I am confident that my income will meet my long-term retirement needs.
When drawing up a retirement budget, first ask yourself: What will I need to live on in retirement?

Budgeting is not something most people would describe as fun. However, budgeting is crucial to sound retirement planning. You should create a retirement budget while you are still working so that you can get your expenses under control before you retire. Delaying planning could close off options that you might have otherwise had. Build out a basic framework for your budget that includes household expenses, auto expenses, groceries, dining out, clothing, gifts, etc.

Four tips for creating a successful retirement budget are as follows:

• Consider whether your house and car fit into your long-term plans.
• Plan for non-monthly expenses.
• Plan for Federal and State taxes.
• Get the whole family involved.

We have created a number of helpful resources to start you retirement planning. See RESOURCES in our main menu.