Planning a comfortable retirement typically means having more control over your finances. You need to take a look at your investments, savings and cash on hand, but you should consider your living expenses and lifestyle choices.

Knowing your financial needs helps you prepare for retirement.

Taking a clear look at your living expenses means asking the following questions:

Another important consideration is your healthcare costs in retirement. Medical expenses and long-term care play a role in your budget. Evaluate the following when factoring for healthcare costs in your financial strategy in retirement:

There are several types of retirement accounts that carry various tax implications. First take a look at traditional IRAs vs. Roth IRAs.

Here are a sample of other plans and employer-sponsored accounts that have tax implications:

In the 1990s, William Bergen designed an approach to withdrawals using a balanced portfolio by considering both stocks and bonds. Under the 4% rule, retirees should withdraw 4% of their savings each year during a 30-year time frame. Presumably subsequent withdrawals at the 4% rate account for inflation.

There are pros and cons to the 4% rule:

A dynamic withdrawal strategy takes into consideration withdrawals based on market conditions and your spending needs. Unlike other withdrawal approaches, the dynamic strategy focuses on the individual's personal financial landscape to decide when to withdraw funds. Here are few approaches that are labeled as dynamic strategies:

You set upper and lower limits based on portfolio performance. If the portfolio increases the withdrawal amounts increase if it falls in the upper guardrail limit. If the portfolio decreases, the withdrawal limit is reduced so it stays above the lower guardrail.

In this method you withdraw a fixed percentage of the portfolio each year. If the portfolio is doing well, the amount you receive will be higher. Conversely, if the portfolio is in a downturn, you will not receive as much money.

You can set a minimum withdrawal amount for essential expenses and a maximum withdrawal amount for discretionary spending. Withdrawals will fluctuate.

The bucket strategy is an approach to withdrawing retirement funds based on risk tolerance and age. Your retirement savings are divided into buckets. Each bucket is designed to meet your needs over a specific period.

To maximize your benefits, knowing how to approach your social security benefits is important.

Consider the following when deciding when to take advantage of your social security benefits:

You do not want to lose the purchase power of your money over time. Implementing tax-efficient withdrawal strategies will help you maximize your retirement savings. Here are three strategies you can use:

Withdrawing too early or late could have consequences on your finances in retirement. Try to avoid the following when approaching your retirement withdrawals:

Many retirees become overzealous when entering retirement and may take too many withdrawals out of their accounts. They are eager to spend money on vacations, a dream house or home upgrades. Spending too early can chip away at the nest egg and leave you straddled for funds when you need them the most.

Underestimating healthcare costs is detrimental for retirees. Relying heavily on retirement funds for long term care may mean you have quite a bit less for other expenses. Consider a separate long-term care insurance policy or a HSA for medical expenses.

You are required to take required minimum distributions from your IRA and 401(k) accounts. Not taking the distribution at the right time means paying a penalty. Know exactly when you should take your required minimum distribution.

The 4% rule is meant to be a guideline for retirees and not a complete approach for withdrawals. You must consider for market fluctuations and unexpected expenses. Sometimes relying too heavily on the 4% rule means withdrawing too heavily in a downturn and too little in a prosperous market.

Sometimes withdrawing too much can put you in a higher tax bracket. This will cause a higher tax burden and reduce net income.

The fear of running out of money may push some retirees not to withdraw enough money during retirement. This approach could prevent retirees from enjoying the full benefits of retirement.

Designing a retirement withdrawal strategy that fits your lifestyle and financial needs. By combining foundational guidelines like the 4% rule with dynamic, flexible approaches, you can adapt to changing markets, inflation and personal spending.