Be ready for the 3 stages of retirement

Question: Most citizens assume that your income needs will remain constant all through your retirement years. But my wife and I plan to retire early and do a lot of worldly travel and volunteer work while we’re still young. I can’t see us continuing the same travel schedule in our late 70s as in our late 50s. So wouldn’t it be safe to assume that our income needs will go down as we get further into retirement? How should we plan for that? –Brad, Arlington, Virginia

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