No, I’m not talking about that “B” word! I’m talking about that curse word that most advisor’s broach with their clients, BUDGET. Now, I’m not talking about a budget in the sense that everyone has to have an itemized spreadsheet with dollars allotted for each activity, spending countless hours a week micromanaging. Generally its having an idea of how much income is coming in and expenses that are going out every month. To be frank, when you retire not only will you have to know your personal budget but also live within it. Otherwise you run the risk of running out of money.