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Don’t Make Me Say I Told You So 35

There have traditionally been four categories of needs in
retirement.

Basic Needs

► Housing

► Food

► Transportation

► Medical – prescriptions and healthcare

When it comes to basic needs, the Baby Boomers have

redefined the term. In a study conducted by MainStay
Investments, Boomers listed items as basic needs in retirement

that were once thought of as luxuries:

► Internet connection ► Having elder care/home

► Shopping for birthdays aid
and special occasions ► Professional hair cut/

► Pet care color

► An annual family ► Funding children/
vacation or weekend grandchildren’s
getaways education

Chapter 2: You’ll Need More Money Than You Think