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The first thing you should do is estimate how many years your retirement savings can sustain you and then find out what ratio of income to expenses works best for people in your age bracket. Many young retirees, for example, may spend 80% of their pre-retirement incomes right up until they run out of money.

Then, put together a budget that contains every penny you spend over the next few years so that you can track what your expenses are. For example, you may have to pay for utilities, phone service, lawn care servicing and accounting services. Once you have developed your budget, stick to it because there is nothing worse than blowing all of your retirement savings in the first few years and then having to go back into work.

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