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This step is really all about finding balance and potentially making trade-offs in your retirement budget that fit within your existing (and projected) savings. 4. Plan For Healthcare Expenses
Create a budget now, worry less about money in retirement later.
5. Watch your debt. You might not have as much debt in retirement, but it doesn’t disappear for everyone. Think about ongoing debts you manage, whether it’s credit cards, outstanding bills or ...
“Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement.
Retirement planning, in a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence. The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
Step 7: Update Your Retirement Budget Regularly. Building a retirement budget isn’t a one-and-done endeavor. You’ll need to review your plan at least annually — and as you get closer to ...