For a married couple approaching retirement, few things carry more significance than knowing how much income they’ll need to maintain financial stability and live comfortably after they stop working. Budgeting for retirement involves estimating your post-retirement income and calculating your essential and discretionary expenses. This approach helps you to avoid financial pitfalls and increases the chances your golden years will be enjoyable and worry-free. Here are practical, step-by-step instructions to create an effective retirement budget. Discussing your situation and objectives with a financial advisor will let you create a viable plan for a comfortable retirement.
Estimate Your Income
While budgeting always involves some uncertainty, one hard-and-fast rule is that your post-retirement spending plan must not exceed your…
