A smart retirement plan balances growth and income, is reviewed annually, and can be strengthened with strategies like Roth conversions or delaying Social Security. Here’s a short guide:

1. Know Your Expenses
Add up your monthly costs (housing, food, healthcare, hobbies). Plan for changes.

2. Know Your Income
Add up your income: Include Social Security, pensions, investments, and any extra income.

3. Run the Numbers
A safe withdrawal is about 3–4% of savings per year (e.g., $1M = $40K).

4. Plan for Time & Inflation
Expect to live into your 90s and remember that prices rise over time, so adjust for inflation.

5. Use Tools
Use financial calculator tools,  or work with a financial planner to test different scenarios.

Be careful of these signs:

1. You’re spending faster than you planned.
2. You’re taking larger withdrawals during down markets
3. You have no backup for a large healthcare expense.