Even Millionaires Need a Budget

This Kiplinger article is really thought provoking. It’s called Retirement: It All Starts with a Budget.

In it, Pete Cymbalak shares some insights. Here’s one that really resonated with us:

I have seen people with $5 million, and as it turns out, it is not enough — because their spending is too high for the assets they have. Yes, they have enough to “get by,” but a person or couple who have saved that much often have a lifestyle they want to maintain in retirement as well. Had they just looked at and created a budget, they would not be so surprised that they will not be able to live the lifestyle they are accustomed to now they are entering retirement.

Cymbalak gives some really interesting tips in the rest of the article. If you want to read the about what else he has to say, just click on this link to Kiplinger.