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Learn more about the Epic Retirement Budgeting Template

Feb 17, 2024

When it comes to budgeting for retirement, the mere thought often brings a lack of excitement to most people’s eyes. Who wants to sit down and calculate how much money they can save before retirement or figure out how far their budget can stretch once they retire? Well, let me tell you something: you do! Trust me, one of the keys to an epic retirement is having robust financial confidence as you embark on this new chapter of your life. And that begins with creating not one, but two budgets to guide you along the way.

  1. Your Pre-Retirement Budget: Your journey to retirement

Think of your pre-retirement budget as the roadmap to your retirement dreams. It’s all about managing your current cost of living and lifestyle, using your income wisely to cover monthly expenses, pay off debts, and build up your savings. Embrace the opportunity to maximize the benefits of superannuation concessions wherever possible. This budget lays the groundwork for a smooth transition into retirement, ensuring you enter this new phase of life with a solid financial foundation.

  1. Your Post-Retirement Budget: Living your retirement dreams

As you step into retirement, it’s time to fine-tune your budget to match your post-retirement lifestyle. Your post-retirement budget becomes your trusted companion, outlining your cost of living and allowing room for those unforgettable experiences you’ve been dreaming of. Consider it your guide to sustaining your desired standard of living, while also accounting for one-off expenses and epic retirement goals. It’s about finding a balance between enjoying your hard-earned savings and ensuring your funds last throughout your potentially 25-30+ retirement years. Your income sources in this budget may include the pension, superannuation income stream, and investments.


BUDGET TEMPLATE: If you haven’t already downloaded your Epic Retirement Budgeting Template, you can do so here.

There’s a few key steps to preparing your budget:

  1. Calculating Income: Embrace the reality

Determining your income for both budgets requires a realistic approach. While it’s relatively easy to estimate your pre-retirement income from your job and familiar investments, projecting your post-retirement income can be more challenging. You’ll need to consider factors such as pension entitlements, investments outside of super, and superannuation income streams which might be things which are deeply unfamiliar. If needed, seek the guidance of a financial planner to ensure your income projections align with your retirement goals.

  1. Setting Expenses: Balancing the present and the future

When you set your pre-retirement expenses budget, prioritise saving whenever possible. It’s about managing your expenses effectively to build a strong financial base. As you transition into retirement, your cost of living budget may require some fine-tuning. Take into account your eligibility for pension and other concessions, and base your budget on real-life costs, adjusted regularly for inflation. You can refer to benchmarking tools like the ASFA Retirement Standard, which provides insights into the living expenses of average retirees at different living standards.

  1. Budgeting for One-Off Expenses: Planning for the unexpected

Don’t forget to incorporate one-off expenses into your retirement budget. These could include major purchases like a new car, home renovations, healthcare needs, or personal debt payments. Each individual’s circumstances are unique, so tailor your budget to address your specific requirements and ensure you’re prepared for unexpected costs that may arise along the way.

  1. Planning Epic Retirement Experiences: Embrace the Extraordinary

Retirement is the time to make your dreams come true. Allocate funds in your budget for those extraordinary experiences that will make your retirement truly memorable. Whether it’s embarking on a grand adventure, taking that dream vacation, celebrating important milestones with family, or indulging in something special, set aside a separate section in your budgeting template to make room for these unforgettable moments.

Inflation and Adjustments: Adapting for the Future

When budgeting for retirement, always work with “today’s dollars” even though you’re projecting into the future. While it may seem daunting, financial planning tools and guidance from experts can help you account for inflation and make adjustments to your budget as needed. This ensures your budget remains relevant and adaptable as you navigate the ever-changing financial landscape.

Mastering retirement budgeting is not just about numbers; it’s about taking control of your financial future and creating a plan that aligns with your goals and ambitions. By creating separate budgets for your pre- and post-retirement years, accurately calculating income, setting expenses, accounting for one-off expenses, and planning for extraordinary retirement experiences, you are on your way to achieving financial confidence and enjoying the retirement you’ve always dreamed of. Remember, this journey is personal.

Disclaimer: The information provided in this budgeting template and any supporting information associated with How to Have an Epic Retirement, is of a general nature only and does not take into account your individual objectives, financial situation or needs. Before making any financial decisions, you should consider the appropriateness of all information provided in the book, the template or any supporting articles, having regard to your own objectives, financial situation and needs, and seek professional advice from a licensed financial adviser. This template, the associated book and newsletter, is not intended to be a substitute for professional financial advice. The author and publisher do not accept any liability for any errors or omissions, or for any loss or damage incurred by any person relying on the information provided in this book.


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