7 Things You Can Do When You’re Done Saving for Retirement Story

7 Things You Can Do When You’re Done Saving for Retirement

To determine whether or not you’re truly FI, you must know how much you have and how much you spend, or, more precisely, how much you expect to spend once you’re no longer working. Some expenses will go up, and some will go down.

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You can track both your net worth and annual spending manually with a spreadsheet or with the aid of technology with an aggregator like Personal Capital.

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Once you’ve determined that you’ve attained FI status, what are you going to do about it?

#1: Retire

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When you’re able to stop saving for retirement, you can choose to keep doing what you do, but do it less.

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Maybe you’re successful at what you do, but you don’t love what you do, and you’d rather do something different.

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Based on the 4% Rule (of thumb), you could upgrade your lifestyle to permit annual spending of $100,000 or $120,000 by deciding that you’re not yet done saving for retirement.

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The splurge, on the other hand, is a one-time purchase that may not fit into your annual budget as prescribed by the 3% to 4% rule.

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