Have you ever thought about incorporating a fun fund into your retirement spending plan? How realistic is it to do the fun things you want to do and for the time you want to do them after retirement?
A fun fund is an extra fund that’s added to your retirement spending fund categories as part of your basic wants after retirement.
In this episode of the Secure Your Retirement podcast, we talk about the categories of retirement spending and the importance of having a fun fund. Listen in to learn why it’s important not to overstate certain things in your retirement plan to avoid a snowball effect.
In this episode, find out:
Three simple categories of a retirement plan; essential income needs, wants, and legacy/gifting.
Essential income needs – the basic things you need to stay relatively happy.
The wants – the things you want out of retirement.
The legacy/gifting – allocating some funds to give away if you can.
How we analyze retirement spending and inflate the basic wants.
The fun fund – an extra fund from your retirement spending plan to support fun activities.
The difference between a fun fund running for 10 years and that running until the end of life.
“Running a fun fund does not tax your overall retirement plan that much.”- Radon Stancil
“We take essential income needs, wants, and legacy/gifting together and they work really well to create a spending plan for retirement.”- Murs Tariq
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!