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However, since youre no longer working, recouping these expenses can be challenging if not impossible.
If youre not used to sticking to a budget, this can be even more challenging.
Many retirees initially indulge in major purchases or lavish spending, without fully considering the long-term implications.
He said this can have major consequences.
Of course, overspending can take many different forms.
Someretirees leave the workforce and treat themselves to indulgences, while others shower loved ones with financial gifts.
While enjoyable, this lifestyle choice reduced their savings quicker than planned.
When it comes to spending, he said retirees should enjoy themselves, while keeping their spending in check.
He said the client needed to make quick and potentially major changes to get back on track.
He said its not uncommon for new retirees to make poor choices with their money.
Similar to what occurs with those that win the lottery and end up going bankrupt.
He said the main culprit of this decision is not having the assistance of aretirement income specialist.
And these issues are not always from frivolous purchases.
Instead, he said many retirees overspend in early retirement without actually indulging themselves.
He again emphasized the importance of having a financial advisor who is a retirement preservation and distribution specialist.
Your accumulation specialist got you here, he said.
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