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Retirement brings a lot of change.
You might think that you only need to be smart about saving andinvestingyour money.
However, even people whove done a great job preparing for retirement can accidentally outlive their savings.
Yes, the steady paycheck youre so used to will be replaced by other sources of income.
Thats why budgeting is the first thing you must learn about wealth management.
Having a budget in place is absolutely critical, said Anthony Saccaro, president ofProvidence Financial & Insurance Services.
Find a Balance Between Income and Growth
Managing your investments is different during retirement.
Create an Emergency Fund
An unexpected expense can wreak havoc on your budget.
Thats why having an emergency fund with at least a years worth of expenses is vital.
Withdraw Money From the Right Accounts
Every penny counts when managing your finances in retirement.
Another important tip is to strategically withdraw from your tax-advantaged retirement accounts.
Most retirement advisors suggest withdrawing money from taxable accounts first, followed by tax-deferred accounts.
Its a more tax-efficient way to manage your money.
Even with Medicare coverage and supplemental insurance, all the medical expenses can quickly add up.
Thankfully, as we get older, we have a much clearer understanding of whats important and whats not.
If you focus more on your priorities, you may spend less overall.
Dont Stop Planning
You should start saving for retirement as soon as possible.
But you dont have to be a part of this number.
Retirement is not the end of the road regarding managing money.
In some ways, its more complicated than ever before.
You must still adjust your plans and goals as you move through life.
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