Re-Evaluating Your Budget

Retirement management doesn’t stop when you retire. It’s equally important to have a strategy designed to meet your needs throughout your retirement.

Your tip this month: Re-evaluate your budget and cash flow

Creating and following a realistic budget is essential when you’re retired. It helps ensure your money lasts as long as you’ll need it. Here are some things to consider:

• Understand your basic needs—the essentials—and consider providing for these needs with predictable sources of income such as Social Security and pensions.
• Plan for discretionary expenses and how you’ll fund them.
• Consider further building your emergency reserve fund to cover possible new expenses, particularly for healthcare and long-term care.
• Compare your spending strategy to your income strategy. Are they consistent with each other? Or do your spending habits need to be adjusted to align with your retirement income?

Here’s your bonus health tip for your 70s and beyond:

Focus on balance and control. In your 70s, you’ll want to do everything you can to keep your core strong and improve your balance to prevent falls. Find activities you enjoy, like yoga, Pilates, tai chi, Zumba, swimming, or walking. You may find it advantageous to work with a trainer who can provide you with exercises that can improve stability, balance, and strength.

Here’s to a healthy and prosperous life!