Ep. 44: Brenda needs to budget in retirement to survive

Meet Brenda

Age: 60

Salary: N/A

Brenda’s main concerns, in her own words:

My husband and I are 60 years old. We are planning on retiring at 66 and 2/3 years (unless we are still having fun at work). Our AGI for 2014 was 136,929. We have $610,467 in 401K accounts. We have $19,000 in liabilities including a mortgage balance of $13,700 which will be paid off on 2/17. Our first concern is how to budget for retirement when you do not know what the costs will be when we retire-especially healthcare. Our second concern is affording our lifestyle. We do not leave extravagantly. We do love to travel. We are very involved in the lives of our 3 grandchildren. We are also like to renovate our basement that is already finished and possibly redo an upstairs bathroom. Our last concern is saving for the future. Do we have enough saved so we can stop putting money in and use that money now for travel and remodeling while we are in good health and working.

What we cover on the episode:

  • Projecting retire income
  • Accounting for current income and expenses
  • Helping out adult children financially

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