QUESTION:

Budgeting for Retirement

Want to know how much money you need in retirement? Me too!

This is how I am planning... Does anyone have any additional advice?

I think that the biggest factor to consider is how long you will live, and you can't predict that with too much accuracy.

So.... I am budgeting my monthly and annual retirement spending for when I finally stop working. I figure that once I am not working, and maybe not vacationing or eating out or buying new clothes regularly, then my monthly spend will change. I am trying to think critically about the variables that can go down in this case.

My next step will be to create a detailed monthly budget. Then I'll add back in some money for unknown expenses like healthcare or assisted living in my later years.

Using this technique, I think that I can get a better handle on how much money I will really need each month or each year in retirement.

What are you doing? What else do I need to consider?
asked by timmy, 4/20/2006
Categories: Financial Planning for Retirement, Budgeting, Health Insurance, Transitioning to Retirement, Leisure and Lifestyle, Pre Retirement, Asset and Income Protection Insurance, Late Stage Retirement, Reducing Retirement Expenses, Retired
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