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They spend more than their monthly budget and suffer immensely.
Here are the red flags that youre at risk ofspending yourself back to work.
Before you know it, you could be spending $50,000 a year or more to support your child.
A lot of retirees underestimate how much free time theyll have in retirement, Kobilka said.
Naturally, the more free time you have, the more money you tend to spend.
Many common pastimes, like golf, can come with expensive membership and equipment fees that add up quickly.
Buttoo much travelingis bad for your monthly budget.
Remember, as a retiree you have limited income in your nest egg.
Your travel budget will be your sole responsibility.
The more you spend on traveling and expensive vacations, the faster youll drain your nest egg.
In most cases, its probably best to keep on forgoing.
Buying something expensive for yourself or for your loved one feels pleasurable, Solomon said.
But, too much spending on expensive luxury items can make a big hole in your retirement savings.
Thats why investing money in these items is worthless.
You should rather invest in stocks, bonds and other high-yielding investments.
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