Practice Retirement: Prepping for the BIG DAY and all the other days!
What an awesome idea! You have five years left until retirement and you want to maximize your savings. Why not live on the income you expect to have when you’re retired and save the rest?
This way, you’ll know if you can comfortably live on that income you expect to receive in the future for the rest of your life. You’ll also make the transition easier. Then, when you retire, you will have had the experience of living on that new income.
Over that transition period, you can spend your energy on deciding how you will use your new-found time. Will you go back to that dream you had when you were young? The dream of creating art, focusing on your favourite sport, spending time with your family or traveling? Enjoy going through the possibilities of retired life while you are still in the process of winding down your career.
Patricia Lalonde, CFP – Collaborative Financial Adviser