Take your foot off the gas and enjoy the view
Slowing the spending
When you ease into a slower stage of retirement, you may spend less money—at least on things like travel, dining out, cars, and entertainment —as you spend more time at home. But if you start having health issues, your expenses could increase due to additional health care costs.
Slowing down can mean more time for reflection and appreciation.
Medical costs may be just one of the unknowns that can affect your financial well being. If you live into your 80s, odds of living longer actually increase. The fact that you’ve made it this far bodes well, but unless your original retirement income planning included rosy projections for becoming a nonagenarian, you might have to make changes to your income strategy, such as reducing savings withdrawals or cutting expenses, to stretch your financial resources.
Plan with us
Living a long and healthy life, even as you eventually settle into a slower-paced, less active mode, can be one of those good-news/bad-news scenarios. The good news is you’re still around. The bad news is your long life could make it harder to maintain your financial security. Careful planning early in your retirement, with regular reviews and strategy adjustments along the way, can help to ensure that your financial resources will be there when you need them most.