Figuring out how much retirement income you’ll need means taking a host of factors into account. Less money for gasoline, more for medicine. More spending to outfit your home for aging in place, less to outfit your closet with business suits.
But beyond tallying up your budget for basic needs like housing, utilities, clothing and health care, consider what you’ll be spending on the extras. Maybe you’re dreaming of buying a lakeside vacation home, taking a cruise every year or dining out every night. Whatever kind of leisure activities you envision, it’s important to discuss those plans with your financial adviser. Together you can create a strategy for financing that fun.
Here are 6 tips for incorporating leisure activities into a successful retirement plan.