Preparation for collection Part one: shopping

I’m preparing to retire. No, I’m not retiring anytime soon. But I’m a financial planner as well as an investment manager, so I plan. Something as big as retirement needs to be planned in advance. Over the next couple of weeks, we’ll look at what you can do about your plan. This won’t be an exhaustive list, just the basics.

This week we talk about spending. Shopping can be a stressful task for some and a joyful activity for others. I find it quite satisfying. No matter how you relate to grocery shopping, the truth is that you will be spending money in retirement.

One of the first questions we ask people when they enter for retirement is how much they plan to spend monthly in retirement. Very few can answer with confidence. A great place to start is to look at how you spend now. So, we ask how much they are spending now. Again, very few know. This tends to drive my business partners, Michelle and Brittany, crazy. You see, they know, more or less to the penny, how much they spend. They have tracking apps, spreadsheets, and they save their receipts from everything. (Yes, they know how abnormal they are!)

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