Retirement spending is difficult because most likely you will be on a fixed income. Preparing for retirement without concrete goals makes saving and investing money difficult. After all, how you plan to live out your Golden Years may differ dramatically from your peers. If you’re looking to do more than merely live off the money that you’ve saved for retirement, you’ll want to think about what it is that you do want to invest your time and finances in.

What Will You Spend Your Money On During Retirement?

Retirement spending is different for everyone. Taking a closer look at how the average retiree spends their time away from the workforce will give you a better idea of what your own hopes and dreams are for the future. It provides guidance that allows you to be a smarter and better investor, too, as you don’t just want to stay at home all day when you finally have the opportunity to do something more with your life. Having a clear picture of your own retirement spending goals and sharing them with your financial investor allows you to make the most of the years you do have left to save and invest before leaving your job for good.

Five Ways Retirees Use the Money They’ve Saved and Invested

Here are the top five things retirees spend their money on besides living expenses:

  • Vacations. Among the greatest chunks of someone’s retirement spending is travel. Retirees make up for lost time by going on back-to-back adventures either by plane, cruise ship or RV. Many justify the cost of buying a recreational vehicle because their homes are paid off. They feel like they want to see the world as much as possible while they have the time and money to.
  • Automobiles. Some seniors invest in vehicles that they once owned in the past or would have liked to have owned at some point during their lives. The upkeep on automobiles is where a lot of money goes. For the classic car enthusiast, no price is too big for a vehicle they really want to add to their collection.
  • Charitable Giving. Donations are something that many people spend their money on and don’t plan for as part of their retirement spending. They provide sizeable sums of cash to the charities that mean most to them. Now that many seniors have the time, they work closely with the group or organization that best resonates with them. 
  • Their Kids and Grandkids. Family is important to a lot of retirees. They want to make sure that their children and grandchildren are taken care of. Some of the money that they saved and invested are used to see their families or to help them out with living costs or college. The retirees want to play a big role on their family’s health and happiness.

To plan for your retirement spending it is important to understand what your expenses will be during your retirement.

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