Avoiding the New Retirement Spending Spree
For many new retirees it can be easy to go overboard having a ball checking off bucket-list items. To avoid overspending, and jeopardizing everything you worked so hard for, you need to have a realistic budget and stick to it.
Congratulations, you’re retired! After 30 years of hard work and savings, you have over $1 million in your 401(k). Wow, that’s a lot of money, you would think.
Feeling flush with cash, however, can lead to a problem. Overspending during the first few years of retirement is one of the biggest mistakes a recent retiree can make.
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