Have you fully prepared for your current or future retirement? Most preparation-conscious individuals have no doubt developed a budget with all their customary expenses and are, at least for the moment, determined to stick to it. If your home is paid off, you may have gleefully excluded this expense, among others from your budget plan. Free of the rat race, there are no more costly commuting expenses, and you may even be able to finally kick that expensive Starbucks habit. Everyone loves to have strictly defined sections on their budget, but your emergency savings may end up being the most important of all. Still, there are other expenses that can frequently be either overlooked or underestimated.
The financial and particularly budgetary side of retirement planning will always be a core part of preparation. However, there is far more to retirement readiness than fine-tuning your nest egg and your willingness to stick to a budget. Your goal when you retire is not simply to survive but to also enjoy your time in this hopefully low-stress period of your life.
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