Once you’ve reached the retirement mountaintop, you may be uncertain about how to navigate the descent. Have you saved enough? Will your money last as long as you do? If you’re like most of the people we meet, you likely share similar retirement concerns.

David Shapiro joins Better Money Boston with WCVB Channel 5 to address these common questions and offer professional insight into retirement income planning.

Adjust Your Mindset

Planning for retirement and living in it require two very different financial mindsets. During your working years, your focus was on accumulating and growing your savings. Once you retire, it’s critical to shift those objectives to preserving your assets and generating reliable income. Without a monthly paycheck to rely on, you need a solid strategy to replace that income for the rest of your life.

Establish a Clear, Actionable Plan

Having a clearly written, concise retirement income plan is key. This plan can encompass everything from estimating the monthly income you’ll need to maintain your lifestyle to identifying realistic rates of return for your risk tolerance. Most notably, it can provide peace of mind – helping to ensure you can fully enjoy your retirement years without fear of outliving your money.

Prepare for Rising Costs

Today’s retirees may need to plan for 20 to 30 or more years in retirement. To build a secure financial future, it’s essential not only to establish a stable income stream but also to ensure it can grow alongside rising costs. Implementing periodic income increases into your plan can help you prepare for the impact of inflation.

One of the largest expenses that you may face is healthcare, particularly long-term care. About 70% of people turning 65 today will require some form of long-term care. Even if you don’t end up needing it, planning for this potential cost can help prevent a long-term care event from derailing your retirement.

Consider Your Legacy

Legacy planning is another important aspect of your income strategy to consider as you move further into retirement. Whether you choose to support a charity or cause close to your heart, or leave money for your children or grandchildren, it’s important to plan for enough income to not only support your lifestyle but also leave a meaningful legacy behind.