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Investor Education

Keeping on Track: During Retirement

Once you have reached retirement, you will want to focus on keeping peace of mind, retaining your financial security and independence, and deciding what, if any, type of financial legacy you want to leave. Although you have reached retirement, it is wise to continue to evaluate your current finances and investments to determine if you have planned appropriately. Were your projections for your retirement needs accurate? Were there unforeseen expenses, due to inflation, advances in healthcare, increased medical expenses, and increased longevity that you had not taken into consideration?

Some financial considerations for this phase of your life

  • Look at how inflation might affect your cost of living over time. Does your investment strategy account for increased expenses?
  • Be aware of the “burn rate” or how quickly you will use the funds you have available from your retirement assets.
  • Be aware of potential investment scams and fraud as you may become a target for elder abuse or fraudulent investments.
  • Even in retirement you still need to have an investment plan that will provide growth as well as preserve your retirement funds.

Keep your retirement on track

  • Continue to research the terms and conditions on your retirement accounts. For example, make sure you understand “roll-over” requirements and restrictions.
  • Continue to review your investment account statements. Understand how your funds are being invested.
  • Assess standard of living costs, risk tolerance, asset allocation and mandatory withdrawals from retirement accounts.
  • Understand tax implications in retirement, such as withdrawing funds.
  • Avoid investment fraud. Learn how to identify predatory scams and remember, there is no such thing as a free lunch!

Making Your Money Last in Retirement action guide

The Investor Protection Institute and Kiplinger’s created this 7-step action guide for adults ages 70 and older. Use this guide to help maximize income from your savings and to ensure your money goes the distance.