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Financial Obligations
Although most people strive to be as debt-free as possible by the time they retire, major expenses sometimes arise.
Thinking ahead and identifying any major financial obligations you might have in retirement will ensure you have the resources to meet these income needs over the long term.
Ask yourself:
- what regular financial obligations will you have in retirement?
- do you expect to have outstanding mortgage or loan payments? For how long?
- do you foresee any major new expenses in retirement -- renovations to your home, the purchase of a second home, a new car or a boat, perhaps? or,
- are you more likely to downsize and sell off some of your extras in pursuit of a simpler lifestyle?
- will you be supporting anyone else in retirement -- spouse, dependent children or aging parents, perhaps?
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