Your Lifestyle Spending: in Retirement
What do you want to do when you retire? Would you like to travel, volunteer, teach, spend time with family, or just "do nothing." We previously discussed that guaranteed income is the key to a successful, stress-free, and happy retirement. Your retirement income needs to last a lifetime, whether that is for 2 years or 20+ years.
With senior citizens living longer and longer, having a retirement plan that models out and puts in place income until age 92 or older, is imperative.
The #1 concern for Retirees is not running out of money, and making sure it lasts until you pass - which is certainly going to be later than our expectations today.
Having a realistic budget is the first step; with your income matching expenses is critial.
Do you know what percent of your income (before retirement) you will need in retirement? Is it 80% or 60% of your spending today?
Finally, planning for the "expected surprises" is part of your budgeting process.
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