Comfortable retirement requires careful planning and financial discipline. Managing your money can be a daunting task, but it need not be. What few advisors tell you is that some of the habits you adopt when it comes to managing your money before you actually retire, should still be pursued once you enter your retirement years. For example, creating and sticking to the budget is one of those useful habits. Periodically checking the performance of your invested money and rebalancing when needed will ensure you don’t run out of money.
Key Takeaways:
- During retirement, a fixed income and high medical costs make it necessary to live within a budget.
- The 4% rule states that you should withdraw only 4% from your retirement account during the first year.
- Make a habit of regularly reviewing your investment portfolio and rebalancing your assets annually.
“To help protect your financial security in your later years, here are three habits to put into place before leaving the workforce.”
Read more: https://www.fool.com/investing/2021/10/27/3-financial-habits-to-adopt-before-retirement/
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