Many people experience a reduction in expenses after retirement, but some do not. Travel, medical expenses, long-term care, taxes, and more free time to spend are all reasons why you might need more funds in retirement than you think! TRS suggests trying to live on your estimated retirement income for a few months while you are still working so you know exactly how much you will need. Watch this short video* from TRS’s financial awareness video series to learn more.
*Transcript is available on the TRS website.