The retirement "B" word

How much will I spend in retirement?  Financial wellbeing is basically a sweet spot when what comes in is more than what goes out continuously. Sounds easier than it actually is. This may come as a little bit of Mama Bear Tough Love, y’all, but we can be in charge of our own financial well being. Don’t worry, I’m not gonna say the B word. “Budget” that is. When someone mentions budget I feel like it’s an invitation for me to rebel or run or cry. It feels like a limit or a cage. Instead of having a budget, I have a plan. A plan I can follow. A plan I can measure. A plan I can control. 

If you have trouble with your budget, maybe give planning a try. Don’t get overwhelmed in too many terms or details to begin. Just make a list of 3 things every plan needs. 

1. What do you “have to” spend? Monthly bills, loan repayment, mortgage, insurance, etc. This is where you list all of you obligations that have to be paid. 
2. What do you “get to” spend? This is a list of things that may be very important like hair cuts or manicures, but could be trimmed -no pun intended- if times got tough. Think about lawn services, monthly subscriptions, seasonal home decor. 
3. Finally, every list needs a “want to” spend category. What do you want to spend in retirement? This is where you can add bucket list vacations, boats, a condo on the beach. I heard a renown actuary say, “everyone should retire TO something, not just FROM somewhere.” 

After making a list and checking it twice, you can begin to plan dollars in each category and eventually plan weekly, monthly, yearly spend that will ensure that you always have enough. You’re going to live longer than anyone every has. Dream big. You don’t have to do it alone, call me Ellie Saul your retirement Mama Bear 341-226-MAMA that’s 341-226-6262. You worked your whole life for this. Protect your retirement.