At retirement, you will probably trade in your regular paycheck for other sources of income, like Social Security, a corporate pension, or proceeds from your assets. For some, your new “paycheck” will be less than what you may be used to. This makes it important to manage your spending habits to try to  ensure that you don’t run out of money. We can help you work through this retirement planning process. A mistake many people make when preparing for retirement is to assume that their expenses will decrease substantially in retirement. 

​When calculating how much income you’ll need in retirement, remember to include more than just the big ticket items. Consider whether (and how long) you’ll continue spending on things like: 
​​

If you haven’t saved enough to continue your current life-style, prioritize your expenses and think long and hard about what you might forgo. In fact, in order to continue your lifestyle activities, you may want to consider the economics of downsizing your residence or cutting out unnecessary extras in order to have more time and money for entertainment. 

We all face certain challenges when saving and investing for our future, regardless of our age. There are a number of factors that you should take into account when preparing for retirement. It is important to consider all of your budget as it can have a significant impact on your lifestyle after your retire.