The closer you get to retirement, the more important it is to change your mindset about money, warns Patricia Stallworth, a certified financial planner and CEO of PS Worth, a coaching and educational firm.
“My No. 1 money tip for boomers is to make a shift in their money mindset — in other words, to change their money thoughts and habits around spending and saving as they get closer to or in retirement, ” she said. “Continuing to spend or think about money the same way they did (while) working full-time — when they could quickly recover from overspending — can lead to disastrous results.”
You might experience a shift in income, with your retirement income being only a percentage of your income while working. So, you’ll probably have to plan cheaper vacations, or reduce spending on shopping or entertainment. Preparing mentally for this lifestyle change can make the transition easier.
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