How to budget for your retirement

Paying attention to what you are spending and when very important when approaching retirement. Financial journalist Paul Lewis explains why in this video.

Budgeting for retirement:

Things to bear in mind when preparing a budget:

Regular income

  • Where is your income coming from? 
  • Salary or wages
  • Investments
  • Pensions
  • Benefits

Regular outgoings

What things do you spend on every month?

  • Rent or Mortgage
  • Bills
  • Food shopping
  • Travel
  • Insurance
  • Council tax

The little things that add up

These things may not be essential, but little bits here and there add up. It is worth including these to see if you might be spending on one too many Saturday night takeaways, or perhaps that morning coffee is superfluous.

  • Clothes
  • Takeaway food
  • Treats
  • Coffee