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Balancing Income and Expenses​

You may find it helpful to separate your recurring funds and expenses from your one-time funds and expenses.  You can then make sure that your income and expenses in both categories are balanced.  The following table gives some examples of each type.

​Type Source of Funds​ Estimated $​ Expenses​ Estimated $​
Recurring​

Social Security

 

Benefit from TSERS or LGERS

 

Post-retirement job

 

Monthly pension created by 401(k)/457 transfer

 

Other defined benefit pension

_________

 

_________

 

 

_________

 

 

_________

 

_________

Mortgage and property taxes or rent

 

Utilities

 

Insurance premiums (including medical)

 

Repeated prescriptions or doctor visits

 

Groceries

 

Gas

 

Car payments or saving for a new car

 

Other​

_________

 

 

_________

 

_________

 

 

_________

 

_________

 

_________

 

_________

 

 

_________​

One-Time​

401(k) or 457 account

 

Emergency fund

 

Savings or brokerage account​

_________

 

_________

 

 

_________​

Car or house repairs

 

Gifts to children or grandchildren

 

Money left to heirs or charity upon death

 

Medical emergencies

 

Travel/Other

_________

 

 

_________

 

_________

 

_________

 

_________​

 

The NC 401(k)/457 transfer option allows you to convert one-time funds into recurring funds, i.e., monthly pension.  This means that if your one-time funds are more than sufficient for your one-time expenses, but your recurring funds are not sufficient to cover your recurring expenses, then you may choose to make a transfer to bring your finances back into balance.  If your funds in both categories are insufficient, then you will need to work longer or lower your expenses.

If you desire to leave money to others after you die, you should also consider the types of funds and expenses that they will have.  Do they need additional recurring sources of funds or additional one-time sources of funds?