So, you’re living the dream. Through hard work, diligent saving, and solid financial planning, you’ve reached the long term financial goal that so many strive to achieve: the golden years of retirement.
You will notice a change in your daily life, and it will be a positive one!Your monthly budget is just as important. Making your retirement savings last for the long haul is a priority and having a solid spending plan is essential, but what’s the best strategy for setting up and managing a retirement budget?
Let’s get some real world advice based on the real life situation of a YNAB user named Beth, who wrote into the podcast to ask Jesse Mecham, YNAB founder, author, and podcast host, for personal finance advice about her retirement budget.
You prefer to listen to each episode? You can find it here Ask Jesse: What is your budget after retirement?
Budgeting for Retirement
Beth and her husband, who have been using YNAB to manage their money for 2 years, recently retired. They have a nice little nest egg in the form of a savings account and a retirement account, but opted to delay receiving their social security benefits until age 70 since deferring your social security boosts…