Deciding how to most efficiently spend your money in retirement can be tricky. Many experts have long touted the effectiveness of the “4% rule,” which suggests that retirees withdraw 4% of their savings in the first year of retirement, then adjust that amount for inflation annually.

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However, many retirees are eschewing this approach. According to a report from the Investments & Wealth Institute, only 1 in 7 retirees (14%) ever touch their investment principal during retirement. The majority live on just their income — or less than their income — during their golden years.

While this might be the simplest approach to retirement spending, it may not be the best one — here’s why.

While the idea of living solely off income generated by retirement assets, without ever touching the principal, is often seen as the holy grail of retirement, it’s not always the most efficient or beneficial retirement strategy, said Nikhil Agharkar, wealth advisor and managing member at Crowne Point Tax.

“This strategy can lead to the underutilization of savings,” he said. “If you have saved diligently, lived frugally and have entered retirement with a strong portfolio, why not derive more fulfillment from those funds?

“Rigidly avoiding principal could mean denying yourself meaningful experiences, such as travel, family support or home improvements,” Agharkar continued. “Plus, as you get older, you will be less physically able to do things. Spend the money when you’re able to enjoy it the most!”

Aaron Brask, principal at Aaron Brask Capital, has seen firsthand how this can play out.

“In my experience, many retirees have taken this mentality too far — that is, they do not spend and enjoy the bulk of their hard-earned savings,” he said.

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If you are reliant on income from investments only, you may make riskier investments than is necessary.

“It may place undue pressure on your portfolio to generate high income, potentially pushing you into riskier investments, like high-yield bonds or dividend stocks, that might not align with your risk tolerance or tax strategy,” Agharkar said.

The broader economic climate can also affect how useful this strategy is.