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5 Reasons Every Boomer Should Stick to a Budget

When you're nearing or in retirement, it's more important than ever to improve your budgeting skills.

Americans are notoriously poor savers. According to a 2014 Bankrate survey of about 1,000 U.S. adults, 60 percent of Americans could not afford to pay for most unexpected expenses. If you're in retirement or close to retirement, this could be a big problem. But there is a way boomers can be better prepared: become better at budgeting.

But with all of these tools, few people ever plan their monthly expenses. Many people likely take a guess and are off by thousands of dollars. Making matters worse, people tend to think they will spend less in retirement, when they will probably spend the same amount or even more. If you're a boomer nearing or in retirement, here are five reasons you should be budgeting.

You can determine how much you are spending.
You can set aside money to keep and money to give away.
You can create a beneficial habit.
You can manage ever-increasing expenses.
You can save more for unexpected or discretionary expenses.

Read the whole article here: http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2015/05/29/5-reasons-every-boomer-should-stick-to-a-budget

 

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