In this series, Tips from the Pros, MONEY taps the collective wisdom of expert financial planners.
Retirement can be broken down into three periods: the Go-Go period, the Slow-Go period and the No-Go period. In each period, the amount of money spent by retirees varies.
During the Go-Go period, retirees are young, healthy and ready to enjoy themselves. They may end up spending more than they have ever spent before because they’ve got the time, the energy, and the pent-up desire to hop on a plane or participate in other costly pursuits.
In the Slow-Go period, retirees don’t spend as much money because they are settling into a comfortable routine at home.
Retirees in the No-Go period are less mobile and must plan for potential health crises.