Hopefully, once you are entering the age of retirement you will be able to eliminate some of these expenses and will be able to live off of the money that you have put away for your retirement savings along the way. One of the biggest payments you can hopefully have gone at retirement or soon after is your mortgage. Once you have eliminated this, you could have a lot more flexibility in our income to be able to use and enjoy. Another thing you will no longer have to pay is for daycare. You will no longer need to contribute to your retirement savings at all either. This is because you are now retired and will start to use it as well. Another payment you can possibly eliminate will be a car payment as it too will be paid off and you can go and use that money for something else as well.
Joseph Leonard is a registered Investment Advisor in North Carolina, author of The Retirement Vault and founder and CEO of the Financial Management Company in North Carolina, Coastal Financial Associates.
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