Take steps to avoid a retirement overspend
A fifth (20%) of respondents to a survey* have consistently spent more than they expected to during their retirement so far. Moreover, 11% of the over-55s surveyed also said their overspending had occurred early on in their retirement.
So, what were the biggest reasons behind the overspend?
– Cost of living (28%)
– Housing Costs inc mortgage payments and maintenance costs (21%),
– Travel (14%)
– Supporting family (7%)
– Leisure (6%).
Having worked hard all your life, the feeling of emotional and financial freedom that often accompanies retirement is enough to lead some retirees to spend more than they should. With reserves to draw upon and plenty of free time, it can prove a challenging financial situation for those who are less strategic with their money.
*PensionBee, 2024
How we can help
To avoid a retirement overspend, we can work with you to understand what your spending needs might be, help you plan your future expenses and develop a plan that supports your desired lifestyle. Why not arrange to meet with us in a no obligation meeting at our expense? Call us now on 0808 123 4321.
Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.