Retirement: Is your Budget Ready?

You have been working for most of your life and are ready for some much needed relaxation, but before you sign up for retirement, take a look at your budget. With the right planning and a little creativity, you can have the retirement you deserve.

Create a Budget

Sit down and look at the big picture. With this information, you can know what you are working with. Know what income is coming in and what expenses have to be spent. Now that you have that taken care of, you can allot what is left over.

Know Your Spending

It is important to know exactly where your money is going. Start an excel spreadsheet and track your spending monthly, weekly, or daily. Watching what you are spending will help you stick to your budget.

Involve Your Family

Make sure whomever you share your finances with is with you on this journey. Have each other’s backs and hold each other accountable to stick to your budget. By sticking to a budget, you will have more money to enjoy your retirement together.

It May Be Time to Downsize

Consider making changes to your budget and lifestyle to save money. If your kids have flown the coup, considering downsizing to a more affordable house.

Keep Up with Your Options

Continue to do research. There are several options out there for guaranteed income that may fit your situation. Do your reading and know what options are right for you.

You have worked hard for retirement. It is time to enjoy it! Don’t fret; if you have questions along the way, Carolina Money Minders is always here to help. Just call or email today.