Strategies to stick with in retirement

With more people than ever before living well into their 80s, 90s or even longer, it doesn’t make much sense to think of retirement as a static, final stage of life. Instead, it seems more realistic to view it as a life cycle all its own that may include unique and varying stages along the way. As a result, a successful retirement plan is one that takes a fresh look at income and expenditure requirements at all phases of life after work.

Here's three strategies to keep you on track:

1. Keep expenses in check

The vision you have for retirement depends on how much you save, but also on how well you manage your cost of living. Making sure that your retirement income will cover your expenses now and in the future requires careful planning.

2. Develop a withdrawal plan

It’s important to formulate a strategy for withdrawing income from your retirement portfolio, otherwise you may find yourself outliving your savings. Meeting regularly with a trusted financial advisor may ensure your income continues to meet your evolving retirement needs.

3. Stay focused

Make sure your retirement is measuring up by periodically reminding yourself of what it is you hope to accomplish in your golden years. Whether that’s travelling the world, learning a new language or just relaxing with a beer in the backyard, have fun and live the life you worked so hard to save for.