Address Your Budgetary Income Needs
When you were working you probably received a paycheck at specific intervals. Your bills are going to continue arriving just as they always did and with the same due dates. Decide how you want to receive your portfolio income. Will it be easy to handle your retirement lifestyle budget getting a monthly transfer? Perhaps you prefer a quarterly transfer.
I was used to getting paid on the 1rst and 15th of the month when I was a working stiff. But my retirement funds are distributed once a month on the 23rd into my Credit Union Savings Account. At first it was hard for me to easily handle my budget, at least in my head. I unnecessarily restricted my spending early in the monthly distribution period.
To allow myself to live my budgeted and planned early retirement lifestyle I decided to transfer ½ on the first and the other half on the 15th from my savings account to my checking account. It was a simple mind trick.
Now that I am a fully transitioned and experienced retiree I just transfer to my checking account once a month for the amount needed. I still have a budget but I now know that some months will come in below and some above. But by keeping spending discipline throughout the year the budget stays intact. Decide how you want to receive your portfolio retirement income.