Better Business Bureau
After saving for a lifetime many consumers entering into retirement need a plan that exercises a balance between financial discipline and wise spending, according to the Better Business Bureau (BBB) of Mainland B.C.
"Now that the paycheques have stopped, consumers need to ask themselves how to keep the money pot going for the next 30 years," says soon-to-be retired BBB president and CEO, Lynda Pasacreta.
The Better Business Bureau would like to offer advice on how to spend your nest egg responsibly:
• Turn your retirement dreams into realistic plans. Spend with the thought that you will have to make your money stretch for three more decades.
• Start with a budget. Take into account basic monthly living expenses, and then look at other bigger costs like home repairs. and maybe travel.
• Look into personal health realistically. Look into costs for assisted-living and long-term care facilities. Also consider health insurance that can provide coverage for long-term care.
• Keep an eye on your money. Continue to monitor your investments.