Top 4 Tools for Retirees

Managing Your Finances in Retirement: Tips from Financial Experts

Retirement is a major milestone in life, but it doesn’t mean you can just set your finances on autopilot. Managing your personal expenses and finances in retirement is just as important as saving for it. Luckily, there are many tools and strategies available to help you keep track of your finances and make sure you’re on the right path.

One option is to work with a fixed-fee advisor, as suggested by Mike Dion of F9 Finance. These advisors can provide an unbiased review of your financials on an annual or quarterly basis, without charging hefty fees based on a percentage of your assets. This can be a great way to get expert advice without breaking the bank.

Another important tool to consider is your 401(k) account. Eric Mangold of Argosy Wealth Management recommends using the retirement calculators provided by your 401(k) provider to get a basic understanding of your retirement readiness. These calculators can give you a grade or score to show you where you stand and help you identify areas for improvement.

In addition to using online tools and calculators, it’s also important to work with a qualified financial professional. Retirement is not a DIY project, and a professional can help you create a custom retirement projection that takes into account your unique financial situation. This projection can show you how much money you’ll need in retirement, as well as potential threats that could derail your plans.

For those who prefer to manage their finances on their own, investment tracking sites and apps can be very helpful. Dion recommends Empower, a user-friendly system that connects all of your assets into one dashboard and provides tools for retirement planning and fee analysis. Other options to consider include Morningstar, Sharesight, and Yahoo Finance.

Overall, staying on top of your finances in retirement is crucial for a secure and comfortable future. By using these tools and strategies recommended by financial experts, you can ensure that you’re making the most of your retirement savings and enjoying your golden years to the fullest.

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