Ask someone in their 30s about retirement, and what that means as far as budgeting and money is concerned, and you might catch more than just a grin.
More like a wide eyed smile.
That’s because the school of thought is that getting to retirement is essentially a free pass as far as how you spend and save. Perhaps someone that is younger believes that when you retire all that budgeting, saving and scrimping to put money aside then turns into a free for fall because a financial planner told you that you “have enough money to retire.”
If that thinking permeates the brains of the younger generation, they had better be prepared to go back to work in their 70s or even 80s. That’s because budgeting never stops, whether you’re just landing the job of your dreams, or you’re just about to call it quits and walk away from that desk you’ve been sitting at for the better part of 30 years.
Anyone on the cusp of retirement will tell you that they budget for and during retirement and just because they have the money to say so long to working doesn’t mean that have free reign to spend as they please. Retirement doesn’t mean you no longer need to save for emergencies or can’t be certain that your house or car won’t need something major.
That being said, retirement should have its moments when you plan to have fun, and some of what you’ve been able to save should go to a trip, traveling or just enjoying your golden years without adding more grays to it by not planning accordingly.
You can argue that retirement is about that balance between budgeting and pulling your foot just a little bit off the gas as far as retiring and then basically sitting around and doing nothing. You can have the best of both worlds, but that only exists if you pay attention to your income (whether you’re collecting social security, pensions or have a 401K that is sitting there to be drawn from). That income or money needs to last, so you have to be sure you still recall and keep in mind your monthly expenses or take steps necessary to refinance a home, work to continue to pay off debt and not lose sight of the fact that money still is a necessity as far as being aware of it when you’re retired.
Otherwise, you’ll find yourself with no budget and very little in the way of confidence that you’re truly retired when it feels more like your lack of money management is forcing you back into the workforce.
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