As I have attempted to summarize the key messages and themes that have underscored my writing and research, I find that the following eight guidelines serve as a manifesto for my approach to retirement income planning. It is helpful to start with these guidelines because I will ultimately talk about how to implement these guidelines in practice.

Play the long game

Retirement income plan should be based on planning to live, not planning to die. A long life will be expensive to support, and it should take precedence over assuming one will not live long. Fight the impatience that could lead you to choose short-term expediencies carrying greater long-term cost. This does not mean, however, that you sacrifice short-term satisfactions to plan for the long term.

Many efficiencies can be gained from a long-term focus that can support a higher sustained standard of living. Retirees must still plan for a long life, even when rejecting strategies that only help in the event of a long life. Remember, planning for average life expectancy is quite risky—half of the population outlives their expectancy. Planning to live longer means spending less than you otherwise would. Developing a plan that incorporates efficiencies that will not be realized until later can allow more spending today in anticipation of those efficiencies. Not taking such long-term, efficiency-improving actions will lead to a permanently reduced standard of living.

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