If you’ve worked a 9-5 your whole life, you’ve probably saved a comfortable nest egg for your retirement. First of all, if this describes you, good job and congratulations, you’ve earned a rest and you deserve it. The only problem is that many people don’t estimate their retirement expenses as well as they should. To remedy this, there is no where to look that is better than the smart and wealthy.
Forbes and the Washington Post both agree that having a financial adviser is an invaluable asset. That may seem like something only a rich person can do, but you really don’t need to spend too much to hire one. Furthermore, the value you get in return can easily make it worth the cost.
Secondly, everyone knows that saving is a good idea, but now that you’ve saved the money, it’s time to make a spending plan. Experts usually recommend withdrawing 4% of your retirement fund per year and doing the math on average life expectancy. From here you can do as the rich do and split your expenses into three categories; expected expenses like housing, unexpected expenses like medical bills, and fun. The smart and rich know how to allocate spending to maintain a certain lifestyle for a longer period of time.
Lastly, the rich and smart keep an eye on wall street, like many others. The difference is that they spend less than budgeted when their portfolio shrinks due to market volatility.
