at 1:15pm PST, 4:15pm EST
Jason Parker, RICP®
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A good retirement cash flow plan requires a good budget.
- You need to know how much you spend in order to know if you have saved enough.
- Many high income earners don't have a budget during their working years and this can be problematic when creating a retirement cash flow plan.
- Spending is not smooth and can fluctuate from month-to-month.
- A good budget needs to account for the regular monthly expenses as well as the irregular expenses (i.e. property taxes).
- Understand how your budget will change over time when expenses stop (i.e. mortgage payments & car payments end).
- How will inflation impact your spending over time?
- Tag expenses for electronic payment to experience greater freedom.
- Set up a system for allocating cash for every day living to help ensure you stay on budget.