If you’re about to retire, you’ve probably been thinking a lot about your finances and whether they’ll last throughout your golden years. And while 401(k)s, IRAs and Social Security benefits should be on your radar, it’s possible you haven’t planned for one of the most important aspects of retirement: the psychological phases you’ll move through during this new stage of your life. Cost-of-living in America is still out of control — , no matter what the US Fed does or says Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that.
(it's 100% free) These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Based on interviews with more than 150 retirees, Dr. Riley Moynes, author of , identified four psychological phases of retirement, which he discussed in a of Parallel Wealth with retirement-planning specialist Adam Bornn.
When you retire, you suddenly have no routine — and plenty of time on your hands. You now have the freedom to do whatever you want, whether that means playing golf every day or traveling in Europe. This is what Dr.
Moynes dubs the “vacation” phase. But it can be tempting during this phase to make large purchases that you might regret later, such as expensive cars, boats or luxury trips. You don’t want to end up funding this phase of retirement by than you need to, or by making large withdrawals from your retirement accou.