Were you born between 1946 and 1964? If the answer is yes, then you are part of the 10,000 baby boomers a day who will reach retirement age over the next ten years. You, according to Certified Wealth Strategist David Kennon, can spend more in your retirement and go live all the dreams you put on the shelf. Go forth into retirement bliss, he says. Take the cruise, go on a safari, travel with your grandkids, and do any other thing your heart desires.
David meets about 30 – 50 baby boomers in his office every month through his Social Security Outreach classes. Over the years, he has noted a startling pattern: very few boomers are spending their retirement savings. They suffer from what he calls “spendophobia,” doggedly holding onto their money for fear of not having enough for and throughout retirement.
When they finally decide they have saved enough, they are too often too old, immobile or otherwise physically unable to fulfill their retirement dreams. In his new book, The Retirement Revolution… Spend More Worry Less, David explains why this phenomenon exists and why it’s so important to overcome. In the process, he debunks commonly held retirement beliefs, including those surrounding social security.
“The majority of baby boomers have more money than they think. Or more accurately, the money they know they have will go further than they think. Boomers should feel empowered to start spending some of their savings on the day they retire. On the very first day,” he writes.
In plain and simple terms, and using real-life examples, he proves that assuming you have at least $200K in retirement savings, and you have (or will have) half of those funds in stocks, you can safely spend five percent of your retirement savings each year.
“Spending isn’t a bad word. Travel, dine, give money to things you love (such as charities, causes, kids, etc.) and experience everything you love with the people you love. Focus on living an awesome retired life. Have FUN. You’ve earned it. You deserve it.”
*Go Touch Down Travel and Tours has no affiliation with Kennon Financial other than being good neighbors over here at Kane Plaza, in downtown Sarasota.