Posted: Fri Aug 18, 2006 4:09 am Post subject: Budgeting after Retirement
Hi,
Budgeting after retirement has no difference in practice than pre-retirement. It is still a part of your life. But, it is the time when you should little more cautious about your budgeting. Because, this is the time when your income sources are limited and you can't earn more. There are changes in your income sources and your expenses.
Income:
Your main sources of income are pensions, 401K accounts, and IRA's. Social security based on your earning or your spouse's earning is another income source. Also, there is an income from non-retirements investments. Along with all, additional earning will come from part-time job.
Expenses:
Few expenses are there like Business Clothes, Traveling costs get reduced. Earlier you are granted for some employee benefits but it's totally from your pocket. Also, you could face the biggest costs as Medical care.
So, while budgeting you have to keep all points in your mind.
Posted: Fri Aug 18, 2006 5:07 am Post subject: Budget after Retirement
Budgeting after retirement is as important as budgeting before retirement. A good budget after retirement helps you to fulfill your financial obligations and keep side enough cash to satisfy your retirement goals. With a well-planned retirement budget, you can maintain enough funds for the remaining years of your life.
Before setting up a retirement budget, you should know where you are, what your goals are and how to get there. You should also try to stick to the budget. Here are some ways to help you out.
Caron brought up some very important points which have an affect on the way our monthly budget goes.
In addition, I would like to say that for a retired person the foremost thing to do would be to figure out a proper plan to make a budget of his/her spending and income sources.
Try to track the expenses and see which ones can be cut back and involve the entire family in the budget plans, as budgeting will have an affect on each family member.
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Posted: Sun Aug 20, 2006 10:40 pm Post subject: RE:
Budgeting after retirement largely depends on your retirements plans.
Your retirement plan is dependent on your ability to save for your later years while you are still earning. And its important that you understand this sooner than later. Because the sooner you start, the more you can save.
Ways of budgeting remain same even after retirement, so its important that you track your expenses and figure out where your money goes.
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