How can you plan to retire one day if you don’t know how much income you’ll need? You need to write a retirement budget. It’s actually pretty straightforward, but, in my view absolutely essential, unless you’re another Donald Trump with a few billion US$ to play with. Here’s how you get started. Ignoring inflation, picture yourself ready to retire. You have no debts and the kids are off your hands and supporting themselves. So all you need is enough after tax income to support your lifestyle and replace things like computers, motor cars and washing machines as and when they…
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