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If you think your monthly spending will be around $7000 comfortably, you may find that number doesn’t hold up in real life. That’s not a failure. Most people miscalculate, but it’s a fixable problem.
Spending Has 3 Phases
You’ll naturally spend more in the first decade of your retirement than you will later. These are the fun years, the time when you’re moving, taking a dream vacation, and hitting all your bucket list items. The second phase is a mix of adventure and slowing down. Your third phase is when spending curbs but healthcare costs could rise.
Related: There Are Three Phases to Retirement Spending, but Most People Only Plan for One
A Realistic Budget
If the market dips or you have more expenses one year, it’s easy to shave that extra money from your non-essential list. Knowing what you have to spend versus what you want to spend gives you a broader picture.
Disclaimer: This article is for informational purposes only and does not constitute advice.
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