If you have a budget in place before
retirement, you should reassess your
budget when you retire. In many cases, a
person’s financial needs in early
retirement are likely going to be different
than they will be later in retirement. That’s
why it is a good idea to review and update
your budget regularly.
For help keeping track of where your
money is coming from and where it is
going to a budget worksheet is available
online at: https://cba.ca/Assets/CBA/
Documents/Files/Article%20Category/PDF/
cba_budgetworksheet_en.pdf
A free budget calculator is available
online at: http://www.mymoneycoach.ca/
budgeting/budgeting-calculators-tools/
budgeting-spreadsheet
Photo credit 401(K) 2013 via Visu-
alHunt.com CC BY-SA
Budgeting in Retirement
Tips to get you started
Get organized. Record all of your spending so you know where your
money goes and where you can cut spending.
Identify your short-term and long-term goals, and build saving for
them into your budget. For example, a short-term goal could be buying
new furniture.
Divide your expenses into two groups: things you need, such as
groceries, and things you want, such as tickets to a concert.
Stick to your plan.
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