Budgeting in Retirement

Throughout your career, you may have periods when spending cash was tight. You may encounter similar times in retirement. The difference is, you may not have the option of earning extra cash, so learning how to tighten the budget might make managing expenses a little easier.

These resources may help you get a handle on where your money is going. Knowing where your money is going can help you make sure it’s used for what’s most important to you now, and may also help you find additional money – so you may more easily meet your income needs through retirement.

  • Spending Plan (PDF) (takes approximately one hour to complete) – A good budget shows how you spend your money wisely and how much you have left after expenses for the things that are most important to you.
  • Monthly Expense Tracking (PDF) – Using this sheet a few minutes a day helps you track where your money actually goes each month. It’s set up just like the Spending Plan, so it’s easy to compare what you actually spend against your plan.
  • Payout Calculator – Will your account last long enough if you keep taking what you’ve been withdrawing each month? See how taking just a little bit less could stretch your payments out longer.*

Get the help you need

Talk with a Retirement Specialist to learn more about what you can do now to help prepare for the retirement you want.

PDFs require Adobe® Reader®

*Note: If you are at least age 70½, you may be required by law to take a minimum amount from your retirement account each year. To learn more, see Required Minimum Distributions.

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