The One Budgeting Rule Retirees Should Follow in 2025, According to Experts

Core Insights - Budgeting is crucial for retirees due to fixed income and rising costs, necessitating a clear spending plan and income sources [1] Group 1: Retirement Budgeting Strategies - The first step in retirement budgeting is to understand one's financial situation, emphasizing the importance of knowing specific numbers related to assets, liabilities, income, and expenses [3][8] - Required Minimum Distributions (RMDs) should be strategically planned, as they are mandatory withdrawals from retirement accounts starting at age 73, which can be timed to help manage expenses [4][5] - Retirees should avoid overspending from their 401(k) or IRA by implementing a withdrawal strategy to ensure longevity of funds, as these accounts offer full liquidity but can lead to financial mismanagement [7][8]