Many people nearing retirement make the mistake of just “guessing” their retirement income needs rather than actually calculating what they’ll need to support their retirement spending. This is because many people don’t put enough thought into their financial needs when they are working, either.
However, given that you don’t have the income from a job to fall back on, this is a very serious matter. Many think that credit card limits can be treated as available money to spend the same as a paycheck is. However, during retirement, the ability to pay debt down becomes more difficult. This is why you should take the time to write down all of your current and anticipated retirement spending so that you can properly assess the amount of cash it will take to afford the retirement lifestyle you want.
Call us if you would like assistance in doing this. We may have some options for obtaining a source of income that you can’t outlive, even in retirement.