Set goals to make budgeting easier. Put your retirement dreams on paper so you know exactly what you’re saving for. Will you be able to pay off debt before you retire? Do you want to travel? It’s your retirement plan, so make sure you think about everything that is important to you. 

Know what you’ll need before you need it. Thinking about what your retirement budget needs to be before you retire will help ensure you can achieve your goals. Make sure to ask yourself the following questions: 

• What do you want to do when you retire and what will it cost?

• How will inflation impact your retirement income? 

• When will you be able to retire and how long do you have to save? 

Build a detailed retirement budget. Make sure you are comparing current spending with expected retirement spending and determine where some obvious changes will be. Also consider less obvious things such as living arrangements – do you want to downsize? Move out of the city? Don’t forget to set aside funds for unexpected expenses. If you’re stuck, try our ​retirement calculator.