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The following guidelines serve as a manifesto for my approach to retirement income planning.
1. Play the long game.
A 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 death planning. 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 for as long as you live.
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