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36 Don’t Make Me Say I Told You So
The
Income
Pyramid Protection Long-term Care
Needs Longevity
Life
Health
Recreation
Discretionary Needs Travel
Non-necessity
Unexpected Income Needs
Food Medication
Basic Needs
Housing Client Speci c
The second category is discretionary needs. This category is
harder to define, because each person decides what is a “need”
in addition to the basics to stay alive and keep a roof over his or
her head.
Discretionary Needs
► Clothing ► Gifts
► Dining out ► Entertainment
► Travel ► Recreation
► Hobbies
The third and final level of expenses in retirement is
“protection expenses.” These expenses protect loved ones
financially or stave off a financial disaster during retirement.
Chapter 2: You’ll Need More Money Than You Think
