Michelle Maton, CFP®, EA, CeFT®, Senior Financial Planner at The Planning Center, was recently featured in the Chicago Tribune, where she discussed “Reasons To ‘Test Drive’ Retirement—Or Not”. The article explores the idea that many Americans are nervous about their ability to stop working and fund their retirement. It suggests “test driving” retirement before fully committing. Continue to work, yet live on a retirement budget to get a better sense of your comfort level.
Michelle acknowledges the value in testing the retirement waters, but also points out the potential downsides to doing so. “Clients normally take one to two years to feel comfortable in their new retirement lives. They might not be able to replicate all the changes that will take place after retirement, such as relocating,” said Maton. “There are expenses related to working that will continue even if you are trying to live on your retirement budget.”
Read the full article to learn more about whether a retirement “test drive” is right for you.
