9/11: Saving for Retirement


Eau Claire (ANDY SCHLAFER)- Saving for retirement can be a daunting task. You must save an indefinite amount of money for an uncertain number of years, and expenses can vary widely as your golden years roll on. Financial advisor, Andy Schlafer, discusses what to expect in retirement.

There are three distinct phases of retirement, each has unique budgeting considerations, and
you’ll want to plan ahead, so you can have the retirement you want. The first few years of retirement, often called the “go-go” years, may cost more than you expect. These years can be a very busy, action-packed time. The go-go years can stretch for the first 10 years of retirement, or depending on the personality of the retiree, even longer. Many retirees are excited to take advantage of their newfound free time by traveling far and
wide, making a “dream” purchase, or sharing experiences with grandchildren. However, an uptick in
spending can throw a brand-new retirement budget for a loop.

After the excitement of the go-go years, retirees generally transition to a quieter lifestyle,  the
slow-go years. This phase often begins in the mid-70s, when retirees may grow weary of long flights,
caring for big houses and a fast pace of life. A slower pace of life may translate into decreased
spending. In fact, the retirement budget may contract by as much as 20-30% during these years.
However, slow-go retirees may begin to see an increase in their healthcare spending. Spending may actually ramp up in the “no-go” years, despite a quiet lifestyle and established routines. The final years of retirement can be defined by complex and costly realities. Serious health issues, decreased mobility and the potential need for round-the-clock care can translate into significant bills. Without proper planning, significant healthcare bills may pressure, or deplete retirement savings.

As always, it’s critical to budget carefully and spend wisely. Now may be a good time to lay
the groundwork for a lasting legacy, sharing time and money with charitable causes, relatives or
heirs. However, retirees should strike a balance between securing their own financial future and
distributing their wealth to others.

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