Ask Jennifer: Managing Your Budget in Retirement

(NECN) - Jennifer Lane, a certified financial planner with Compass Planning, joined NECN to answer your financial questions.

Tuesday on Ask Jennifer, Lane shared some tips on how to manage your budget in retirement.

Thelma in Shrewsbury, Mass. wrote, "My husband and I retired two years ago. Food and health care have turned out to be much more expensive than we planned. How can we tell whether or not we're overspending our assets?"

"This is a big concern, especially if you retire a little on the young side," said Lane. "A good rule of thumb is to not take more than four percent of your money out in any one year ... Also keep in mind that your expenses are not necessarily going to be the same throughout retirement, so think about some short-term stuff that is important."

Lane also recommended tracking your expenses on

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