Not ready to retire? Practice makes perfect! -

How to practice retirement

If you're not ready for retirement, why not try practicing for it? 

Financial planners say it's a great way to ease into the golden years. 

"Practice retirement" is staying in the workforce a few extra years and spending the money you would normally save for retirement on, for example, a sailboat or travel. 

That way, your retirement nest egg stays untouched and grows in the bank and your social security benefits are growing, too. 

Retirement Planning Counselor Mike McGervey says practicing retirement for five extra years can increase your nest egg by 33 percent. 

"Start traveling, start playing golf or sailing, or whatever you may have envisioned as some of those simple pleasures you'd enjoy in retirement," he advises. 

Sounds pretty good, doesn't it? 

Of course, there is a catch: McGervey notes that it's important that you already have a decent nest egg in the works. 

Depending on spending habits, a 60-year-old would need more than $600,000 in savings. But the longer you work without tapping into your retirement, the less you need. 

Charles Moyers, 77, laughed at the idea of practicing retirement. To him and a lot of people, retirement isn't something you can practice.  You've got to jump right in! 

Copyright 2012 America Now. All rights reserved.

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