Aug 28, 2020
This week, I’m talking about how Covid will change how you plan for retirement.
Today, I’m talking about how Covid will change your spending habits in retirement. Over the last several months there has been a dramatic shift in where Americans are spending their money. It’s no surprise that Amazon stock has doubled in price since mid-March when the shutdown took effect. E-Commerce spending is way up, grocery spending is also up as people are eating and cooking at home. Online grocery, gaming, and food delivery spending are all up over 50% compared to a year ago.
It’s no surprise that travel, fitness, clothing, and movie theater spending have all dropped 50-90% compared to a year ago.
A lot of this spending will shift a Covid eventually subsides, but it’s important to consider how your spending habits will permanently change because of Covid. Do you find that you really enjoy cooking at home vs. eating out and you plan to continue that post-pandemic. That will change how you spend your money and how much you budget for eating out.
What about travel? Some of you are probably desperate to resume air travel, while others may have discovered a love for camping and road travel, which will also change how much you spend over the long-term.
So consider how this pandemic has shifted your current spending habits and what’s likely to stick post-pandemic. And then take a look at your budget and total spending to see how that shift may alter your spending and lifestyle choices in retirement.
That’s it for today, but before you go...If you haven’t already left a review for the One Minute Retirement Tip, please consider leaving an honest review in Amazon or iTunes. I read them all, so feel free to leave any feedback or topic suggestions there too.
Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.
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