Your expenses will be lower after retirement
It’s difficult to say for sure, as expenses can vary from person to person depending on factors such as your lifestyle, where you live, and any ongoing health needs.
You may no longer have work-related expenses such as commuting costs, work clothes, and meals. But you may incur new expenses in retirement, such as travel or hobbies, which can offset some of the savings from no longer working.
It’s important to plan for your expenses in retirement to have a good understanding of what they are likely to be so that you can invest accordingly.
This may include creating a budget, reviewing your current expenses, and projecting what your expenses will be in retirement based on your expected lifestyle and other factors.
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