What about some webinars or other support for the retired?

I've got to the stage where I am retiring and have a retirement fund and other savings. When you look up retirement on the site there's lots of encouragement to save for it and other bits and pieces but no substantial material on the unique situation of pretty much having all the money you are going to have for the rest of your life and making sure you budget properly for it.

Do YNAB and others have thoughts on this? I realise that some aspects are the same as when you are a wage earner but some are not. It's quite easy to divide the rest of your (expected) life into months and decide what you are going to draw each month. Is that the plan? Keep the pension fund and investments out of the fund and just transfer the monthly amount? Is it that simple? 

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  • Hi Coral Trombone !

    I'm going to pass this along to our development team for further consideration and I'm going to move this to the Investment & Retirement discussion section to hopefully pick up more traffic! :)

    I'm still in that savings stage, so I can't speak from experience, but handling those retirement funds should be based on how you have them set up in your budget. Do you receive a monthly withdraw from a pension or retirement plan? If those funds are entering your budget each month, you'd budget them each month. Do you have an account that's on budget and covering monthly expenses? If that's the case, you could budget ahead to cover expenses or divide it up into monthly portions based on expenses.

    I'm excited to see what others have to add from their own experiences! :)

    • Faness at YNAB Thanks for that. I live in the UK and all my investments including my pension fund - which is the largest part - are totally accessible to me at any time (subject to tax in some cases) - so I don't have a monthly payment although, of course, I can make a monthly or, more likely, quarterly draw.

  • Welcome Coral Trombone,

    There are others here on the boards who are older but, as far as I know, we are still hustling to get more.  

    I believe the main purpose of this site is to help people accumulate more to get to your point. YNAB could help with identifying annual expenses and that sort of thing, if that is what you are in the market for. If you want a withdrawal strategy, have you tried BogleHeads.org or jlcollinsnh.com or Mr. Money Mustache, there are many others. Those are some sites I frequent. As far as fellow seniors, I am one but as I stated earlier, I am still in accumulation stage and not too worried about withdrawal rate, yet..

  • Hi, Coral Trombone

    Here's a link to Patzer's journal. I know he's retired and an experienced YNABer. You may find his writing pertinent to your situation.

    I am still 10-12 years from retirement and focused on saving/investing mode myself.

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  • I realize this topic is months old but I too, am looking for budgeting advice for retiring early. Has there been any progress? Thank you.

    • Hi Chef Sharon !

      Have you taken a look at our Blog Posts on retirement?  There's one specifically on the "FIRE" movement. :)

    • Faness Thank you but I retired when I was 59. I'm looking for a tool that will help me figure out a budget after retirement on a now fixed income. These links and this app in particular, seem to focus on saving for retirement, which I've already done.

    • Chef Sharon I understand now - sorry about that! We don't have any specific resources for using YNAB in retirement, but it would work similarly to handling any other income. Retirement would work like a salary.

      There are a few posts in the forum, like this one, that discuss YNABing in retirement. You can also submit a Feature Request to let our team know you'd like to see more coverage on the topic (I'll also send another request on my end, too!). :)

  • Chef Sharon  I'm retiring this year and also looking for answers and advice. One book I am reading is "How to Make Your Money Last" by Jane Bryant Quinn, which deals with managing money and bills in retirement.  Very practical and with lots of good advice.  I would also suggest talking to a financial advisor - preferably one that is fee-based, as opposed to one that relies on commissions.  

  • This is a pertinent topic for me (soon). Honestly it’s important to think about it ahead of your actual retirement for a few reasons.  I recommend an excellent resource - a book called “The power of zero” by David Mcknight. As i recall, my parents, when they retired, had saved but were quickly falling victim to maturing resources and something called an RMD (required minimum distribution) that spiked their income and wasted some of it in taxes they didnt need to pay. I would like to leverage YNAB in concert with a plan to keep as much of my retirement money as i can and have it last as long as possible. It will take some pre-planning and maybe even retirement sooner than I expected to keep everything in line!  

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  • Yes, this is a good topic and will be more and more important as YNAB and its users mature. I am quickly approaching this stage. The accumulation phase has been the priority to this point but the burn down of assets will be a different usage.

    However, I'm not totally sure it is within the scope of YNAB as a budgeting tool. The most important part of this phase is how you distribute your retirement assets on a monthly, quarterly, or yearly basis which is outside of YNAB. Once you have your income distribution set up, the budgeting part is very similar to before other than no longer needing to save.

    That is significant though. Thinking it through, will Rule 2 be necessary any more? Won't you just take out enough to cover our true expenses? Rule 4? Your money has already aged and will continue to age outside of YNAB. Seems at this point only rules 1 and 3 are pertinent.

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    • Superbone 

      or pull money early!  (Reference early retirement!). I have mixed my retirement resources across a 401k, roths, and brokerage accounts. Each has its strengths but only withdrawals from the 401k will count against my taxes. 

      I had tried building a spreadsheet estimater that takes my balances, adds In expectations on contributions, randomly sets a market rate of return or loss each year and then works in when i retire and start living on the proceeds. What a bumpy ride!  I go from rags to riches each time the random numbers reset!  🤣

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  • Magenta Router said:
    I have mixed my retirement resources across a 401k, roths, and brokerage accounts. Each has its strengths but only withdrawals from the 401k will count against my taxes. 

     I have the same. Brokerage gains will also be taxed. But all of this stuff is above YNAB's pay grade.

  • There is a chicken-egg challenge here. How much do you need to retire?  And Can you assemble that much consistently?  Both questions lean on each other, but if you can get an inkling of one you can start to answer the other.  YNAB is good at answering the first question.  I plan to setup a fake budget and pretend-live it out to see if i could stay inside that. As far as the second question- that takes alot of thought and planning with what you got and what you will likely have.

    Another strong suit for YNAB is leveling peaks and valleys- my models show plenty of those, including some years i get less to live on due to interest fluctuations.  If YNAB can float me thru those, thats a good thing!  

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