

Everyone makes financial mistakes from time to time, but what's important is getting back on track quickly.

So, if you've racked up credit card debt or had periods of high spending, improving your finances before retirement can help you stop working on time and have better financial management habits for your golden years.

Bottom line

Cuban says that overall, being on track for retirement comes down to the financial habits people have in the years leading up to stopping work.

Following his advice means paying close attention to your financial fitness, avoiding lifestyle inflation, keeping an emergency fund, and staying away from credit card debt. These are simple principles that work because they help people manage risk and prepare their finances for decades of retirement.

More from FinanceBuzz: