Many focus on saving for retirement, not spending it. A well-funded nest egg can deplete quickly without a clear spending plan. Experts advise balancing lifestyle goals with financial security. Essential expenses like housing and healthcare should be prioritized, with room for flexibility and regular updates to the plan.

It’s crucial to align lifestyle goals with financial realities for a strong retirement spending plan. Consider where you’ll live and how you want to spend your days. Make sure the plan accounts for longevity and includes strategies like delaying Social Security or maintaining investment growth.

Health expenses can derail retirement plans. Medicare doesn’t cover certain care costs, so it’s essential to set aside funds or explore long-term care insurance. Experts recommend segmenting income and setting a safe withdrawal rate. Regular reviews are crucial to adjust for lifestyle shifts, inflation, and unexpected costs.

Start planning and saving for retirement early to leverage tax-advantaged accounts and invest for long-term growth. The savings rate and account type are as important as the investments themselves. Regularly review and adjust your retirement spending plan to ensure it aligns with your income needs and goals.

Read more at Yahoo Finance: 6 Tips for Creating a Retirement Spending Plan