This week’s theme on the Retirement Quick Tips Podcast is: Crafting Your Retirement Budget

Today, I’m talking about how to get started on putting together a budget for retirement 

• Tracking for 3 months to establish a good estimate

• Apps and software programs make this much easier to track and categorize if you’re not good with numbers. 

• Even if you’ve never budgeted before, it’s an essential exercise before you retire. You’ll want to start budgeting a couple years out so if you’re spending exceeds your asset’s ability to support that spending, you can make some decisions about cutting back and reducing your lifestyle or retiring later, which are your 2 main options when you’re close to retirement. Saving more is helpful, but you may not have enough time to have that move the needle…doing the budget a couple years before retirement gives you time to make a decision when you haven’t already checked out of work. 

• Look at expenses that will likely decrease or go away (gas, parking if you commute to work), and ones that will increase (home improvement, travel) 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.    

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance