Budgeting Mistake: Spending Too Much Money At The Beginning Of Your Retirement
Those first couple of years of retirement are the ideal time to pursue some new hobbies, travel, and do the things you’ve never had the chance to do. You’ll probably be in a hurry to accomplish many things while you’re still fairly young and healthy.
But if you’re not careful about watching your spending, you could end up in a dangerous financial situation down the road.
Research shows that 46 percent of households spend more finances during their first two years of retirement than they do at the end of their working years. And for 33 percent of those households, this trend lasts for another four years into their retirement.
If you’re well off, then, by all means, you should treat yourself. But if your savings are limited, avoid blowing through them too fast.
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