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A realistic retirement budget needs to account for more than routine monthly bills. Healthcare, home repairs, transportation, taxes, family support, travel, entertainment, and future home modifications can all affect how much you spend in retirement.

A retirement spending plan can help you understand how your income and expenses fit together after you stop relying mainly on a paycheck. Start with essential costs, identify flexible spending, list retirement income sources, prepare for irregular expenses, and review the plan as your needs change.