The old rule of thumb in planning for retirement spending is that a retiree should expect to spend about 70%-80% of what they spent during their working years. If this is true, you may wonder why a retiree with more free time would spend less than they did before they retired, when much of their time was spent at work. An article in the November 30th Wall Street Journal by Glenn Ruffenach highlights a recent study that examines exactly how retirees choose to spend their golden years and seems to support this rule. Read the Wall Street Journal article by clicking here, or if you are interested in digging deeper read the more comprehensive study from the Journal of Financial Planning here.
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