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Section 8
Spending Too Much
It does matter how much money you make and how your money
is invested, but if you’re spending more than you’re taking in,
you may be seriously jeopardizing your retirement. Spending
beyond your means is a fast track to financial disaster, especially
during retirement.
The Employee Benefit Research Institute, says that 33% of
households spend more in the first six years of retirement, and
most of the increase is caused by healthcare expenses.
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Expenses such as commuting expenses, work clothes, and
other outlays that are part of life as a member of the workforce
may be a thing of the past once you are in retirement. However,
there’s a trade-off. You may have to start paying for some things
that you used to receive as perks through work, such as a
company car, meals, travel, or computers.
“Small business owners and professionals who retire are
often surprised how many of their expenses were picked up by
their company,” says Bert Whitehead, president of Cambridge
Chapter 5: Things That Can Wreck Your Retirement
