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22 | | Summer 2017 22 | | Summer 2017 fter retirement, you may be able to sleep late instead of rising early to head off to work, but that's not the only change on the horizon. Your fi nancial priorities may change as well. The most obvious diff erence, of course, is that you won't be factoring in income from a job. But the good news is that you'll no longer be saving for retirement. "If you're putting in 10 to 20 percent of your earnings for retirement, that's 10 to 20 percent you're not going to need," says Rod Chisholm, a certifi ed fi nancial planner with Flagship Financial Group, located at American Airlines Federal Credit Union. Other diff erences usually include lower taxes and less spending for wardrobe, lunches, commuting costs and other work-related outlays. All told, Chisholm says, he advises many clients that they can maintain their pre-retirement standard of living if they can replace approximately 70 percent of their pre-retirement income with a combination of Social Security, pension and retirement savings. Once they stop contributing to retirement savings from their paychecks, most people also change the way they invest. "While you're working and saving, you're looking for growth," Chisholm says. "Once you retire, you have to switch. It's not how much I can save, it's how I can make it last." Generally speaking, people at or near retirement have less of their savings invested in stocks and more in bonds. That's because bonds are less likely to decline in value during a market fl uctuation. Protecting principal is more important in retirement than while you are still earning and saving. If market values decline steeply while you're building your retirement savings with regular contributions, your contributions A