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The Phases of Retirement: Updating Your Finances for Your Changing Lifestyle

As people live longer and healthier lives, it may help to view retirement as a series of stages: early, middle, and late. It will be increasingly common to continue working part time in retirement, which impacts income and tax planning. Another important decision will be the optimal time to begin taking Social Security and distributions from tax-deferred accounts. Estate planning and living arrangements, as well as a strategy for payment of increasing out-of-pocket health care costs, will need to be examined regularly. Retirees will likely wish to use a flexible planning approach as they enter this vibrant time of life.

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