Core Insights - The "Spending Smile" analogy illustrates retirement spending patterns, showing a decrease at the beginning, stability in the middle, and an increase due to medical expenses towards the end of life [1][2] Group 1: Planning Strategies - Focus should be on planning for the first and last phases of retirement rather than the middle "dip" [3] - In the first phase, retirees are encouraged to spend on experiences and activities while in good health [4] - Long-term strategies are essential to ensure funds are available for end-of-life expenses, including deferred annuities and life insurance with long-term care riders [5] Group 2: Economic Considerations - Inflation is a critical factor that can affect retirement budgeting, necessitating a strategy that accounts for all income and expenses [6] - Retirees should aim to be debt-free or have a plan to eliminate debt before retirement, as this will provide necessary capital during retirement years [7]