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During Retirement, What Planning Should Retirees Do Before They Retire

Introduction to the Problem

For decades, it was presumed that investors would need to seriously focus on wealth accumulation, so that when they retired they would have the lifestyle they would need. It was also assumed that the lack of income, from employment, would result in lower tax brackets for retirees, and that much income, if possible should be deferred to these retirement, or low tax bracket years. Finally, a common assumption was that the retiree would have fewer needs and need less money.

All of these assumptions have been called into question in the past decade, and for many investors, none of these are true.

It is true that some expenses may disappear, such as the children's education and the six-bedroom house, and income taxes certainly are no longer paid on your employment income, and many work-related expenses disappear.

But, many new expenses now appear, particularly travel, vacation, and even second home costs are all increasing with the retirement phase of many investor's lives. Thus, if you are making your financial plan, and even if you have four decades until retirement, you ought to plan for what you think your retirement spending might be. The Estimating Retirement Income Form may help you determine how much you will have available to spend.

During Retirement, What Planning Should Retirees Do Before They Retire
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