If you’re retired, it’s easy to let your finances go on autopilot. Since October is National Retirement Security Month, it’s a good time to revisit some areas that can impact your longterm financial security and help your money last a lifetime.
Consider these suggestions:
• Manage your withdrawal rate. You’ll likely need to tap into your retirement accounts — your IRA and 401(k) or similar employer-sponsored plan. But think carefully about how much income you withdraw every year. If you take out too much, especially in the early years of your retirement, you risk outliving your resources. You have the option of withdrawing from these accounts at age 59½. Once you turn 73, you’ll be required to take out at least a certain amount each year based on your age and account balance.
