If you’re a glass half full person, here’s some good news: About half of retirees are able to maintain their spending levels—in other words, their lifestyles—during their first five years of retirement.That’s according to a study by the federal government’s Consumer Financial Protection Bureau , which looked at retiree spending habits over a 22-year period ending in 2014.
Read: I want to retire to a rural location with four seasons that gets me out of New York state — so where should I go? But remember: if you dip too deeply into these things—your principal—it raises the chances of you running out of money later on. There’s a common rule of thumb that you should never take more than 4% of your principal a year, but this is something you should discuss with a trusted financial adviser.
Read: My retirement income is $95,000 a year, and I want a walkable, affordable beach town to spend the winter. Where should I retire? However, for younger workers, perhaps 10 to 15 years away from retiring, the CFPB study offers data that could help strengthen your finances as your career winds down.
And here’s a no-brainer: Stay out of nonmortgage debt. It’s awfully hard to live well in retirement if you’re saddled with car loans, credit card or even student loans—yes, some retirees still have student loans. Get this stuff off your books as fast as you reasonably can. Focus on paying off whatever has the highest interest rate first.
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