Knowing your retirement expenses is essential to successful retirement because it allows you to plan and prepare for your future financial needs. By understanding your expected expenses, you can determine how much you need to save and invest to ensure you have enough money to cover these expenses throughout your retirement.

Without a clear understanding of your planned expenses, you risk underestimating your financial needs and running out of money too soon. Alternatively, you might overestimate your needs, which could lead you to work longer than necessary or unnecessarily restrict your lifestyle in retirement.

By knowing your retirement expenses, you can also make informed decisions about your retirement saving, investing and spending strategies. You can decide how much to save and how to invest your funds to achieve your retirement goals.

Overall, knowing your retirement expenses is a crucial step to achieving retirement success because it allows you to create a realistic financial plan and make informed decisions about your future.

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