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Reasons To Take Your Retirement Spending For A Test Drive

Reasons To Take Your Retirement Spending For A Test Drive

The big day is fast approaching and you’re getting all set to retire.

But before you take the leap, you may want to take your retirement spending plan for a test drive.

Some recent research is showing that many retirees are spending more and ‘splurging’ at the beginning of their retirement.

In the following video from Money, Allan Roth shares advice on how you may want to financially prepare for retirement.

Here are some of the highlights from the video;

You may spend more at the beginning of your retirement

When you first retire, you will have more time on your hands and as a result may want to travel or spend more. You need to make sure that your budget can manage this.

You should track your spending before you retire

Try and get a good idea how much you are currently spending and also figure out what you plan to do in retirement and how much this will cost

Think about health care

Make sure that you have considered and calculated how much your health care costs will be in retirement

Consider slowing down versus full stop

If you work part time this could allow you to ease into retirement and figure out exactly what your financial situation will be.

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