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Income planning considerations for Americans approaching retirement

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Millions of Baby-Boomers are retiring every year and preparing for income needs and expenses in retirement is always at the top of mind. During the pandemic, an additional 1.7 million Americans retired earlier than what would have been expected, according to a recent report from The New School’s Retirement Equity Lab. Inflation, medical costs, and housing are just a few of the expenses retiree’s must consider as they begin the next phase of their lives. A common question retirees ask is how to best utilize their savings effectively and efficiently after their careers end. So, what are some intelligent financial planning strategies for those approaching retirement and once retired, how should money best be used?