Core Insights - Retirement presents financial challenges for many retirees, who must balance debt, everyday costs, healthcare needs, and legacy goals simultaneously [1][2] Financial Priorities for Retirees - Retirees are directing funds towards multiple goals, including debt repayment, savings, and healthcare expenses [2][7] - A financial plan is essential for retirees to prioritize their competing financial needs [2] Key Financial Strategies - **Fund Essentials First**: The primary focus should be on covering basic living expenses [3] - **Attack High-Interest Debt Next**: Prioritize paying off high-interest debts, such as credit card debt, to prevent it from escalating [4] - **Build Liquid Savings**: Establishing emergency savings and continuing retirement savings should follow [6] Current Financial Activities of Retirees - 41% of retirees are paying off debt, with 28% focusing on credit card debt, 20% on mortgages, 8% on other consumer debt, and 2% on student loans [7] - 33% are building emergency savings, while 27% are managing basic living expenses and another 27% are saving for retirement [7] - 21% are creating an inheritance or financial legacy, and 20% are covering healthcare expenses [7] - 19% are saving for major life purchases or events, and 16% are providing financial support to family members [7] Legacy Goals - Legacy goals should be deferred until core financial needs are secure, as retirees must prioritize their own financial stability first [8]