Managing your finances during retirement involves juggling your sources of income to make sure you have enough money to live on. It’s a
lot like making a quilt: No piece by itself is big enough to keep you warm at night. But properly stitched together, the pieces
 can provide a lot of comfort. Unlike a paycheck, which arrives regularly, retirement income arrives on different schedules. Social Security, annuity, and pension payments usually come monthly. Others, like stock dividends, arrive quarterly. Interest on bonds is paid semi-annually. Few, if any payments, are weekly or biweekly, so that means you have to think about balancing the amount coming in to meet your expenses. As you prepare a retirement budget, you’ll want to take these factors into account: People who retire in their 60s can expect to live into their 80s. To estimate a retirement income of 80% of your final salary, you have
to account for inflation. The number will be higher than 80% of your current income. You have to anticipate changes in Social Security in the future, which means you may get less income from that source. You can’t predict the cost of healthcare insurance or out-of-pocket costs after you retire. There’s   Read more…