Taking a realistic look at your spending can be hard for anyone. But it’s especially important for those in retirement. And for some people who are already retired, those dream post-working years are costing more than expected. So, what can you do about it? Financial planner Bruce Smith talks to host Michael Liersch about balancing wants versus needs in retirement and how making hard decisions today could prevent more painful decisions tomorrow. Because sometimes, what feels like a “need” may be a “want” in disguise.

Bruce and Michael also touch on the common fear of becoming a burden later in life and tips to avoid it, how to be true to yourself in your spending, and the need to adjust your savings mindset as retirement nears.

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Investing strategies, such as asset allocation, diversification or rebalancing, do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. All investments have inherent risks, including loss of principal. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Past performance does not guarantee future results.