Thinking You’ll Spend Less in Retirement Than You Do Now
“People believe that they will no longer have a commute, won’t be eating out for lunch each day, the house will be paid off, and the kids will be independent,” said Cory Nichols, owner of Yes Life Financial. “The reality is, in retirement you have more time and therefore you do more things. Things cost money.”
At a minimum you will continue to spend the same amount month to month upon retirement as you did prior to retirement, Nichols said.
