How to Build a Retirement Budget with $1.3 Million in 401(k)s and Social Security Income
Saturday, 10 August 2024, 04:00
Understanding Retirement Budgeting
At its core, creating a retirement budget involves evaluating income against expenses. Assess your financial situation, including all available resources.
Key Income Sources
- 401(k) savings: $1.3 million
- Monthly Social Security: $5,000
Creating a Budget
- Calculate total monthly income.
- List fixed and variable expenses.
- Adjust spending as needed for a sustainable lifestyle.
Conclusion
A well-structured retirement budget is essential for long-term financial health. With careful planning, you can enjoy a comfortable retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.