Category: Retirement Budget

retirement spending calculator

9 Ways to Overcome the Terror of Spending Your Retirement Savings

Terror about retirement spending is not uncommon. In fact, most people are worried about spending their nest egg and running out of money. After all, you have been conditioned for decades to earn, not spend. You were probably a teenager when you opened your first paycheck and officially started the cycle of earning and spending…

how to make money in retirement

How to Make Money in Retirement: 14 Real and Really Easy Ways to Boost Income

Regardless of where you are in life, it’s always nice to make some extra money.  And that is especially true in retirement. But, how to make money in retirement when you’re supposed to be simply enjoying the easy life?  The retirement gigs listed below won’t be quite enough to cover retirement expenses, but they won’t…

Is $58,000 the Amount of Annual Retirement Income You Need for a Happily Ever After?

Contrary to what many financial planners suggest, you can live on a lot less than 100% or even 80% of your pre-retirement income. In fact, a survey by T. Rowe Price of new retirees who have 401(k) account balances or rollover IRAs found that you can live comfortably on a lot less. The report suggests that…

total financial independence

15 Important Lessons from Regular People Who Have Achieved Total Financial Independence

To gain financial independence for retirement, use the lessons of those who have retired early. The Big Takeaways… Financial independence can be achieved, but it’s about combining lifestyle ambitions with reasonable financial strategies. Financial independence comes with some sacrifice, so it’s important to consider the consequences before committing yourself to an early retirement. The NewRetirement…

overlooked retirement costs

8 Retirement Costs Overlooked by a Majority of Americans

Key retirement costs are being overlooked by the clear majority of Americans. (Probably not you though, especially if you are a NewRetirement Planner subscriber, but, keep reading to make sure.) According to a 2020 survey by the Employee Benefit Research Institute (EBRI), fewer than 4 in 10 Americans “have planned for emergency expenses or calculated…

estimating retirement expenses

9 Tips for Estimating Retirement Expenses: You Need to Get this Right!

Estimating retirement expenses can feel like an overwhelming task. However, if you want a secure retirement, you need to predict how much you are going to spend. 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…

wealth inequality

Wealth Inequality: We Are All Affected, But Black Households in Particular

Wealth inequality is real. The disparity effects most of us. However, the black-white wealth gap is staggering. What is Wealth Inequality? Wealth inequality is the gap in net worth — your assets minus liabilities — between the wealthy and the poor. The differences in wealth between the rich and poor in the United States are…

help for seniors with low income

Help for Seniors with Low Income: Government Benefits and More!

Need a helping hand? Find help for seniors with low income The Big Takeaways… A significant amount of qualifying seniors don’t participate in low income benefits because often it’s hard to know what’s available. More options may be available to you during the pandemic. Tools like Benefits Checkup and the Eldercare Locator can help connect…

year end tax advice for retirement

Don’t Forget RMDs and 7 More Year End Tax Tips for Retirees

Below are key end of year tax strategies to help you keep more money. YEAR END TAX ADVICE #1: Don’t Overlook Required Minimum Distributions (RMDs)! This is perhaps the easiest piece of year end tax advice for retirees: Don’t forget to take your RMDs! However, in 2018, Fidelity Investments reported that the majority — 61%…

cut retirement costs

20 Ways to Cut Retirement Costs: When You Are Rich in Time It’s Easy to Spend a Little Less

Most of us could benefit from cutting retirement costs.  Now is the time to really know what you are spending and assess your budget. When living on a fixed income in retirement, it is very important to make sure that your income does not exceed expenses. Living more frugally can be done no matter your…

retirement spending

How to Create a Reliable Retirement Budget: Plan for Evolving Spending

Your retirement budget determines how much you will really need to have saved for a secure retirement. It is very important to get this right. While accurately estimating your expenses for the rest of your life is a daunting prospect, the right tools and advice can make it easy. Your retirement budget will evolve… Detailed…

Create passive income streams

Passive Income Ideas to Boost Your Retirement Income

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…

The Retirement Switcheroo: 6 Tips to Flip Your Mindset from Saving to Efficient Spending!

Retirement is a big deal and a huge life change. You have a whole new lifestyle and need a very different way of thinking about your money. In fact, your financial mindset needs to get flipped upside down. You need to go from a focus on accumulation (saving, saving, saving) to spending (efficient use and…

Podcast: Jesse Mecham – Budgeting as a Life Altering Experience

Episode 19 of the NewRetirement podcast is an interview with Jesse Mecham — the founder of You Need a Budget, a CrossFit/PowerLifter and generally strong guy. We discuss why budgeting is a powerful life altering tool for him and their users, how they got started and what’s unique about how they educate people and build…