Cash flow planning is the process by which the flow of income necessary to sustain a given standard of living in retirement is identified and financed. It is perhaps the most critical part of retirement planning. Cash flow planning for retirees depends crucially on two factors: (1) the resource constraints a retiree faces in terms of assets and other retirement income sources and (2) the desires and needs a retiree has for spending in retirement. Both of these, in turn, depend to a great degree on when the planning is done. (more…)

With changes in lifestyle after you retire, you could be spending more money related to health, recreation, your home, and your hobbies after retirement. Your cost of living after retirement may increase as well.

Medical

As previously mentioned, your medical costs will increase post retirement, and you’ll need to budget for this expense accordingly. (more…)