One of the largest worries we have as we near retirement age is the financial aspect of life. Retirement budgeting is critical in this stage. It is incredibly important that you invest the time looking into your financial situation.
Retirement Budgeting ~ How to Make if Effortless
Now is the time to take an inventory of exactly what your income and expenses are. With a clear picture, you can start to make decisions to adjust your spending habits to allow you to create more for your retirement years.
With well thought out planning and personal budget, your retirement years are likely to be among the most enjoyable of your life. Reflect on your given situation and create a plan that will benefit you and your future plans.
The common thought was that to have a really well thought out financial plan, you would be working on how you could leave a nice nest egg for your loved ones to inherit. The one I like, is help your loved ones if you can, but to be sure that the very last check you write might go so far as to bounce. The philosophy behind both can be debated. It is up to you as to what you decide is important.
The secret to success is to stick with it and be persistent with your planning. Set and accomplishing goals and making sure you reward yourself along the way. This will help you achieve everything you want in terms of your retirement budgeting.
One aspect that is a bit different for a retirement budget is that you really need to calculate your life expectancy. How long does your nest egg need to be able to support you? There are several calculations for this available. To be safe, you could use the life expectancy of 100 years. No harm in over planning it. This will ensure you have the funds to accomplish all your retirement goals.
Use the attached simple budget excel document to start keeping track of your expenses and income. This will help you make the right decisions.
I’d love you to share what you learned, and any suggestions for making this process better for others. Leave a comment below to join the conversation.