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A surprise that may hit you in the first few years of your retirement – even after saying goodbye to work expenses and retirement account contributions, you may end up spending more than if you had a job.
As you approach retirement, you may hear financial planners refer to three retirement stages that determine spending habits: go-go, slow-go and no-go. During the go-go years, typically 65 to 75, healthy young retirees spend big on scratching life-long dreams off their bucket lists — and tend to make big purchases that lead to regret.
JP Morgan’s Retirement by the number The report found spending by retirees between the ages of 60 and 85 falling by more than 30% as they enter and exit the go-go and slow-go years, respectively (1).
According to AARP, some of the top spending regrets among retirees are likely to include expensive trips, upsizing their dream home, buying fancy cars, boats or RVs and some impulse online shopping.
While it’s important to manage your retirement savings well, don’t be afraid to spend money on the retirement of your dreams if you plan accordingly. Here are three ways to prepare your finances for retirement while you can still enjoy the newfound freedom it brings.
The US Bureau of Labor Statistics reports that the annual inflation rate will increase by 2.7 percent in November 2025 (2). With the economy still on shaky ground, your 401(k) or IRA — and your retirement itself — could be at risk.
A gold IRA can offer a great way to protect and grow your nest egg, so you have extra cash available for dream purchases in those early retirement years. Unlike the US dollar, which has lost 87% of its purchasing power since 1971, the value of gold has risen over the past few years.
In fact, investors have been flocking to safe-haven assets like gold for the past year to protect their portfolios against a volatile economic backdrop. Gold prices rose by nearly 70% during this period, outperforming the S&P 500 index’s 17.6% return (3).
Goldco can help protect your nest egg by rolling your retirement account into a gold IRA. This lets you combine the tax advantages of an IRA with the inflation-hedging properties of gold.
By opening a Gold IRA with the help of Goldco, you are exploring your future and helping to secure your retirement funds. While inflation has increased everyone’s expenses, investing in precious metals can help diversify your portfolio and stabilize your finances.
Read more: Approaching retirement with no savings? Fear not, you are not alone. Here are 6 easy ways you can catch up (and fast).
It’s not unusual for people to take whatever rate they’re offered when it comes to insurance, but if you want to leave extra cash available to buy that dream home or trip – you need to avoid wasting money on overpriced insurance.
The national average cost for full-coverage car insurance is currently $2,697 per year, or approx $225 per monthAccording to Bankrate (4).
Shop around and bundling your auto and homeowners insurance can result in substantial savings. Depending on which state you live in, your driving history and the make and model of your car, you could save up to $820 per year.
OfficialCarInsurance.com lets you compare quotes from trusted brands, including Progressive, Allstate and GEICO, to make sure you’re getting the best deal. The matching system finds you the lowest possible rate by taking into account your location, vehicle details and driving history.
Find offers starting at just $29 per month and switch your policy in minutes.
Do the same for your home insurance, and you could save a significant amount of money each year.
OfficialHomeInsurance.com takes the hassle out of shopping for home insurance. In just 2 minutes, you can explore competitive rates from top insurance providers, all in one place. OfficialHomeInsurance makes it easy to find the coverage you need at a price that fits your budget.
A side-by-side comparison is helping homeowners save an average of $482 on their home insurance policies.
If you have big plans for retirement but feel overwhelmed about the financial choices you need to make to make them happen, consider talking to a financial advisor who specializes in retirement planning.
Advisor.com can quickly match you with an advisor who will guide you through your options. The platform’s advisors are fiduciaries – meaning they are legally bound to act in your best interests.
Answer a few quick questions about your investment timeline and your goals, and Advisor.com will match you with a reputable financial advisor.
Book a free, no-obligation call today to find the right fit for your needs.
We rely only on vetted sources and reliable third-party reporting. For details, see our editorial ethics and guidelines.
JP Morgan Asset Management (1); US Bureau of Labor Statistics (2); Apmex (3); bankrate (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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