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QUESTION:
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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 |
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Categories:
Pre Retirement, Reducing Retirement Expenses, Transitioning to Retirement, Retired, Budgeting, Asset and Income Protection Insurance, Late Stage Retirement, Leisure and Lifestyle, Health Insurance, Financial Planning for Retirement
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