How to Be Less Wrong in Your Budgeting
Stephanie McCullough
Financial Planner | Podcast Host | Author | Speaker * Helping women control their future by being partner in financial decision-making.
Most of the women I encounter feel stress about having enough money to be able to retire. It’s my job to help them come up with a plan. We consider different courses of action, make sure their dollars are working efficiently, and to take steps to protect against what might go wrong.
COMPLICATED
Figuring out what we will need in the future is a complicated equation. There are many variables. Most are impossible to predict, so we make guesses. How long will you live? What will happen to inflation, taxes, and Social Security?
One of the key pieces of information we need to guess is your future income need. What will it cost you to live in retirement? Then we can figure out, by looking at your projected Social Security benefit and any pension plans or other sources of income, how many dollars per year you’ll need to pull out of your savings and investments.