GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
so that ensure you have enough for your golden years, its essential that you budget.
Easier said than done, right?
Well, not necessarily.
If you follow financial guru Dave Ramseys advice, budgeting for retirement is actually fairly simple.
Lets exploreRamseys recommended five-step retirement budget system.
Or maybe youre self-employed and running your own business.
Whatever your job situation, you should probably sit down and assess what will provide you incomeafteryour working years.
Ramsey recommended listing all of the regular expenses you will have in retirement.
First, the essentials.
These are the most important:
Now, the nonessential expenses.
Have a brainstorming session about what you currently spend on each of those line items.
Then consider which expenses will likely increase or decrease in retirement.
What does this mean?
To an extent, the name says it all.
Zero-based budgeting is when your income minus your expenses equals you guessed it zero, Ramsey wrote.
Every dollar should have a purpose a job to do for the month.
Think of it as making your money literally work for you.
This is a time to practicecaution and frugality.
You dont want to blow through this hard-earned money.
check that you’ve got the option to pay the taxes on these withdrawals.
More From GOBankingRates
Share This Article:
