How to Manage Your Expenses in Retirement – Episode 24
For the majority of your life, you will work hard and pinch those pennies so that you can fund retirement. But once you actually retire, it’s time to enjoy all your hard work!
Kendall has another solo episode to help you understand how to manage your expenses AND have fun in retirement! He is sharing how to get yourself to a place where “budget” doesn’t have to feel like a bad word in retirement.
Thank you for watching and listening!
1) Get your base expenses covered. As you enter retirement, you want to make sure that your base expenses are covered. These are things like food, housing, and health insurance. If you’ve been working with a financial advisor, you should have a solid plan to do that. After those expenses are covered, you can spend this time (and your extra finances) to have fun! Everyone has different priorities in their retirement so the key is to make sure your income will support your base expenses AND what you enjoy doing in retirement.
2) It’s okay to spend your money. This may seem contrary to the advice you received pre-retirement, but this is the time in your life that you have been saving for! Now, you aren’t going to go out and buy a private jet (unless you have enough extra money to do so) but it’s okay to spoil your grandkids, take the vacation you always wanted, or learn a new skill.
3) Have a plan for every stage of retirement. There are approximately three stages to retirement: the go-go stage, the slow-go stage, and then retirement ends at the no-no stage where we pass on. We need to have a plan for each stage so we can explore and try new things while we still have our health and want to travel, but still have enough to cover the bills when we pass on and don’t need it anymore.
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