Hi:
Here is one idea to think about four or five years before you retire. What possessions do you have that you will need to replace? Will you have the money to do so after you retire? This should be planned out a few years in advance.
For example, start thinking about your vehicles. How often do you buy one and how much does it cost? Should you buy a car now, well before retirement, and then another one just before you retire? If, for example, you buy a car three years before you retire, will you need to replace it within a couple of years of retirement? Will you have the money?
Do you need two cars? If you are planning to do a lot of travelling right after retirement, can you hold on to the old clunker until you retire? You can then travel, do without and then buy the new car.
If you plan to downsize and move closer in to an urban area, will you still need two cars?
If you both plan spend much time daily each doing your own activities, and you live in the suburbs, two cars are an absolute necessity. However, if you plan to spend most of your time together, or not be too scheduled, one will do.
Lots to think about.
M.
retirement and money
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