Excellent bookkeeping and Accounting skills are mandatory if you want to balance your budget after retiring. The thing is, that your revenues are drastically reduced a jolting forty percent. And besides that, there are no further revenue increases due to the cost of living adjustments (COLA). Inflation keeps nibbling at your meager income and there is nothing you can do about it.
I have been a Comptroller, Auditor, and Accountant all my life, and at the end of my life, I have to use all the tricks of the trade to make ends meet. As they say, “every cents counts”, and in a big way.