The Bucket List After Party Set List Launch Party Hangover Cure

Preparing for retirement might make you feel old; by the time you reach your 60s, the reminders that you are no spring chicken are everywhere. You get mail from the AARP and advertisements for Medicare plans. The obituaries in the local newspaper are for people not much older than you, and people younger than you are incredulous that you still subscribe to the local newspaper. The oldies station plays Britney Spears and Bruno Mars, and your kids are baffled by the idea of turning on a radio and listening to whatever song happens to be on. When you retire, then, it might surprise you how young you feel. Retirement gives you a new lease on life. You have no more work obligations, so you are free to spend your time as you choose. You might also surprise yourself with how much money you spend. The first year of retirement can feel like a launch party for what is to come, combined with an after party for the life of drudgery you left behind. This kind of spending isn’t sustainable, though. You can work hard and play hard for a year, and if at the end of it, you don’t drop dead, contact a Dade City estate planning lawyer.

Don’t Panic If You Spent Too Much Money in Your First Year of Retirement

As unpleasant as it might sound, you cannot move forward until you review your spending from your first year of retirement. Once you look at your bank statements, what you see might come as a relief. Some of the biggest expenses are probably not recurring charges. For example, if you moved to Florida when you retired, then you probably spent a fortune doing it. If you had money in the bank after selling your empty nest and buying your sun-soaked Florida abode, you probably spent it on furnishings and other expenses arising from relocation.

Likewise, many retirees front load their retirement with travel and other bucket list items, and it makes sense to do this. Now that you are in your mid-60s, you are still healthy enough to travel. Now is the time to go hiking in the Alps, because you are sure that you are up to it now, but there is no guarantee that you will still be able to do it ten years from now. The time for climbing mountains is now, when your titanium knee joint is shiny and new.

Once you get the retirement splurges out of your system, you will find that your expenditures are lower than they were when you were working. Retirement planners have long called for an adjustment to the four percent rule. Perhaps we should build in an early retirement splurge year at the beginning.

Contact a Florida Estate Planning Attorney About Starting Out Strong in Retirement

An estate planning attorney can help you plan for a modest retirement that is front loaded with fun.  Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.

Source:

moneywise.com/managing-money/budgeting/i-spent-way-too-much-in-my-first-4-years-of-retirement