For most of us our entire working career is spent with one long-term goal in mind, retirement.  And that's great!  But the problem is that many people are so focused on saving for and getting to retire that they don't think about how they will manage their money once they get there. The reality is that there is quite a bit that you have to think about when it comes to planning your retirement budget.  You have to consider your health, age, and hobbies in order to put together a realistic plan.  Remember, the idea is to not run out of money, so here are a few things that you might want to think about.

Life Expectancy

The reality is that people are living longer, and that's not a bad thing!  The latest numbers show that a 65-year-male can expect to live around 82 years while a woman of the same age can expect 85 years.  The problem is that when you run the financial numbers, most people's retirements will run out in less than 10 years.  This is a problem as the goal is not only to reach retirement, but to also be able to enjoy it!

How to Plan

If you want your money to last as long as you do, then you need to have a tight plan in place.  The latest numbers suggest that the typical retiree will need 70% to 80% of their pre-retirement income in order to live comfortably.  To find out if you are on track to meet that number, just look up one of the many retirement calculators out there on the web.  All you have to do is plug in a few numbers and you can see exactly where you are.
 
How to Make it Last

Now that you know exactly how much money you have at your disposal, the trick is to figure out how to make it last.  The first thing that you need to do is set a strict budget, and don't live outside of your means.  Often times when a person retires they get control of a large sum of money all at once.  It can be tempting to spend that money and it's not easy to have the discipline to let is sit in the bank.Most experts agree that you can plan to use 3% to 4% of your cash and not outlive your money.  Any more than that and you could run into problems. 

Another tip is to be strategic in how you withdraw your money.  A good rule of thumb is to use your regular taxable accounts first and let your tax-deferred accounts build for as long as you possibly can.  If you have any questions about this then consult with a financial professional, they can walk you through the process and answer any questions that you might have.

Remember Your Health

Healthcare expenses can creep up unexpectedly and they can put a large dent into your retirement income.  You might consider looking into long-term care insurance or other types of supplemental insurance.
 
Social Security

For most people Social Security does help, but it will only replace about 40% of your income.  One fact to remember about Social Security is that the longer you wait before claiming, the higher your benefit will be.
 
A New Career

While most of us look forward to retirement and not having to punch a clock, many people find that the endless days quickly start to get to them.  Staring a new job is a good way to generate extra retirement income and beat out boredom.  If you are interested in starting a new career after retirement, then look for something with a flexible schedule.  While it's nice to have extra income, this is your retirement, and you deserve to enjoy it!