Have you prepared a projected budget for your retirement? If so, that’s a good first step toward planning your retirement income strategy. Your budget can help you determine how much income you may need and whether you’re on track to reach your goals. You can also use your budget to adjust your spending as needed.
Your budget probably includes things such as housing, groceries, travel, dining, clothes, utilities and much more. You may be able to estimate these costs based on your current spending and your plans for the future.
Consider working part time in retirement? That could be a wise decision. Granted, the main point of retirement is to stop working, so the idea of part-time work may not be appealing. However, there are some key benefits to picking up side work after you retire.
Obviously, the extra income is a primary benefit. If you’re like many retirees, you’ll receive income from Social Security and possibly a pension. However, you also may need to take withdrawals from your retirement savings. Those savings may be vulnerable to market volatility, which could impact your income. Part-time work can help you minimize that risk.