Mistake no. 6: Not setting a budget before and after retirement
Almost half of the boomers think they will comfortably live in retirement as long as they are careful with how much money they spend. However, another 22% know they will still financially struggle in retirement.
But as it turns out, in each of these cases, it all comes down to one thing: budgeting. You must figure out how much you can spend on a monthly basis, depending on how much you save in your 401(k) and other retirement income streams. Besides that, stick to the budget. And there’s another thing: what worked before retirement will work after you retire, too, and that is closely managing your budget.
If you want to learn more about 401(k), here’s what I recommend you read: 6 Things To Do With Your 401(k) Once You Retire
Leave a Reply