Reported 2 days ago
In retirement, creating a budget is crucial due to fixed incomes and rising expenses. Experts advise retirees to first understand their financial reality—assets, liabilities, income, expenses, and credit scores—before planning their budget. Strategic use of Required Minimum Distributions (RMDs) and avoiding overspending from retirement accounts are key to maintaining financial stability. Additionally, it's vital to budget for unexpected costs to prevent early withdrawals or debt.
Source: YAHOO