Many workers assume that once they retire, they’re spending naturally go down. This notion is so widely accepted that it’s not uncommon for workers and financial professionals to account for a reduction in spending when trying to calculate a retirement savings goal.
However, the assumption that spending will naturally decrease in retirement is not always correct. In fact, many retirees find that their spending actually goes up after they stop working. If you’re relying on a reduction in spending to meet your retirement goal, you may have to take some proactive steps to make it happen. To do that, it’s important to understand some of the factors that can inflate retirement spending.
Do you have any resolutions for the New Year? It’s not too late to make some! While many people make resolutions to get in shape or pursue a new hobby, you may want to make 2018 the year you take control of your retirement planning. Whether you’re quickly approaching retirement or still many years away, it’s always a good time to reassess your planning and make adjustments.
Below are three action steps that can have a big impact on your planning and your financial future. Sticking to just one of these resolutions could strengthen your financial stability and help you have a more comfortable and enjoyable retirement.
For most workers, retirement is the ultimate goal. It’s your time to live life as you want, free from a work schedule and career obligations. You can wake up every morning and set your schedule. Or you can simply relax and enjoy your friends and family.
But what if you’re not looking for more free time? You might be anxious to retire from your current position, but you’re not excited about having an empty calendar. You feel like you still have skills and knowledge to offer, so you don’t want to spend your remaining years sitting at home.
Are you one of the 59 percent of Americans concerned about retirement income? It’s an understandable concern, especially if you’ve gotten off to a late start in the planning process. The good news, though, is it’s never too late to start planning and saving for retirement income.
According to a recent survey from Gallup, Americans’ number one financial concern is that they won’t be able to afford retirement. 59 percent of respondents said they were more worried about retirement than any other financial issue, including things like being unable to pay for medical care and being unable to get out of debt.1
Last year marked a big milestone for the millions of Americans who make up Generation X: they turned 50. Generation X is generally considered to consist of Americans born between 1965 and 1980. Today, they range in age from 35 up to 51. Welcome to middle age, Gen X!
Middle age means retirement is rapidly approaching. If you’re nearing 50, now may be the time to take a fresh look at your retirement income strategy, and to determine what changes you might need to make so you can maximize the final years of your career.
Do you dream of retiring in a foreign country? Maybe to enjoy the warm weather of Central America? Or perhaps to the Italian countryside for delectable food and wine?
Retirement is your time to live life on your terms. If you’ve always dreamed of living in a foreign country, you should certainly explore any opportunity to do so. However, retiring abroad brings a number of complexities and challenges you may not face if you retire in the U.S.