WE ARE CURRENTLY EXPERIENCING HIGH CALL VOLUME. WE APOLOGIZE FOR ANY INCONVENIENCE.

Kirtland FCU branches and the Member Contact Center will be closed Monday, June 20 in observance of Juneteenth.

We're Invested

Retirement, investments, financial planning for every stage of life—learn about it all here at Invested,
a blog from your Wealth Management Advisors at Kirtland Financial Services.

How Retirement Spending Changes With Time

By Kirtland Financial Services

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money?

This concern is legitimate. Rates of spending are not uniform throughout retirement.

  1. The initial stage of retirement can be expensive. New retirees are eager to execute the plans they’ve made. As they travel, make purchases, and enjoy their new life, spending peaks.
  2. Retirees in their sixties should realize that their spending will likely decline as they age.
  3. When retirees are well into their seventies, spending decreases further. In fact, Government Accountability Office data shows that people age 75–79 spend 41% less on average than people in their peak spending years (usually in the late 40s).
  4. Spending lowers even furthers as retirees enter their eighties. Once many retirees are into their eighties, they have traveled and pursued their goals to a great degree. Spending time with grandkids, rather than spending money, becomes the focus.
  5. One study finds that medical costs burden retirees mostly at the end of life. BlackRock’s 2017 study on retiree spending patterns found medical expenses only spiked for most retirees in the last two years of their lives. 
 

The Wealth Management Advisors at Kirtland Financial Services can help you plan for these shifts in spending while you’re building your retirement plan.

Your Initial Consultation Is FREE!

At Kirtland Financial Services, a team of experienced Wealth Management Advisors is ready to help you bring your goals into focus and help you make a plan to work toward the financial future you want.

Your first visit is absolutely free! Sit down with your Wealth Management Advisor—they’ll get to know you and your goals, and you’ll learn about a wide variety of investing options.

To access your investment account – click the button below. The login page for LPL will open in a new window.

If you have access issues, CONTACT KIRTLAND FINANCIAL SERVICES.

9-month certificate

Build your savings securely with as little as $500. Limited Time Offer.

Kirtland FCU will be performing system maintenance on Saturday, April 23 & Sunday, April 24, between 9:00pm–7:00am MDT.

Online, Mobile, and Telephone Banking will be intermittently unavailable during this period. Click here for complete details.