If you're retired, it's easy to put your finances on autopilot.
But checking in periodically can help maintain financial stability throughout retirement.
Here are some suggestions:
First, choose an appropriate withdrawal rate for your retirement accounts.
If you take out too much income early in retirement, you risk running short later.
Next, be realistic when estimating future health care costs.
Even with Medicare, your unreimbursed expenses for medical costs and long-term care needs could be tens of thousands of dollars.
Also, see if you can delay taking Social Security until past age 62.
The longer you wait, the more your monthly check could be.
Here’s another tip: Consider if you're investing so conservatively that your portfolio can’t keep up with inflation.
Finally, if you want to help your adult children and grandchildren financially, make sure you are not giving more than you can comfortably afford.
Retirement can be a wonderful time, especially if you take steps to maintain your financial stability.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC
