A Retirement Budget That Works

There’s no time like the present to start thinking about your retirement budget — even if retirement is still several years away. By looking ahead, you’ll be able to see if the money you’ve saved will be adequate to meet your retirement needs.

What Do You Want?

You probably have two general goals for your retirement savings. Your first goal is to have enough money to cover your basic living expenses: rent or mortgage, food, utilities, taxes, transportation, insurance, and so on. Your second goal is to have enough to pay for the extra things you’d like to do during retirement: travel, pursue hobbies, spend time with family, relocate, or any other plans you’ve dreamed about.

You probably have a good idea of how much your basic expenses will be, but what about the extras? Think about how much they will cost. If it’s more than you think you’ll be able to afford, you might consider increasing your retirement plan contribution while you’re still working.

Here’s to Your Health!

Live payroll checks are like maps. They still work, but having your checks deposited electronically is easier, faster, and more convenient. No more trips to the bank or lost checks. And you have immediate access to your money. If you wish, you can direct money into more than one account. Tuck some cash into a vacation fund every payday, for example, and next summer’s trip could be paid for in full before you leave.

Make a Practice Budget

Your financial professional can assist you with designing a spending plan. First, write down all the expenses — basic and extra — that you expect to have in retirement. Then, estimate your retirement income from all sources — pensions, employer retirement plans, individual retirement accounts, Social Security, etc. Will you have enough income? If not, start thinking of ways to increase it. Contributing more to your plan, continuing to work for a few additional years, or getting a part-time job in retirement are possibilities to consider. Be sure to consult a professional before taking action.

Investments are not insured by the FDIC, are not deposits or other obligations of, and are not guaranteed by, any bank or bank affiliate. Investments are subject to risks, including possible loss of principal amount invested.

The information in the Financial Resource Center is provided for educational purposes only. The Financial

Resource Center is not financial or investment advice. The Financial Resource Center may not

comprehensively incorporate all aspects of risk, other assets, or your personal circumstances of your

individual situation.

BOK Financial | P.O. Box 2300 | Tulsa, OK 74192