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Know Your Monthly Income and Expenses
The No.
Remember, retirement is about income.
Its about affording the life you actually want.
Yes, you should separate your must-haves from your wants.
Otherwise, budgeting is impossible.
However, you shouldnt just plan for the basics.
Mangold also emphasized the importance of budgeting for everything you want to do in retirement.
Lets say for example its $10,000 per year.
You will want to put that expense in with your other expenses.
Then see how the numbers look.
Do you have more money coming in than going out?
Instead of pricey vacations or expensive gifts, focus on shared experiences, Diamond said.
Flights and hotels spike on weekends and holidays, but midweek and off-season deals can slash costs.
Other things to consider include house swapping, credit card travel rewards and long-term Airbnb stays, Diamond added.
And dont forget that senior discounts often exist for flights and even national parks, too.
According to Mangold, Retirement shouldnt be about you stressing over every penny, every expense.
It should be about enjoying your post-work life.
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