Retirement is typically comprised of several phases. The "Prosperous Retirement" profile (coined by advisor Michael Stein) is an anecdotal illustration of what many experience. The first decade or more in retirement can be quite active resulting in spending at or greater than was spent pre-retirement. This 'Active' phase is important to maximize as long as good health, the freedom of new-found time and a 'bucket' list persist. This phase gives way to a more passive or 'Slow-Go' phase when spending tends to decline in real terms. The 'Final Phase' sees lifestyle spending continue to decline while health care and long term care expenses may rise significantly. Recognizing these 'phases' can help individuals craft a retirement income and spending plan aligned to how they are likely to spend their time while planning for key risks later in retirement.