In honor of Financial Literacy Month, we’re focusing on one of the most important financial topics of all.
Budgeting in retirement doesn’t have to be complicated. The 50/30/20 rule is a simple way to manage your money and make it last. Here’s how it works:
- 50 percent for necessities – Cover essentials like housing, food, healthcare, and utilities.
- 30 percent for lifestyle – Enjoy hobbies, travel, dining out, or entertainment.
- 20 percent for savings and emergencies – Set aside money for unexpected expenses or future needs.
If your income is fixed, adjusting the percentages can help. For example, lowering lifestyle spending to 20 percent and increasing savings to 30 percent can build a stronger financial cushion. Small changes make a big difference over time!
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