Setting a budget
Establishing a budget for your monthly expenditures may be a good idea anytime in life, but especially in retirement when your income may be fixed and you have less desire to supplement your income by continuing to work.
Many financial planners suggest that you should expect your retirement living expenses to be 70-80% of your current expenses, but such rules of thumb may not apply to you. It's best to create a detailed and accurate budget — income on one side, expenses on the other — to get a clear view of your finances.
