If you are nearing retirement or already retired, you may be thinking now is the time you can relax and forget about budgeting, but this is not the case. Budgeting in retirement is as important as when you were earning a regular paycheck.
Where to start?
A retirement budget looks different in that it allows for spending and enjoying the wealth you have built during your lifetime. Start by figuring out what’s important to you during your retirement and develop your budget and financial plan around it.
Once you have determined what’s important to you in retirement, creating a zero-based budget in which all expenses are accounted for is the next building block. This will give you the peace of mind to see where you can spend your money during retirement.
Don’t save in retirement
This may sound contrary to what Dave Ramsey preaches, but if you have followed Dave's plan of budgeting and saving adequately, retirement is the time in which you can fine tune where and how to spend the wealth you have built. Remember your past income is the “useful” side of money.
If you need help developing a retirement budget, please, give us a call to schedule a no-cost, no-obligation meeting at 320.222.4236.