Sentences with phrase «own essential expenses»

First, add up your essential expenses, such as your mortgage or rent, utility bills, cell phone, food and child care.

«You should set aside enough cash to cover your essential expenses for three to six months,» she said.

You might want to consider covering your essential expenses with guaranteed income sources that have inflation protection, for instance a lifetime annuity with an inflation rider.

So you should only use part of your retirement savings to buy one — just enough to cover your essential expenses.

As a result of this positive behavior, the number of people who are likely to afford at least their essential expenses in retirement jumped seven percentage points since 2013, from 38 to 45 percent.»

When times get tough and we have market declines, we can always scale back a bit since our essential expenses will be low to begin with.

Work to keep your essential expenses under 50 % of your take - home pay, and be sure to save for the future too — contribute at least enough money to your workplace retirement account to get the entire match from your employer.

Among those who plan to work in retirement out of financial necessity, a survey by the Transamerica Center for Retirement Studies found 43 % expected to use the money to cover essential expenses, 37 % to pay for health care, and 20 % to save more for retirement.2

If you don't need your distributions for essential expenses, RMDs may be a nuisance.

This income can help you meet your essential expenses, lifestyle expenses, or both.

Next, map out ways to meet essential expenses with guaranteed income sources, and discretionary expenses with non-guaranteed income.

The distinctions between needs and wants will be different for everyone, but once you have your list, it makes sense to match essential expenses with guaranteed income — money that you can't outlive — like Social Security, pensions, and lifetime annuities (which let you convert savings into guaranteed income).

The rest of the needed cash for the first five years will come from savings and capital gains from our brokerage accounts, where we'll have enough in low - risk investments to cover our essential expenses.

If we were to stop working today and just continue living as is and without moving from our apartment, just the passive income from the dividends and the rental property would cover all of our essential expenses including all food, housing and transportation costs.

There are many approaches, but it starts with a budget that identifies your needs — essential expenses like food, housing, and health care — and your wants — discretionary expenses like travel, eating out, and entertainment.

But, you will probably be able to reclaim essential expenses.

Think them all through, particularly with regard to what you consider essential expenses.

Next to clothing and communication, nutritional sustenance is undoubtedly the third essential expense that will hog up most of a single mom's budget.

Find ways to trim essential expenses, like moving to a more affordable home or downgrading your phone plan, and limit non-essential spending as much as possible.

Include both essential expenses like housing, utilities, insurance, transportation, groceries, and non-essential expenses like entertainment, clothing, and eating out.

But if you're covering most of your essential expenses from Social Security, pensions and (if needed) annuity payments, you should have flexibility to adjust withdrawals as needed.

In setting your initial withdrawal rate, you'll also want to consider how much of your expenses you can cover from Social Security and any pensions, what other resources you have to draw on (home equity, income from an annuity, cash value life insurance, income from a part - time job) and how much of your retirement spending goes to essential expenses that you would have a hard time trimming vs. discretionary items that leave you with a lot more leeway cutting back should you need to in the future.

You can then rely on draws from the remainder of your savings to cover whatever remains of essential expenses, plus discretionary outlays (travel, entertainment, etc.).

The main reason people get term life insurance is to protect against loss of income in case of death, so their loved ones will be financially secure and can cover essential expenses, including living expenses, mortgage payments, and college tuition.

If, on the other hand, your Social Security and any pension payments fall well short of covering your essential expenses, then you might want to consider closing or narrowing that gap by devoting some, but not all, of your nest egg to an immediate annuity that can generate additional lifetime income.

An income annuity can be used to supplement your income and help you meet your essential expenses, lifestyle expenses, or both.

Let's say, for example, that after Social Security and any pension payments, you still need another $ 1,000 a month, or $ 12,000 a year, to cover your essential expenses.

You can do that by going to an online tool like BlackRock's Retirement Expense Worksheet, which allows you to break down your expected retirement expenditures into upwards of 50 different items, ranging from essential expenses like food, clothing, housing and health insurance to discretionary ones such as travel, entertainment and charitable donations.

If those sources alone aren't enough to pay most or all your essential expenses, you may want to consider devoting a portion of your nest egg to an immediate annuity to cover of the shortfall.

They also find a way for you to still be able to keep your credit cards for essential expenses and any type of emergencies.

If you've got a big enough emergency fund — a minimum of six months» essential expenses — you'll have the buffer you'll need to deal with a rise in interest rates.

Besides, getting people to save even six months» worth of essential expenses is a tough haul.

Start by focusing on just your essential expenses: the things that will keep body and soul together.

After that, you'll try for one month's worth of essential expenses.

If you don't have a guaranteed stream of retirement income beyond Social Security — such as an annuity — to help cover essential expenses, consider focusing on paying off your mortgage to eliminate that expense.

It respects being the need to be able to plan by choosing a floor level at your essential expenses, and allows for more spending if things are going better.

These withdrawals will vary from year to year, so you shouldn't count on them for your essential expenses.

Are you confident that you'll have enough income to cover your mortgage as well as other essential expenses in retirement?

In planning for retirement, you want to be sure you can effectively replace your paycheck, cover essential expenses, maintain your desired lifestyle and perhaps even leave a legacy.

You'll know that no matter how long you live and regardless of how the financial markets perform, you'll be able to cover your essential expenses with guaranteed income.

Summing up, think of all the things you do on a weekly, monthly and yearly basis and find ways to reducing the amount of money you spend on non essential expenses.

At the highest level, there are two categories — essential expenses and lifestyle expenses — and your income strategy should take both into account.

Gail Vaz - Oxlade, author of Debt - Free Forever and host of Til Debt Do Us Part, says saving up six months» worth of essential expenses in an emergency fund is a key component of any sound financial plan (source).

This income can help you meet your essential expenses, lifestyle expenses, or both.

If you're considering taking out a loan write down a list of all your household essential expenses as well as income, including state benefits that you receive.

If you stay put, you can cover essential expenses by borrowing against it with a reverse mortgage or home equity line of credit — albeit only as a last resort.

«You should set aside enough cash to cover your essential expenses for three to six months,» she said.

This combined effort will soon show its effectiveness as you will notice how the amount of money you pay on interests is progressively reduced and you will be able to retake all the non essential expenses you had to cut in order to get out of your debt problem.

You're able to meet all your essential expenses.

Half of Americans are not on track to generate enough post-career income to cover their essential expenses in retirement, according to a recent survey of nearly 3,200 working adults by Fidelity Investments.