Hi, this is Quinn Arnold with Arnold & Mote Wealth Management. The question today is, “do I need a budget once I go into retirement?”
The answer really depends on what kind of a spender you are while you’re still working.
We worked with a client last week who had spent some time with his wife thinking through what they spend each month. They didn’t expect that to change once they retired. In that case, our recommendation was that spending extra time thinking through what their budget would be was not worth it.
On the other hand, another client really had no idea what they were spending on all of the different day-to-day living categories and special things like vacations. For the two of them, in order to come up with a good retirement forecast, we needed them to spend some extra time thinking through how their expenses are going out each month and what would it look like in retirement.
For you, the right answer is figuring out if you know what you’re spending money on each month and how that might change in retirement or not. Then you can decide if you need to do a budget.
Not sure where to start? We can help! Let’s get started.