Think your expenses will drop in retirement? Don’t count on it!
Tips for a planning ahead on your retirement plan
“In the first two years of retirement, 28.0 percent of households spent more than 120 percent of their pre-retirement spending. By the sixth year of retirement 23.4 percent of households still did so.”1
If you’re 5 years away from retirement:
- Make a list of retirement “needs” and “wants.” If you do not have enough savings for all your “needs,” make a five-year plan to increase your funds.