Retirement Budget: Income and Expenses

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Retirement Budgeting Process

SmartAsset

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Business

Business & Economics

I'm 65 With $1.1 Million in My 401(k) and IRA and a $2,800 Social Security Check. What's My Retirement Budget?

Summary

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82% Informative

A retirement budget has two major parts: income and expenses.

Income can come from Social Security or pension retirement benefits, annuity payments.

Expenses are the money you spend those funds on, such as housing, transportation, utilities, food and healthcare.

With $1.1 million in tax-deferred retirement accounts and the expectation of $ 2,800 in Social Security benefits, you can craft a comfortable retirement.

How long you’ll live may be the single most important retirement planning issue.

Delaying retirement is one of the most powerful ways to improve your retirement finances.

The longer you let your retirement accounts grow tax-free before beginning withdrawals, the larger your safe withdrawal amount.

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informal

Language

English

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Offensive language