Last month, we discussed why rampant inflation and the stock market decline necessitate changing your plan for a successful retirement. This requires planning your “second act” to maintain a purpose in life and stay emotionally, socially, and psychologically connected. Also, consider joining the hundreds of doctors we’ve helped successfully cut back on their clinical hours by moving to a staggered three-day work week to “test drive” how you’ll spend your time in retirement. While that’s important, you’ll also need to adjust your financial plan to ensure you don’t outlive your money, using the following strategies.

Recalculate Your Retirement Spending Plan

For decades, conventional wisdom has been you’ll need to spend only 70-80% of your current personal living expenses to maintain your standard of living in retirement, since certain expenses will decrease. For example, your home mortgage is typically paid off in retirement, you’ll likely no longer