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Real confessions: Budgeting for Retirement

Real confessions: Budgeting for Retirement

Susan is 73 and lives in DC. She uses YNAB for help in managing her retirement funds. Here’s her story. 

My Unexpected “Retirement”

In 2010, I became “retired”—a little earlier than I had planned. My former employer had a successful career and laid me off. This was during the recession—and it seemed no one wanted to hire a 63-year-old woman, no matter how successful I had been. 

While I wasn’t in financial distress—I had an IRA and a living cushion—I couldn’t shake the nagging worry that the retirement savings I had might not be enough.

I ended up finding a job two years later—it paid $50,000/year—but it was brutal. My son urged me to quit. This stressful job wasn’t worth it (the company has since gone into bankruptcy). So I quit and moved to Washington D.C. in order to be close to him. 

I moved from one part of the country to the other when I moved. With all the unexpected costs of moving and setting up my life, I was able to draw more retirement income from my Roth IRA than I had anticipated. My retirement accounts and monthly expenses were my biggest concern.

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