Nate Willardson, CFP®, Managing Partner at Currents Wealth Strategies, was recently quoted in Yahoo Finance/GOBankingRates on the topic of retirement lifestyle creep — and how one-time splurges can quietly become permanent habits. As a retirement and financial planning expert, Nate helps pre-retirees and retirees protect their wealth and avoid costly mistakes.
Nate highlights three key warning signs retirees should watch for:
On recurring expenses sneaking into your budget: “Small recurring expenses can add up gradually over time, like high-end club fees or hiring a weekly gardener.”
On dipping into investments for everyday spending: “Routinely pulling cash from your investment portfolio beyond your safe withdrawal rate to cover routine monthly expenses” is one of the clearest warning signs of lifestyle creep.
On the bigger risk: “Overspending can rapidly deplete your principal on a fixed income.”
If you are approaching retirement or already retired and want to make sure your financial plan is on track, Currents Wealth Strategies is here to help.
