First year expenses

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At Reuters.com, columnist Lou Carlozo writes, “Your money – First year of retirement: where does the money go?” Most new retirees end up spending close to 80 percent of what they earned in their last year of work. He gives a number of examples.

If you retire to an RV, or begin full-time RVing, the same thing can happen. First of all, you may be putting out a considerable sum to buy an RV or make a down payment. And, there are accessories you might decide to buy: awnings, solar panels, satellite RV, new smart phones, e-devices or e-readers, a more efficient heater, storage and kitchen items more suited to the RV lifestyle. That first year you may spend a lot in fuel to go see all those places at the top of your bucket list or to visit family.

Some are investments. For example, solar panels and a more efficient catalytic or ceramic heater will save money in the long run. The key, says Carlozo is to plan for those extra expenses. And, you do have the ability to control many RV expenses and to reduce camping fees or even earn money by working or volunteering. All in all, you can come out ahead. Jaimie Hall Bruzenak

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