Now that you are retired it is time to prepare a retirement budget. Cost for travel, leisure activities, and medical need to be increased while commuting, clothing, and lunch costs may be lower in your retirement.
CPG provides the following online calculators to help you understand and adjust your financial plan in retirement:
- Retirement Spending Calculator. The PlanAhead® Retirement Spending Calculator will help you identify and quantify your expenses as you begin this new phase of life so that you make the most of your money in retirement.
After looking at how your expenses would change in retirement, look at your income.
- Will you be working part-time?
- What income will you be receiving from your pension, social security, and withdrawals from some of your other pre-tax assets? These would include 401(k) or 403(b) plans, IRAs, and annuities.
- Will you have income from your other assets? For example, are you planning on selling your home or other valuables like a stamp collection?