HOW TO LIVE OFF YOUR RETIREMENT
By Debbie Leviton | October 23rd. 2019
Saving for retirement is half the battle. It’s equally important for you to know how to live off of those funds once you officially stop working full time.
No matter how far away your retirement is, start thinking about how you will make the most out of your savings. Use these tips to plan smart and thoroughly.
Carefully plan for retirement so you can spend less time worrying about finances and more time doing what you love. Follow these guidelines as you get started!
DEFINE YOUR RETIREMENT GOALS
Write out what you want to accomplish financially in retirement. Here are a few examples:
- Increase wealth through investments.
- Improve lifestyle.
- Not running out of money.
You’ll still need to live! List out your expected expenses, including:
- Living expenses.
- Debt payments
CREATE YOUR PLAN
Determine how many years you have to accomplish your goals. Create your retirement budget that includes income and expenses. Be sure to:
- Factor in non-investment income like social security, pensions and real estate holdings.
- Estimate investment income sources like stock dividends and bonds.