In Course 3 – Lesson 1 of this series, we covered creating a retirement budget; we cover it again here because it is essential to developing a retirement plan. The information in this lesson reinforces what we covered previously.

Creating a retirement budget is crucial for estimating expenses and income, avoiding the risk of outliving savings, and ensuring you can maintain your desired lifestyle. In addition, monitoring and adjusting the budget over time helps you stay on track with the retirement plan.

In this Video…

You will gain valuable insights into how to monitor and adjust your budget over time to ensure that you stay on track with your retirement plan. Whether you’re starting to plan for retirement or looking to refine your existing budget, this video is an excellent resource to help you create a retirement budget that works for you. Take advantage of this opportunity to learn how to ensure your retirement is financially secure and worry-free

What We Covered?

• Creating a retirement budget involves estimating expenses and income and planning for unexpected costs.
• You should estimate your retirement expenses, including living expenses, healthcare, travel, and other costs related to your retirement lifestyle.
• Identify your retirement income sources, such as Social Security benefits, retirement accounts, pension plans, rental income, and other sources of income.
• Determine whether you will have a retirement income shortfall or surplus and consider strategies for increasing income or reducing expenses accordingly.
• Divide your retirement income into different categories of expenses, such as basic living expenses, healthcare, and travel.
• Monitor and adjust your retirement budget as your expenses and income change over time.
• Seeking professional advice can help you review your retirement costs and income and create a retirement budget that aligns with your goals and needs.

Helpful Resources

Here are some helpful resources to deepen your understanding of creating a retirement budget:

Exploring Further: Outbound Links

• Investopedia: Budgeting for the 4 Financial Phases of Retirement
• BlackRock: Determining your budget in retirement
• Experian: How to Make a Retirement Budget
• Discover: How to make a retirement budget before you retire

Explore this course’s “Helpful Resources” section, where you’ll find a handpicked collection of valuable links to develop your retirement plan further. Expand your knowledge and access additional tools to enhance your retirement planning journey.

Disclaimer: This course, lessons, and videos are for educational purposes only and should not be considered financial, medical, or legal advice. For personalized advice and guidance, please consult with a licensed professional. For complete disclaimers, please refer to our Terms of Use.