If you want a secure retirement, you need to predict how much you will spend on retirement expenses. Some might say that trying to predict your costs for every month for the next 15-30 years is preposterously impossible. However, it is probably no surprise to tell you that the closer you can get to predicting…
Retirement Budget News, Information and Guidance
You are probably worried that you have not saved enough for retirement and the the #1 piece of advice from most financial experts is to tell you to Save More! What if I tell you that this focus on savings has it all wrong? There is something MUCH more effective you can do to to…
When planning for retirement, it’s important to save enough money to cover the essentials. While a financial planner may discuss earmarking funds to pay for daily living expenses, housing and health care related costs, there is a hidden retirement cost that many advisers may overlook that can have a critical impact on your retirement: transportation…
Passive income streams are income sources that you benefit from without too much effort — the money just flows in. Create passive income streams and just enjoy retirement…Passive income streams are therefore ideal for retirement. In retirement we are trying to maximize the time we spend on leisure activities while minimizing work or burdensome endeavors.Here…
As the saying goes, nothing’s certain but death and taxes. But, there is good news! Retirement taxes may not be as much of a burden as you may think. In fact, the peak of your tax-paying years is around age 50, when about 80% of American households pay federal income taxes. At age 65, that…
If you are worried about how to save money, you are far from alone. In case you missed the survey released last month by the Federal Reserve Board, 47% of American consumers report they would not be able to come up with $400 for an emergency without borrowing or selling something. That’s half of the…
You might not think of it this way, but most of us get scammed — somewhat tricked — out of our hard earned money every single day. These little expenses can add up to big bucks that we could be saving for retirement and spending in our golden years.Whether it’s spending money on dumb stuff,…
Your retirement spending will evolve… Retirees expect that their expenses will change once they retire, but they may under-estimate just how much they will change, and in what spending categories. Overall, your spending is likely to decline once your retire, but spending may increase for part of the time and not all areas of your…
Do you actually know how much do you spend every day now? What about every week? Most likely you have some idea of your expenses, but is your knowledge strong enough to be able to plan for your retirement? Throughout your life, you probably have kept track of how much you spend in some way…
Scottish poet Robert Burns famously said, “The best-laid plans of mice and men often go awry.” That’s true about most everything that you undertake in life, but hoping for the best isn’t the greatest retirement budget strategy. You need a real strategy, and one that’s based on your life and the life that you want…
