retirement spending


Have you saved enough for retirement? Are you planning a trip to some exotic location, or maybe take the kids to that Disneyland adventure you have been talking about? The free time you will most certainly have. But what about the budget to support the lifestyle you have been working hard to save for?

“Between the cost of living not dropping much in retirement, to unexpected expenses for health care and higher taxes on retirement withdrawals, people really underestimate how much it will cost to have a comfortable retirement.” says Katrina Kaschinske, a Thrivent Financial representative in Frankenmuth, Michigan.

One key to staying on track is to work with what you have. With people living longer and the cost of living continuing to rise, your retirement money is not going to go as far nowadays as in the past. Keep in mind a budget for what you can spend. It’s easy to think that you won’t have a problem spending less once you retire, but many people are ready to start having fun once retirement kicks in. That’s ok if you stick to a plan and know your limitations.

Don’t expect social security to carry the load. With the challenges facing social security, the retirement age has already gone up, and there is no guarantee that the government won’t raise the retirement age for eligibility, cut benefits or take another course of action. It may be less of a supplemental income for your retirement that you may think.

Living in a state with lower taxes won’t help in the long run. Florida weather does take the chill out of many retiree’s bones, but although it doesn’t have an income tax, this is usually offset by high property and sales taxes, which can quickly eat up any savings you would make from not paying income tax.

Worried about outliving your retirement nest egg? Visit us at We can help ease the complexity and reduce the anxiety in many areas of retirement planning — so you can enjoy the lifestyle you’ve earned.


Boerner, Heather. Myths of Retirement Spending. Thrivent. 3, November 2014.

Lynott, William. 7 Retirement Myths to dispel. Bankrate.