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

Today, I’m talking about how to create a retirement budget if you’re too lazy to track your spending for 3 months or longer.

If you’re Type A, budgeting isn’t tough for you. But if you’re type B, just go with the flow, or not very conscientious, then budgeting might sound like some sadistic form of torture. So for those of you in the latter category, that’s why we have rules of thumb. 

Basic living expense = 60% of your income while working to maintain standard of living. When you layer in other discretionary things like travel and home maintenance and buying a new car every few years, that % climbs to about 70%. 

So if you’re lazy like me in tracking all of your spending and looking for a rough place to start, then start with about 70% of your pre-retirement income. 

That means if you made $100,000 in income annually, you could live off around 70,000 annually while maintaining your current standard of living.

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