The Myth of Spending Less in Retirement
Most people assume that once they reach their retirement age, their expenses will decrease significantly – thus, they won’t need as much money to live a happy life. Well, while that may be true for some, note that, as a retiree, you also have plenty of free time to travel or do other activities.
As writer Michelle Schroeder advises, assuming that you need less money is “usually a mistake because other expenses may increase, such as travel and healthcare costs. A person should also be realistic with their retirement spending instead of just assuming that it will be less.”
