Retirement often brings freedom from the 9-to-5 grind, but it also introduces a new challenge of living on a fixed income. With rising costs of living and longer life expectancies, stretching your savings can be harder than expected.
“I have helped hundreds of people with a variety of different financial plans and I have found one thing that nearly all of them have in common: Small increases in spending over time can quickly destroy a retirement plan,” Doug Carey, chartered financial analyst (CFA), registered investment advisor (RIA) and president at WealthTrace in Indiana, wrote in an email.
