Your retirement budget projections might also be off if your spending habits change. “You might be a penny pincher now, but when you retire, that could all change,” said Neal Frankle, a certified financial planner and founder of the financial blog Wealth Pilgrim.
For example, many retirees end up spending more money in retirement to keep themselves entertained. “Shopping and eating out become their way to remain social,” Frankle said.
Look for free and low-cost ways to stay active and connected with others in retirement. “This is one great reason to join book clubs and volunteer in the community,” Frankle said. “They cost you nothing yet provide great interaction.”
There are plenty of other free ways to stay busy after retirement. You can take walks or hike, research your family’s history or take advantage of free community events.
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