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How to Spend Money in Retirement Without Running Out

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You spend 30 or 40 years saving for retirement. Then retirement arrives, the paycheck stops, and spending the money you worked so hard to build can feel wrong. That is one of the hardest shifts in retirement planning. Even when your retirement savings look strong on paper, you may still worry about running out of money. The fear often is not about what you need today. It is about the expenses you cannot see yet: healthcare costs, long-term care, inflation, a market downturn, or what life could cost 10 or 20 years from now. Lawrence “Larry” Sprung, CFP®, Founder and Wealth Advisor at Mitlin Financial and author of Financial Planning Made Personal, explains how a retirement spending plan can help you separate those fears from the numbers. A useful place to start is with the expenses that have to be paid: housing, food, utilities, healthcare and other essential costs. Then look at the retirement income available to cover them, including Social Security, pension income and other reliable income sources that may apply to you. From there, you can look at what your retirement savings may support beyond the basics. Travel. Hobbies. Gifts. Time with family. Entertainment. The things you spent decades saving to enJOY. Your retirement spending will probably change too. Many people spend more during the early “go-go” years when they are healthy, active and traveling. Later, travel and entertainment may decline while healthcare or long-term care costs rise. That is one reason your retirement income and spending plan should be reviewed as your life changes instead of assuming every year of retirement will look the same. There is also the question of how much money you want to leave behind. Leaving an inheritance may matter to you. So may visiting family, getting help at home, traveling while you are able, or improving your day-to-day life. There is no single right answer. Your retirement plan needs to reflect what matters to you and what your financial situation can support. Retirement planning is not only about answering, “Do I have enough money?” You also need to answer, “What is this money supposed to do for me?” 🛎️ Subscribe so you never miss an update → https://www.youtube.com/@MitlinFinancial Bringing JOY to Your Money Journey® 📅 Schedule a free 15-minute intro call https://mitlin.us/SpeakwithMitlin to see if we can help bring more JOY to your money journey. Mitlin Financial, Inc.® 140 Adams Ave | B-12 | Hauppauge | NY | 11788 Disclaimer Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

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