4 Steps to Catapult Yourself to Retirement Success | Personal finance

2. Create a retirement budget

In the same way that budgeting helps you pay your bills, save, and enjoy your income, so will budgeting for your retirement years. How much do you plan to spend each year? Will you be living the exact same lifestyle as you are now? Or will your expenses be much lower?

To aim 80% of your pre-retirement income is a realistic goal. So if you currently have $ 50,000 a year in spending, your retirement budget should be $ 40,000 using this benchmark. But if you are keen on living a lavish life in retirement, you may need at least 100% of your past income. You can create your own retirement budget which is unique to you by …

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