Struggling With a Retirement Budget? Aim to Nail Down These 3 Things
One of the toughest parts about planning for retirement is that you can't be sure in advance how much money you'll really need to have saved for it. So you'll often hear that it's a smart idea to draft a retirement budget well ahead of time that you can use to guide yourself to a retirement savings target number. Depending on how you plan to spend your golden years, that might mean aiming for a nest egg of $500,000, $1 million, or more.
Of course, even estimating those future expenses isn't always easy. You may not have a sense of what things will cost in the future because we can't know what inflation will look like -- and price changes impact different goods and services differently. You can't know exactly what your specific costs will entail because your expenses will almost certainly be somewhat different for you as a retiree than they were for you as a worker.
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Source Fool.com
