The Retirement Rumspringa

If you lived within commuting distance of Amish Country before retiring to Florida, perhaps you have heard the term “Rumspringa.” The term comes from a German word that means “to jump around,” and in some Amish communities, it refers to the period of young adulthood, between about the ages of 16 to 21, at the end of which the young person decides to commit to being a full adult member of the community, or else leave the community. During a person’s Rumspringa, the elders are more lenient toward his or her engaging in behaviors that would be considered unacceptable for full members of the community, such as wearing clothes that deviate from the community’s dress code or drinking alcohol. It is a chance to reach an informed decision about whether one wants to make a lifelong commitment to the observance of strict rules of conduct, to experience life on the outside. You might think of the first few years of retirement as your own Rumspringa, your rite of passage to see how things could be. Unsurprisingly, many newly retired seniors spend beyond their means in their first year of retirement. For help reining in your spending after starting your retirement with a year to remember, contact an Orlando estate planning lawyer.

Should You Front Load Your Retirement With Bucket List Items?

When you look back at your bank statements at the end of your first year of retirement, you might be horrified at what you see. Do not despair. Even if you try, you probably cannot outdo yourself with spending in each subsequent year. Some of the major charges are one-time expenses, such as buying a house in Florida and relocation expenses.

Whether you want to admit this or not, your travel expenses will probably decrease over time. It makes sense to travel this year instead of later; you cannot be sure whether you will be healthy enough to travel to your desired destination the next time the opportunity arises. It is easier to go hiking in the Amazon rainforest when you are 66 than when you are 80.

Don’t Forget About Long-Term Care

Once you have gotten your wiggles out, you will settle into a routine where your expenses are low. You will pay for the same favorite activities year after year, whether it is a gym membership or hosting Thanksgiving dinner when all of your family members travel to visit you. Your estate planning lawyer can help you build a sustainable budget for this. Long-term care expenses are the biggest disrupter of people’s retirement plans. By buying long-term care insurance or hybrid life insurance, you can protect yourself from long-term care expenses annihilating your retirement savings.

Contact Gierach and Gierach About Having Just Enough Fun With Your Retirement Savings

An estate planning lawyer can help you move past the honeymoon phase of your retirement and build a retirement budget that can last for many years.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

moneywise.com/managing-money/budgeting/i-spent-way-too-much-in-my-first-4-years-of-retirement