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…we don’t have to earn it. So what does this mean in terms of our long term financial needs?

  1. If we develop good health habits we should not have a lot of healthcare expenses. The money we don’t spend can be set aside for future needs, and even be grown with interest.
  2. When we eat properly, exercise regularly and manage our stress we do not “stress” our bodies and medical conditions that come up can be properly managed. By preventing the deterioration of conditions we can avoid the senior citizen merry-go-round of visiting EVERY one of our doctors EVERY three months. Not spending money on healthcare in retirement is critical as our resources will be depleted for living expenses at the same time that high returns will be difficult to pursue due to risk tolerance considerations.
  3. We need to make critical assessments of where are dollars are gathering. High management expenses can torpedo the stability of our savings and often these costs are hidden. The dollars we do not spend in growing our money can allow us to reduce the level of risk we need to take in order to reach the financial goals we have set for ourselves.

In short, we need to be vigilant about how we spend money as we approach retirement as well as when we are no longer bringing home a paycheck. The obvious demands on our money need to be addressed, but the hidden and preventable demands also need to be controlled. If we discipline ourselves now we can accomplish our objectives and reach our goals, and we really do not have a choice if we want to live comfortably once we are living on what we have set aside.

For assistance in making those good choices, contact us at Czajkowski Dumpel & Associates, Inc. – We are here to help!