After saving for a lifetime many consumers entering into retirement need a plan that exercises a balance between financial discipline and wise spending, according to the Better Business Bureau (BBB).
"Now that the paycheques have stopped, consumers need to ask themselves how to keep the money pot going for the next 30 years," says soon-to-be retired BBB President and CEO, Lynda Pasacreta. "When we first hit retirement the first thought is to travel the world, but what comes next?"
New retirees have numerous options to consider when making the exciting lifestyle transition and the Better Business Bureau would like to offer advice on how to spendyour nest egg responsibly:
Turn your retirement dreams into realistic plans. Look at creating a plan that takes into account everything from buying a second home, to making monetary gifts to grandchildren. Spend with the thought that you will have to make your money stretch for three more decades.
Start with a budget. Take into account basic monthly living expenses, and then look at other bigger costs like home repairs. If travel figures big onyour itinerary, estimate how much you will spend annually on trips.
Look into personal health realistically. No one plans to get ill, but even healthy retirees should look into costs for assisted-living and long-term care facilities. Also consider health insurance which can provide coverage for long-term care.
Keep an eye on your money. Once you've started drawing on your retirement funds it's very important to continue to monitor your investments. If you need help, look at hiring a financial planner. To search for a financial consultant go to
