Baby Boomers planning for retirement need to stick to a budget, according to one tax expert.
At a conference entitled "Navigating the Baby Boomer Crisis," presented by Berdon LLP, headquartered in New York City, Scott Ditman, a partner in the firm's tax department, recommended that the first step for Baby Boomers considering retirement is the creation of an anticipated budget based on fixed and discretionary expenses and matching that against anticipated income. He also recommended tracking that income and spending for a year to see if the estimates are accurate.
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