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Retirement Tips

Budgeting For Retirement

So you finally made it, retirement is here and all of your hard work has paid off.  You deserve to relax and enjoy yourself; however, it is still important as ever (if not more important) to create a budget and stick to it.  Just like when you were working full time, there will be times during retirement where money feels tight, and it’s important to know that you can ride out those tough times and still be able to enjoy yourself during retirement.

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Mapping out a spending plan is a huge first step.  Nationwide Retirement Solutions has a great (and free) worksheet that only takes about an hour to fill out.  It will help you see where your money is going each month so that you know how much is left over to have fun with.  Without steady paychecks coming in, it’s more important than ever to track your money and know where it’s going.  You need to keep everything in mind, including utility and cable bills.  For some, it may be easier to find a retirement community that includes all utilities so that you only have to worry about paying one bill per month.  It’s an important option to consider, and AFTER55.com is a great resource for finding retirement communities in your area that fit your needs.

Another great resource is the Payout Calculator, also offered by Nationwide Retirement Solutions.  It’s a simple way to peer into the future and see what your financial accounts will look like if you keep up the same withdrawing and spending habits.  It’s a tool, that if used properly, can help to form positive spending habits so that you will be comfortable throughout your entire retirement.

Senior Couple In Home Office Looking At Laptop

You should enjoy every moment of retirement, and not have to worry about your financial situation.  By living within your means and being responsible with your finances, you can have the retirement you have always dreamed of.  We would love to hear your ideas: what tips do you have to maintain financial security during retirement?

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  • About Mike Barnes:

    Mike Barnes is the former Specialty Brand Coordinator for For Rent Media Solutions.