Here is some sage advice from one of my retired clients.

As I have my regular review appointments the conversations often turn to more than just how their portfolios are doing right now. Recently, one of my retired clients brought up a few points that are worth sharing.

First, he said he would have taken smaller (less expensive) family vacations so he would have been able to save more over a longer period of time. He now shares my advice with his Grandkids, save at least 10% form your very first paycheck for your retirement.

Second, realize that everything will cost more. Sure, there are times when prices go down, but inflation takes a big bite out of your purchasing power.

Third, taxes are forever and will constantly change. There have been a few times during his life that taxes have gone down, but mostly have gone up. Not being prepared for taxes in retirement can take a big bite out of your spendable funds.

Like I said, sage advice.