Planning for retirement doesn’t end on your last day at work. You need a plan for the years after retirement, too. This may sound surprising to most people, as their idea of retirement planning revolves around saving during just their working years.
Retirement planning has two phases. And successful retirement is about preparing for both. Both require different approaches. It is also very important to manage the transition from one phase (before retirement) to the next (after retirement) smoothly.
Part 1 of Retirement (Accumulation)
This phase is when you keep putting aside money for retirement. Depending on when you start working (saving) and then stop working, this phase can last for 25 to 40 years!