Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone and welcome back to another episode of Ready for Retirement.

I'm your host, James Knoll.

And a big unknown for people retiring is understanding exactly how much their living expenses will be.

Not really just how much their living expenses will be when they retire, but more importantly, how will those expenses change over time?

When you're working, that doesn't really matter much. You know that your expenses are going to

change over time, but you're assuming that your income is also going to change over time.

So as expenses go up and down, you can just naturally account for that through your salary, and you can control that by saying year by year, I have my income, and I can just control what my expenses

are going to be. In retirement, you don't really have that luxury as much. You are counting on some

lump sum, which is called your portfolio when you retire, to be able to meet your living expenses

over the duration of your retirement. So this is something

you want to get right on the front end because you can't just work more. You can't just work

over time or work a couple more years to account for this. This is something that needs to be done

on the front end of retirement. And when you don't know what your expenses will be, you feel worried.

You feel worried that you might be spending too much and it's hard to fully enjoy your retirement. So if you do understand how

retirement expenses as a whole tend to behave, then you can better understand what your own

expenses will look like in this context, which allows you to create a plan and go into retirement

with a much greater peace of mind. So today, we're going to talk about just that.

Not that everyone is average. Obviously, everyone is not average, but what does the average

retirement living expenses look like for most people? So as most people go into retirement,

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