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How will your spending patterns change during your retirement years? What can you do now to...

How will your spending patterns change during your retirement years? What can you do now to prepare for the change

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Spending patterns will change considerably during retirement. With no or very less income, money spent on leisure and entertaintment shall take a backseat. Also there would be less energy to go for entertaintment. With health deteorating, expenditure on healthccare shall rise. A person shall prepare for all this by entering into a savings plan that shall provide for in the later years. Also an health insurance is also very necessary.

Usually the mortgage is paid off at this stage and other loans are usually paid off. However if the value of the house is high, it can also be sold off to provide for in the retirement years. The person can shift to assissted living and easily pay expenses out of this.

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