Saving for Retirement When You’re Self-Employed

Being self-employed has its fair share of benefits, but requires extra attention to financial planning for the future, especially retirement. According to the Bureau of Labor Statistics in 2015, there were 15 million Americans that were self-employed. Self-employed individuals have to provide their own healthcare and benefits and save for their retirement. These tasks can be difficult when individuals cannot necessarily count on a steady paycheck and a regular income. You may not feel ready to start saving thousands per year, but when that time comes, a retirement plan will be extremely useful. The Internal Revenue Service (IRS) offers various plans with unique advantages for those who are self-employed.

  1. Simplified Employee Pension IRA

Contributing money to this account will allow it to grow tax-free until retirement. You are able to invest up to 25% of your net earnings up to a maximum, which ended up being $53,000 (in 2016). This type of plan is easy to set up at a bank, mutual fund company, or brokerage firm, and some banks allow you to open one online. This kind of account is simple, easy to establish, and increases flexibility because it lets you decide how much you want to contribute throughout or at the end of the year. If you do have employees working for you, you are required to invest the same amount of money into their accounts as you do into yours.


This savings incentive match plan for self-employed individuals and their employees allows individuals to put 100% of their net earnings into the account, up to $12,500 (in 2016). Individuals older than 50 can contribute $3,000 more each year for “catch-up” deposits. Employers are also required to pay a 2 to 3% company contribution to this account for employees, which could potentially allow you to add more than $12,500 per year. The money that you add is tax-deductible and remains tax-free until you begin drawing money out of the account. It is typically used by small businesses with employees, the self-employed, and solo entrepreneurs. Unfortunately with this type of account, contribution limits are lower.

  1. Solo 401(k)

This type of plan is a good choice for individuals with a large income and is typically used by sole proprietors and businesses owned by couples because it allows for larger contributions. It is possible to add up to $18,000 per year (in 2017), in addition to $6,000 for those age 50 and older. Adding to these amounts, you can contribute an additional 25% of your self-employment net earnings, for up to a total of $54,000 (in 2017). The negative side of a solo 401(k) is that it requires more paperwork than a Simplified Employee Plan (SEP) IRA. If there are employees other than your spouse that work for the business, it is no longer a “solo 401(k).” A normal 401(k) plan is not exempt from discrimination testing.

It is always in your best interest as an entrepreneur and business owner to do research on your current and future income and be knowledgeable about the direction of your business. If you need more information than is available here, Veitengruber Law can put you in touch with a professional financial adviser in our trusted network.


Have You been the Victim of Predatory Lending?

nj real estate attorney

Predatory lending is precisely what it sounds like. While there are many lenders in the US who have all of their scruples, it’s important to know that unscrupulous lenders do exist. If you think you were granted a loan you didn’t truly qualify for, or a loan you can’t possibly make the payments on, you may be a victim of predatory lending.

In general, predatory lenders target groups of people based on their lack of understanding about loans and/or their inability to actually repay the loan. Some groups that are targeted include: the poor, the less educated, the elderly, and those who are in need of immediate cash.

Loans given to those who fall into the above groups benefit the lender and can seriously damage the borrower’s credit score and overall finances. Because of this, it is important that you have a clear understanding of any loan you are signing for. If you don’t understand some or all of the loan language, DO NOT SIGN.

As a potential borrower, you have the power to tell a lender that you’d like to wait to make an informed decision before signing. You should then walk out and go directly to an experienced NJ attorney who regularly works with lenders. This may be a debt negotiation attorney, or one that specializes in real estate transactions.

Your New Jersey real estate attorney will have the experience needed to advise you on the loan you are considering. He will also be able to tell you if you are being taken advantage of by a dishonest lender.

Specifically, mortgage lenders have been found to practice predatory lending in recent years. Unscrupulous lenders may target potential borrowers who currently have substantial equity in their home. This is because mortgage lenders will benefit from a loan backed by a borrower’s real property and even a foreclosure. Naturally, not all mortgage lenders are bad! In fact, most lenders are on the up and up.

However, if you get a bad feeling while you are discussing your loan options with a lender, it’s in your best interest to leave their office before signing anything, and take copies with you. When you meet with your NJ real estate attorney, he will be able to read through the proposed loan contract in order to inform you of your best next move.

Don’t risk getting yourself in over your head on a loan that you ultimately will default on. Know all of the facts about the loan by working with a professional who can guide you toward honest and helpful lenders in New Jersey.

How the New Jersey Senior Freeze is Making a Difference

Property taxes are defined as taxes that are collected by the local jurisdiction in which a real property is located; the amount of property taxes any homeowner owes is based on the assessed value of the home(s) they own multiplied by the current tax rate in their local jurisdiction. New Jersey’s average property tax rate is one of the highest in the United States.

Owning a home in the Garden State has a lot of benefits, and those of us who are living and raising a family here wouldn’t dream of doing it anywhere else. We may have to grit our teeth every time the quarterly tax bill makes its appearance, but pay it we do. Life in New Jersey is worth it – offering tight-knit neighborhoods, reputable public schools, and, of course, the Jersey Shore! However, as NJ homeowners reach retirement age, many have begun struggling to keep their homes, in many cases because they’ve fallen behind on their property taxes.

As New Jersey’s real estate market continues to take hits, lawmakers are now taking steps to help struggling seniors so they don’t have to leave the state in order to afford to own a home. The Property Tax Reimbursement Plan, commonly called the “Senior Freeze,” is one of the programs that is making a real difference.

Under the Senior Freeze, or the PTRP, New Jersey seniors who meet a list of requirements will be eligible for reimbursement of the cumulative increase in their property taxes since the first year they became eligible, which is called the base year.

In order to qualify for property tax increase reimbursement under the Senior Freeze program, New Jersey seniors:

  • Must have lived in New Jersey for at least ten consecutive years – either renting or owning their own home
  • Have resided in the home they currently own for a minimum of the last three consecutive years
  • Should be at least age 65 or have a spouse who is at least 65 year of age – ALTERNATIVELY – those who do not meet the age requirement but are receiving Federal SSDI (disability) benefit payments can also qualify
  • Must meet specific income requirements

The year in which New Jersey seniors are able to meet all of the above eligibility requirements is considered their base year. The base year is essentially the year in which their property taxes will be “frozen,” so to speak. Any increase in their NJ property taxes that they have paid out since the base year will be repaid to them.

Ex: Ruth turned 65 in the year 2010. She has lived in and owned her current New Jersey home with her husband for 20 years, and she also met all of the additional requirements in 2010. Ruth will be reimbursed using this formula: The property tax amount she paid in 2017 (current year) minus the amount she paid in property taxes in her base year (2010). The difference equals her reimbursement amount.

Every year forward, Ruth’s property taxes will remain frozen at the amount she paid in her base year of 2010. Combined with assistance from the Homestead Benefit Program, New Jersey senior citizens have a better chance at maintaining their standard of living into retirement, and they can continue to enjoy the wonderful Garden State for many years to come.





How to Invest in Your Future When You’re Broke

If you find yourself “barely” living paycheck to paycheck, the worry of not having any money saved can eat away at you. The concept of planning for future events like sending your kid(s) to college, helping them get married, and enjoying your own retirement can feel impossible when you can hardly afford your current lifestyle.

Although it may seem completely unimaginable, you can make a plan for your future; in fact, strategic financial planning may be the one thing that also helps you live better now as well.

The main reason most people don’t have a real savings plan in place is because they simply feel they don’t have enough money to do so. The change that needs to happen isn’t in making more money (although that is obviously not a bad thing) but in getting a new mindset.

The first step in getting a new money mindset is to change your inner dialogue from “I’m broke! I can barely even pay my bills!” to “Let’s see if I can find ways to improve how I spend money.”

While you may feel that you are barely able to meet the financial demands of your life, most people find that they’re spending too much in at least one area that can be cut back. Take a good, hard look at where all of your money goes for at least one complete month. Write down each and every cent that’s spent, organized into three categories:

  •  Necessary/survival: Housing (mortgage payment or rent), utility bills (electric, gas, water/sewer, trash removal), all forms of necessary insurance (homeowners/renters, car, health, life), food (for eat-at-home meals only), vehicle payment(s), vehicle maintenance, gas.
  • Debt: College/student loans, credit cards, personal loans, and any other forms of debt.
  • Luxury: These are things that, while dearly beloved by many of us, can be eradicated without causing you extreme hardship. Examples include: cable/satellite tv packages, streaming services (Netflix, Amazon, Hulu, HBO Now), high speed internet connection, Xbox Live membership, restaurant meals, magazine/newspaper subscriptions, cell phone(s) and their service plans, gym memberships, satellite radio, hair/nail services, frivolous (unnecessary) purchases like new electronics, expensive clothing/shoes, and other items that you simply don’t need.

Once you have a clear picture of exactly what you’re spending all of your money on, you will be able to create a plan to start saving money – it’s that simple!

Your mindset must remain steadfastly dedicated to saving money in order for this to work, however. See that list of luxury items? You are going to have to decide which of them you can either cut out entirely, or scale back. You will likely be surprised at how many companies will be happy to work with you to lower your monthly bill when you explain your situation. They’d rather keep your business at a lower profit than lose you altogether.

Instead of having your nails painted professionally, invest in the supplies needed to do your nails at home. Listen to the (free) radio in your car or pop in a CD rather than paying for satellite radio. Cut out your cable tv and keep your streaming services. Cancel your gym membership and get outside to exercise or start an indoor workout program – there are a multitude of free exercise videos on Youtube.

Even something as simple as not stopping before work to get a coffee and breakfast on-the-go can make a difference. If you spend $5 every day for a breakfast to-go, you can put that money directly into your savings account by eating breakfast at home. This habit can save you over $1,000 a year!

Another potential way to save money every month is to negotiate your interest rates with any lenders or credit card companies. You may also qualify for a loan modification (even for your mortgage loan) wherein the terms of your loan would be adjusted in order to make your monthly payments lower.

After you have found several good ways to save money each month – be sure to put the money saved into the right place! The best way to make sure this happens is to put a set amount into your savings account before you pay any bills or spend any money. That way you will train yourself to live on the money you have left after you’ve already invested in your future.


Asset Planning for Seniors in New Jersey

Seniors today are remaining spry, exceedingly physically fit, and overtly healthier than our predecessors of decades and centuries past. Although extended life expectancies mean more time to make memories with family members and loved ones, they can also mean that your finances have the potential to expire before you do.

While you may have created an estate plan in your 30s or 40s, it is important to reevaluate the details and all components of that plan if/when you live so long that parts of your plan become null, void, irrelevant or outdated.

At Veitengruber Law, we can provide you with long-term planning guidance for all stages of your life. Even if your current estate plan (Last Will and Testament) was drafted by someone other than our firm, we are more than happy to help you protect your assets.

Medicaid rules are numerous and complex. As you approach age 65 (or if you are currently receiving SSDI and are younger than age 65), we will make sure that you understand all of the rules and eligibility requirements.

Medicaid is associated with something called the “five-year look back period,” which can often be confusing and problematic without the help of an experienced New Jersey asset protection attorney. Although we cannot predict the future (yet!), we do have extensive experience in all of the necessary legal areas that relate to the five-year look back period. These areas include: real estate law, foreclosure law, estate planning and credit repair.

You have undoubtedly worked for many years to support your family and to develop a savings/retirement plan that is very important to you. Whether or not your finances will be enough to support you with an extended life expectancy is something we can help you plan for.

As you age, you may need to address potential for long-term care. While this certainly isn’t something that anyone wishes to contemplate, the necessity for nursing home care is a reality as you age. This need may double if your spouse is also still living. We will help you estimate your potential longevity based on your family history and your individual health history in order to come up with the best plan to protect your assets in the event that long-term care is in your future.

If your original estate plan was completed several decades ago, you may need to revisit the designee for executor of your estate. It is possible that your original designee is no longer living, is in poor health, or is no longer part of your life due to divorce, relocation, death, or other circumstances.

In addition to reviewing your estate executor, we will help you to re-evaluate the beneficiaries named in your will. We will also help you assess all components of your estate plan (and determine if they need to be updated based on your current health and that of your spouse) including: your living will, advanced medical directive, power of attorney, your will and any trusts that you have set up.

To find out how we can protect your property and other assets from potential future events, sit down with our professional asset protection team today for a free consultation.


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Bankruptcy Law and Family Law: How They’re Connected

Anyone who has been through a divorce knows that, second only to your love life, your finances are often the hardest hit area during a split. Many people continue to have financial difficulties long after their divorce is finalized, as well. Family lawyers who handle divorce cases know from experience that financial strife can be a huge contention between divorcing couples.

While your family law attorney will assist you in creating a Property Settlement Agreement that settles some of your money troubles (you may begin receiving child support or alimony payments after the divorce is finalized), oftentimes divorced couples will struggle with things like losing their family home to foreclosure, credit card debt, and potential bankruptcy.

As much as your divorce attorney may want to assist you with all of the above money matters, they have to focus their attention on everything within their own wheelhouse to ensure that you (and their other clients) achieve the desired outcome from your divorce. Their duties are many, and include drafting your PSA, attending court dates, negotiating and corresponding with counsel for your soon-to-be ex-spouse, handling domestic violence matters, and much more.

Frequently, family law attorneys find it very beneficial to work in tandem with an attorney who specializes in bankruptcy, real estate and/or debt relief. Because financial strain is a given in most divorces, it can be helpful for everyone involved to work as a team. Your divorce (family law) attorney will walk you through all of the steps of your divorce. With your permission, ideally he would then discuss your case with his tandem bankruptcy attorney, whom you would then work with to clean up your finances.

Of course, family law attorneys attend to matters other than divorce, like name changes, parenting time, grandparents’ rights, pre-nuptial agreements, child custody (unrelated to divorce), adoption, restraining orders, and domestic violence. Some of these matters can also be made easier by working with an attorney who specializes in finances. For example, the financial aspect of adoption matters can be quite intense. While your family law attorney will handle much of the adoption paperwork, he can refer you to a financial specialist like Veitengruber Law if you need more help organizing the necessary finances.

Every attorney has a lot on their plate every single day, regardless of their practice area(s). The best attorneys limit their focus to a limited number of practice areas so as not to get overwhelmed and spread too thin. If your family law attorney attempts to do it all himself, you may find that he’s too busy to set aside time to keep you updated on your case. On the other hand, a smart divorce lawyer will say, “Hey, while I’m working on negotiating your child visitation schedule, why don’t you go see George Veitengruber to start sorting out the fact that you can’t afford your mortgage payment?”

When attorneys work together, their clients always have a better result. Mutually beneficial relationships between experienced professionals give clients a well-rounded experience and optimal outcome. Veitengruber Law welcomes family lawyers in New Jersey (Monmouth, Ocean, Mercer, Burlington, Camden, and Gloucester Counties) to reach out to our firm if and when your clients need our services. We will gladly return the favor so that our mutual clients are well-cared for and happy with our services.

Image credit: Kamaljith KV

When to Break Up With Your Financial Advisor


An important indicator of your overall financial wellness is how well you balance spending with saving and investing. You should always keep the end game (retirement) in view while simultaneously being able to enjoy life while saving for your children’s college education, if applicable. In order to coordinate all of the pieces of your financial puzzle most effectively, many people choose to work with a financial advisor.

Unlike many other professional partnerships you may form, your relationship with your financial advisor or financial planner can become more like a friendship. Because many people stay with the same financial planner for years, you can easily feel connected on more than a professional level. This feeling increases if you are also in the same circle of friends or live in the same town.

No matter how much you enjoy the company of your financial planner, if your needs simply aren’t being met, you have some decisions to make. You’ll either have to explain to your advisor exactly how he’s letting you down and what he can change to retain your business, or you can start looking around for someone new.

Reasons to consider leaving your financial planner:

  • Distrust – Being able to trust your financial advisor with your money is extremely important. If you’re asking questions and not getting answers that feel authentic, that’s a red flag.
  • Poor communication – While it’s true that financial planners are often very busy, if your phone calls and emails go unanswered for lengthy time periods, you’re paying for a service that’s sub-par.
  • Unclear expectations – The best financial advisors will lay out a plan when you first team up with them. The plan should include input from you regarding your specific goals for your assets and what you’d like to see happen. If your advisor never created an investment policy statement for you – it could signal that he’s skimping on his other duties as well.
  • No contract – As with any professional who provides you with a service that you will be paying for, your financial planner should present you with a clear contract at the beginning of your relationship that outlines his duties to you and what he needs from you as well. Without a contract, you have no way of knowing what to expect.
  • Distance – If you’ve been working with a financial advisor from afar and have recently decided to take a more active role in your finances, letting go may be your only option.
  • No fiduciary standard of care – In other words, if your advisor (or his firm) doesn’t put your interests ahead of their own, you have a very good reason for finding a new firm.
  • Fees – If you’re currently unhappy with your advisor’s fee structure and this is set by his firm, you may not be able to get the arrangement you’re looking for without finding someone new.
  • Additional services – Many people today are interested in working with a financial advisor who goes above and beyond making sound investments for them. Tax planning and basic budgeting advice are two services cited by clients who were unhappy with their current financial planning firm.

At Veitengruber Law, we pride ourselves on our vast network of professionals and we attend networking meetings every month to stay immersed in the financial, legal and real estate markets. We are more than happy to assist you in finding the NJ financial advisor that meets your needs. Give us a quick call [(732) 852-7295], or fill out the contact request form on our website. We’re always here to help!

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If You Live to be 100, Will You Run Out of Money?


With constant advances in medicine, the human race is outliving its life-expectancy and then some. While most of us would likely choose to live forever if given the chance, the fountain of youth (unfortunately) doesn’t exist. Therefore, just as we’re celebrating living longer, we’re also faced with the hard actualities that come with life at older and older ages.

Yes, modern medicine is keeping hearts pumping and lungs breathing while also strengthening bones to hold us up for an extra decade or two. However, simply being alive doesn’t equal being able-bodied enough to earn a living, and that’s where we encounter a significant wrinkle (pun intended).

The retirement years used to be called ‘the golden years,’ because workers put a significant amount of money toward their retirement savings (many via 401Ks) and steadily paid down their mortgages until their homes were paid off.

Even now, many people are able to enter retirement rather comfortably. Typically, though, many retirees soon realize that their monthly expenditures are dipping a little too far into their savings each month. At first, this isn’t a problem, and it may never become an issue for those retirees who live to a “normal” age.

For those older Americans defying their expected life span, however, planning for several extra decades of living wasn’t on their radar when they were young and generating income. Pensions that were calculated during their working years simply isn’t enough to last as long as they’re living.

If you have aging parents who are pushing the odds and living longer than you ever dreamed – consider yourself lucky to have your loved one(s) around! You may become responsible for their care – or at least their finances – if they live well into their 90s or even to 100 and beyond.

You may have to contend with independent-minded adults who want to continue living on their own and caring for themselves. The problem, of course, becomes how to financially make that happen. At this late stage in the game, it’s difficult to fix the fact that your parents simply didn’t plan on living so long. You may have to move one or both of your parents into your home if a retirement home is not desired and/or feasible.

The important takeaway from the fact that people are living longer and running out of money is this: YOU still have time to make sure the same thing doesn’t happen to you and your spouse.

While it may seem impossible to pack away any more money for retirement than you already are, you might be surprised. Talk to a financial planner now, while you’re still smack dab in the middle of your money-making years. You likely still have time to advance your career upwards in order to increase your income.

You can also consider taking a second job, even if only temporarily, or during summers, in order to pad your retirement account substantially. Your financial advisor will be able to put you on a course to save as much money as possible with the assumption that you, too, will be living a long (and now prosperous) life.

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Is a Reverse Mortgage Right for Me?

smashing a house

There are a lot of misconceptions about reverse mortgages, and it’s extremely important to have a clear understanding of any type of loan before signing on the dotted line. Based on its name alone, many people don’t even realize that a ‘reverse mortgage’ is a loan at all. In fact, the concept of a reverse mortgage has famously been distorted using tricky advertising in order to scam vulnerable seniors out of large sums of money.

Who qualifies for a reverse mortgage?

In order to apply for a reverse mortgage, you must first be at least 62 years of age. You must also have a mortgage that is completely paid off, or nearly so. If you own your home jointly, the co-owner must also be over the age of 62.

How does a reverse mortgage work?

Retirees who have valuable homes that they paid off during their working years have a decent amount of equity at their fingertips. Home equity is simply how much a home is worth minus any balance owed by the homeowner. For example, the owner of a property that has been appraised at $200,000 has $200,000 worth of equity if they have paid off their mortgage in full. If they still have $10,000 left to pay on the mortgage, they have $190,000 of equity in the home.

A senior who is struggling to make ends meet with their retirement funds alone can essentially ask a lender for a loan using their home equity as collateral. They can receive a lump sum, monthly payments, or a line of credit to use as needed. Generally, reverse mortgage loans aren’t due to be repaid until the borrower dies or moves out of the home. At such time, the lender must be repaid for the amount of equity that was borrowed, plus interest.

Everyone should get a reverse mortgage! Right?

While on the surface it sounds like the perfect solution for struggling retirees, there are quite a few things that make reverse mortgages less than ideal. First and foremost is the fact that this type of loan isn’t based on income or credit scores, which means a higher risk for lenders. Along with higher risk comes an increase in loan origination fees and a higher interest rate than an alternative ‘home equity loan.’

The upfront fees combined with a high interest rate mean that the borrower will see a lot less money. While the equity in any home technically belongs to the homeowner, by ‘cashing in’ early on the equity, a significant heft of it will go to the institution that approves the reverse mortgage loan.

Repayment of this type of loan is triggered when the borrower/homeowner either moves out of the home or dies. Upon moving, the proceeds from the sale of the home are usually enough to pay back the reverse mortgage loan in full. If the homeowner passes away, however, his heirs will have to repay the loan in full if they want to keep the home. Leaving your heirs to pay back money you borrowed can put a strain on family relations among your survivors.

Also, although homeowners who take out a reverse mortgage will not have to make monthly mortgage payments, there are still a lot of other costs related to home ownership. Property taxes, homeowners association fees, property insurance and home maintenance costs will still need to be paid.

The bottom line is that there are other better options for most retirees who find their retirement income falling short of their expenses. Anyone considering a reverse mortgage should do extensive research first, including talking to a credit counseling attorney that they trust. Stay tuned to this space for our next post, where we will talk about the difference between a reverse mortgage and home equity loans, along with how to spot a scam before it’s too late.


 Image credit: Images of Money

Budgeting After Retirement: A How-to Guide

budget jar

As millions of Americans who were born in the Baby Boomer era reach retirement age, many of them are surprised to discover that retiring isn’t as stress-free as they imagined. For Baby Boomers who are trying to retire but are finding it difficult, there are some easy ways to get a handle on your retirement budget so that you can once again enjoy your golden years.

Although there are many things that will affect your retirement income (taxes, inflation, investments, part time income), there is one factor that you have total control over. How much money you spend, especially early in your retirement, is something that you can easily control. One of the biggest mistakes made by retirees is spending too much money very early in their retirement. This can happen due to the excitement of finally being retired – a “let’s celebrate” attitude that goes on for too long. Excessive spending can also continue beyond the early part of retirement, becoming chronic, which will eventually deplete all of your retirement funds while you’ve still got a lot of years of living left to do.

The smartest move for all retirees regarding their finances, is to set up and stick to a budget. Your retirement budget may look different from your budget during your working years if you are bringing in less money, but the payoff is in the fact that you no longer have to go to work every day!

In order to create a spending budget for yourself, you’ll need to know exactly how much retirement income you’ll receive each month. Add to this any money that you make from a part time job and any dividends you receive from investments. Combine these with any income your spouse (if applicable) is expected to earn monthly. Make sure that the numbers you are working with after taxes. After you have a good handle on how much money will be coming in each month, you’ll need to do some calculating.

How to Calculate Your Monthly Expenditures

  • Start with all non-negotiable expenses. These include your house payment or rent, utility bills, any car payments/car insurance premiums, food and clothing, and the cost of health care. Health care includes the cost of any medications you take every month, co-pays for regular doctor’s visits, and of course the cost of your health insurance*.*A note about health insurance: Do your research on the cost of health insurance after you retire. Your cost may be higher if your employer had been paying for part of the expense. Many retirees forget this fact, and this causes major problems with their post-retirement budget.Medicare: Many people wrongly assume that Medicare is free. While Medicare A is free, it only covers hospitalization. The rest of the benefits you’ll receive via Medicare aren’t free, and you will pay premiums just like you did for previous health care plans. Recent estimates show that, overall, Medicare will pay for approximately 60% of a retiree’s medical costs. The rest will come from your pocket.
  • Take a look at your ‘other’ expenses. After you’ve added up all of the non-negotiable expenditures, then you’ve got to take into account all other expenses you’ll encounter. These include the cost of leisure activities (going to the movies, eating out, vacations) gifts and luxuries (cell phones, cable, gym memberships). Basically, what we’re talking about here is the “fun stuff.”At this point, you’ll need to take into consideration what type of lifestyle will make you happy during retirement. If you will require more leisure activities than your budget allows for, you’ll have to start thinking about supplementing your retirement income with a part-time job. On the other hand, if you are willing to give up certain things that you previously enjoyed (such as a cell phone or an extensive cable tv plan), you’ll be able to cut your budget and spend more time relaxing instead of taking on a part-time job.

It can be difficult to create a budget for yourself, and it is also something that people often avoid doing because they’re afraid of what the reality may be. However, it is in your best interest to create a retirement budget as soon as you possibly can, so that you don’t run into significant financial problems during a time in your life that’s supposed to be your chance to finally kick back a little.

Need help creating a retirement budget? Let us know here, and we’ll happily consult with you FREE of charge.


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