Why it pays to test-drive your retirement Jan 13th

Not sure how to make a retirement plan? Read on…

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Why it pays to test-drive your retirement

– moneysense.ca

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(iStock / monkeybusinessimages)
Rhonda and Mike made a costly mistake when it came to their retirement plans and it didn’t have anything to do with how they invested their nest egg or the golf clubs they chose. It was where they decided to live.
They loved their vacations in Europe and decided to buy a place to retire in Malta, a stunning archipelago off the coast of Italy. But the couple hadn’t done a dry run and learned very quickly that the weather in winter wasn’t always so idyllic, and that they really missed their friends back home.
You can learn from their cautionary tale by taking your retirement plan for a test drive. Sure, you can only do so much to simulate what your life will be like when you’re no longer drawing a pay cheque, but give it a go. Take part in the activities you think you’ll want to do, spend only what your retirement budget will allow, and try out—for a short period at least—the country, new town, or downsized condo in which you plan to live…

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