THE NEW HOLISTIC RETIREMENT • 57 In this way, my grandparents and their peers in the Greatest Generation were able to spend less in retirement . Since they spent less, they needed less income. And by taking less income, they could move into a lower tax bracket. But are our generations willing to do the same? My parents are b aby boomers. My mother is a ret ired teacher, and my father— in addit ion t o b eing co-author of this book—is an actuary and business owner. With retirement on the horizon, their lives look dramatically different fro m that of their pa rent s. My parents recently bough t a lakehouse near our home in Kentucky so the family could have somewhere to create memories together. They moved into one of the trendiest neighbor hoods in our city so that they c an walk to restaurants and entertainment. They’ve been traveling extensively. In short, my parents, and b aby boomers like them, are living full lives in retirement. They are not willing to take a lifestyle cut just be cause th ey’re r etired . Why does this matter? If my parents want to maintain their lifestyle in retirement, they will need to maintain their income in retirement. And, if they maintain their income in retirement, it’s likely they’re going to maintain their general tax bracket as well. So ask yourself: Do you think like my grandparents and want to reduce your lifestyle in retirement? If so, tax- deferred saving may work out in your favor. Or, are you like my parents and want to maintain your lifestyle in retirement? If so, it’s time to ask if deferring taxes is the right a pproach.
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