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

HOW WE CAN HELP 

Reader’s Digest have partnered with pension and investment experts Flying Colours to provide you with the advice you need to identify which option is best for you. Call our pension experts on 0333 241 9919 or click here to visit our dedicated website to help you decide which path suits you best, so you are then able to access the appropriate advice.