If you want to be financially prepared for the future, don’t miss this podcast. Catherine Scrivano, President of CASCO Financial, joins me to talk about how and why you should practice retirement, even if you’re still working.
“We practice everything. We want to be good at anything we want to be successful at. If we want a successful retirement, why not practice living on the amount of money that you expect to need in retirement and see what that translates to?” she says.
Practicing retirement is a topic she believes should appeal to everyone, including those retiring, switching careers, or planning to travel.
Catherine shares practical tips like these below and considerations for how this can apply to every facet of your life.
1. Think about using two-thirds of your pre-retirement expenses as a rough figure of what you will need. The good news is that you are not committed. This is a practice.
2. Reducing income by one-third has to cover everything–taxes, mortgage, food, travel, etc. You will find out what life is like very quickly.
3. Remember there’s no retirement plan or paid health care insurance when you are not working. But there are costs with working that you won’t have so you have to figure those in.
4. You can put that one-third you are saving now in a savings account and leave it there for six months. It will give you time to make decisions about spending that you wouldn’t normally make.
Catherine says some people even chose to retire earlier than they might have and others were able to buy things they needed with the money saved. For more helpful tips, check out this podcast/zoomcast.
you don’t have to be wealthy to be wise.
Don’t miss her timely financial advice in her Building Money Segment. She is a regular contributor to The Women’s Eye.
For more information about Catherine Scrivano:
LinkedIn: Catherine Scrivano
Twitter: CASCO Financial Group
Facebook: Casco Financial Group