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Tag: future expenses

How to calculate retirement income needs based on current expenses

To calculate retirement income needs, start by assessing your current monthly expenses. Multiply this by 12 for annual expenses, then adjust for inflation and lifestyle changes. Aim for 70-80% of this figure as your retirement income target.

How to Create a Retirement Budget That Accounts for Inflation

Creating a retirement budget that accounts for inflation is crucial for financial stability. Start by estimating future expenses, adjust for an average inflation rate of 2-3%, and regularly review your budget to ensure it meets evolving economic conditions.