How to Help Make Your Savings Last Through Retirement
If you're living in or heading into retirement and have built up a comfortable nest egg, you're probably no stranger to disciplined budgeting. But budgeting in retirement might be more important than ever before. You'll need to budget carefully to account for both needs and wants in retirement to help ensure you don't outlive your savings. It's wise to leverage your savings through careful planning and controlled spending.
Know What You Have
To make a budget for retirement, you'll need to take stock of all your sources of income, including Social Security, savings, stocks, pensions and so on. Using this information, you should be able to estimate your monthly and yearly income, as well as the cash you could access through your assets if needed.
Prioritize Your Essential Expenses in Retirement
When planning your retirement budget, start with the essential expenses first. Consider the costs for essential expenses, such as:
Once you have a firm grasp on your needs, you'll have an idea of what's left to invest in your wants, such as travel, experiences, large purchases or other living expenses. Planning for fun and entertainment is also an important aspect of your retirement plan, helping you enjoy this time in your life.
Ways to Save in Retirement
Not all your expenses will increase when you retire – you might find savings in some areas. For example, if you had a long commute to work every day, you'll likely save on daily transportation costs.
Planning for retirement can feel overwhelming, but it doesn't have to be. When you need help planning for your retirement budget, contact the office to learn more.
This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information.