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The last paycheque from a decades-long career arrives next Friday and the nest egg you built during those working years will now turn into a main source of income. It can be a jarring switch from saving for retirement to spending in retirement.
Financial experts say that transition is a process.
People need to psychologically prepare for retirement, says Kurt Rosentreter, senior financial adviser at Manulife Wealth.
“It’s not just stop one day and all of a sudden, start living off your savings,” he said.
Forecasting how much money you’ll need for the next two to three decades and figuring out how to spend that money in your golden years can be challenging.
Rosentreter said setting up a plan for retirement spending starts at least two years before bowing out of the job.
That means knowing your cost of living, tax impacts …
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