MANY PEOPLE FEAR running out of money in retirement. Creating a retirement budget can help you make sure this doesn't happen. A retirement budget outlines the funds you will have coming in during retirement and how you can use them to cover all your regular bills and unexpected expenses. “It is always beneficial to draft a retirement budget when preparing to retire or already in retirement,” says Janet C. Steinke, a senior wealth advisor for Buckingham Advisors in Dayton, Ohio. “This helps establish what will be needed and how this need will be met.”
To create a retirement budget, you’ll want to follow these steps:
Start with an estimate of the income you will need.
List your expected spending.