How To Plan Your Spending Through The 3 Stages Of Retirement Having worked with retirees for many years, i’ve seen hundreds of people go through these three phases. one client defined them this way: “phase one is golf, golf, golf. phase two is golf. Your retirement will evolve over time. most people go through three stages of retirement: exploring, nesting and reflecting. in the first stage of retirement, while your health is good and you have goals to accomplish, you might travel the world, learn new skills, volunteer and take up new hobbies. move to a new locale and or purchase a second.
How To Plan Your Spending Through The 3 Stages Of Retirement Most people go through three stages of retirement. in the first — let's call it the exploring stage — you're likely going to try new things and pursue your passions and hobbies. you might later transition to the nesting stage, with more predictable routines and a greater focus on home and family. and later comes a reflecting stage, where. For the average 65 year old american couple, there’s close to a 50% chance at least one will live to age 94 and a 25% chance of one living to at least 98, according to the social security. 1. consider kicking off retirement by kicking up your activities. 2. downsizing may be the way to find balance in the middle years. 3. the home stretch could mean high health care costs. the face of retirement is changing, so you might not desire the leisurely rounds of golf and bingo previous generations enjoyed. Therefore, when planning your retirement spending, it may be wise to allocate extra funds if you think you’re likely to be the classic go go senior during this time. your fixed expenses will probably be the same as during the next period, but you will want money for vacations, sports, club memberships, and the like.
How To Plan Your Spending Through The 3 Stages Of Retirement 1. consider kicking off retirement by kicking up your activities. 2. downsizing may be the way to find balance in the middle years. 3. the home stretch could mean high health care costs. the face of retirement is changing, so you might not desire the leisurely rounds of golf and bingo previous generations enjoyed. Therefore, when planning your retirement spending, it may be wise to allocate extra funds if you think you’re likely to be the classic go go senior during this time. your fixed expenses will probably be the same as during the next period, but you will want money for vacations, sports, club memberships, and the like. Phase 1: the go go years. comprising of approximately the first ten years of retirement, the go go years see relatively high retirement spending. this makes complete sense, of course. most people tend to be younger, healthier, and more active during this phase of retirement. spending would naturally increase as people start to enjoy travel. That's why it's important for retirees to build significant flexibility into their initial budget, perhaps planning to spend 10% to 20% more per year during the first 10 or so years of retirement.
The 3 Main Phases Of Retirement Planning Phase 1: the go go years. comprising of approximately the first ten years of retirement, the go go years see relatively high retirement spending. this makes complete sense, of course. most people tend to be younger, healthier, and more active during this phase of retirement. spending would naturally increase as people start to enjoy travel. That's why it's important for retirees to build significant flexibility into their initial budget, perhaps planning to spend 10% to 20% more per year during the first 10 or so years of retirement.
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