On this weekend’s segment of Better Money Boston, Joel Johnson, CFP® talks about staying on track with your financial planning.
Reexamine your budget
Ask yourself if you are spending the same amount now that you expect to be spending in retirement. Having some type of a guideline or idea of what you want to do in retirement will help you set a budget for yourself.
Pay off loans and debt
Before you retire, you will want to get rid of your debt. This means no car loans, credit card debts, or financing a child’s education. The acceptable debt in this scenario would be a mortgage, which is a debt on an appreciating asset.
Inflation in retirement
Inflation is an important factor to consider when planning for retirement. People are living longer than they used to; Expect to be in retirement close to 30 years and be able to give yourself raises to match inflation.
Having a retirement plan
Not having a retirement plan is like walking through life blind. You will want to make sure your money lasts for as long as you live and that you have enough income to do the things you want and need to do.
Consider each possible scenario, including future health care costs and even potential long-term care.
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