During retirement, you’ll find a shift in your spending habits because you’ll have more free time and no costs of commuting to work. Financial planners recommend you take into account where your money might go so you can budget accordingly.
Kiplinger notes 10 areas where you’re most likely to spend more in retirement:
- Travel
- Healthcare
- Utilities
- Moving & Relocating
- Fitness
- Day-to-Day Expenses
- Debt
- Charitable Giving
- Reading
- Financial Planning
The recent pandemic that kept more workers at home provided a preview of how expenses can shift. More time at home and working remotely no doubt increased utility costs. Priorities change as you age, so you might be tempted to indulge yourself if you can.
But planning ahead and being prepared is so critical. Engaging a professional to advise you can help anticipate future expenses and meet them within the boundaries of your retirement income.
Retirement Should be a Time of Enjoyment
You should be able to enjoy all of the retirement money that you were entitled to. Council of Seniors has been working tirelessly to get Congress to pass The SAVE Benefits Act. This bill is necessary to meet shortfalls in the Social Security cost-of-living adjustment (COLA) over a series of years. The amount of $581 was left out of seniors’ checks, and it’s about time for that money to be returned.
Please sign our petition and get friends and neighbors to help too! Working together we’ll show Congress this issue must be addressed right away. We’ll truly appreciate your support of our effort to return this money to seniors.
Do you anticipate spending changes once you quit working? Leave us a comment and let us know.
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