What is retirement planning?
Retirement planning is the process of figuring out how much money you will need to cover your needs and wants during retirement. This includes determining how much money you will need to save, what your living expenses will be, and how long you expect to live after you’ve retired.
How much do you need for retirement?
When thinking about retirement, one of the most common questions is “How much do I need to retire?” This may seem like a fairly straightforward question, but the answer is not something simple.
How to start budgeting
Generating income in retirement
Once you have a good idea of your expenses in retirement, you can begin figuring out how to pay for it all. Income from retirement can come from multiple sources. For example, we might think of Social Security, private pensions, retirement accounts, dividends, or even alternative sources such as rental income, or part-time employment.
We’ve all been there. You find yourself sitting in front of your computer displaying an airline ticket, wondering if the deal is worth the cost. Or you spot a new shirt on sale and wonder if it will go on clearance next week. If so, should you wait?