3. Setting up your spending plan


Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Divorce
Death of a Life Partner
Military Life

A frequent retiree question is, “Will my spending change after I retire?” Determining what you hope/plan/need to spend is important since both your income and your expenses change when you retire.

Using a spending plan to target your spending can make all the difference between a happy and a stressful retirement.

The following subtasks may assist you in setting up your spending plan. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Assess the financial realities of retirement

Subtask 2: Determine your typical monthly expenses

Subtask 3: Develop a cash-flow plan for retirement

Subtask 4: Plan for inflation


Entering Retirement Tasks

1. Selecting your retirement lifestyle
2. Estimating your monthly retirement income
3. Setting up your spending plan
4. Enrolling in Social Security and Medicare
5. Managing taxes during retirement

Setting up your spending plan Subtasks

1. Assess the financial realities of retirement
2. Determine your typical monthly expenses
3. Develop a cash-flow plan for retirement
4. Plan for inflation

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