It’s really shocking to see baby boomers that have lived their entire life without a budget. So it’s sometimes difficult to convince them to start now in retirement. But income in retirement isn’t the same as income during your working years. The average reduction in income is 20 to 30% less in retirement. But this generation of boomers hasn’t retired their mortgages, complicating the reduction in income. And adding to these woes is the neglect of an eldercare provision in their later years by means of a long-term care policy for assisted home living or nursing home care. You have to have a plan. It’s not optional. And if you have a plan you can’t ‘set it and forget it’. The first step in retirement is to set up an emergency fund. Almost all retirees know to go to the emergency room for urgent care. But where do you go for emergency money in retirement? You’re probably familiar with the value of having savings that could cover six months or so of expenses in an emergency. But the role of an emergency fund takes on a different dimension in retirement. When you tapped your emergency fund while you were working,   Read more…