--- title: Nine Steps to Improve Your Retirement Assets Longevity description: 9 Steps to Improve Your Retirement Assets Longevity image: https://blog.scmadvice.com/hubfs/FinishLine.jpg --- - [Why Choose SCM?](https://scmadvice.com/why-scm/) - [Our Commitment to You](https://scmadvice.com/our-commitment-to-you/) - [Our Fees](https://scmadvice.com/our-fees/) - [What We Do](https://scmadvice.com/what-we-do/) - [401(k) Plan Management](https://scmadvice.com/401k-plan-management/) - [403(b) Plan Management](https://scmadvice.com/403b-plan-management/) - [Thrift Savings Plan (TSP) Management](https://scmadvice.com/thrift-savings-plan-tsp-management/) - [Health Savings Account (HSA) Management](https://scmadvice.com/health-savings-account-hsa-management/) - [Wealth Management](https://scmadvice.com/wealth-management/) - [Financial Planning](https://scmadvice.com/financial-planning/) - [Pension Analysis](https://scmadvice.com/pension-analysis/) - [Social Security Analysis](https://scmadvice.com/social-security-analysis/) - 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Ostrowski](https://blog.scmadvice.com/hubfs/Ostrowski%20Blog.jpg) ###### by [Gregory S. Ostrowski](https://blog.scmadvice.com/author/gregory-s-ostrowski) on June 11, 2025 ###### Categories: - [Personal Finance](https://blog.scmadvice.com/tag/personal-finance) - [financial advisor](https://blog.scmadvice.com/tag/financial-advisor) - [wealth management annapolis](https://blog.scmadvice.com/tag/wealth-management-annapolis) # Nine Steps to Improve Your Retirement Assets Longevity One of the most common questions we are asked is, “*What should I be thinking about when nearing or considering retirement*? As a financial advisor in Annapolis, our team will tell you that it’s critical to review your personal finances, plan how to spend money after you retire, and understand retirement asset allocation. Retirement means different things to different people. It could mean having additional time to visit loved ones. It might present more opportunities to volunteer or give back to the community. Perhaps it gives you the chance to partake in the hobbies you enjoy most. While some of these activities can be affordable or free, many will still require funding. If you’re getting to the point where the idea of retirement is becoming more of a reality, but you haven’t yet considered its financial impact, here are nine tips to help ensure that you can make the most of life’s next chapter.   **1. Take stock.** This step requires you to examine your assets and liabilities. Things to consider could include: - Did you leave a 401(k) at an old job? - Have you checked your main stock portfolio lately? - Do you have several outstanding loans? - Do you have too much cash saved in a low-interest savings account, or even worse, a basic checking account? Record everything in a simple spreadsheet or a notebook once you can get a handle on what you have and where you have it. Once you do, you can move on to step two.   **2. Evaluate expenses.** The financial world has comprehensive plans for people to save for retirement, but very few people talk about how to spend during retirement. Some [spend way too much](https://www.financialsamurai.com/the-average-spending-amount-in-retirement-is-surprisingly-high/) while others overestimate what they will need. This fact alone can get the best saver off track very quickly. For example, if someone said that you’d have $1 million in the bank for retirement, you may say, “*That’s wonderful!*” But in reality, that sum might only equate to about $40,000 to $50,000 per year of income. Would this be enough for you and your spouse for the rest of your lives? For this step, figure out all of your current expenses first—yes, all of them! Even those “*inexpensive*” stops at the coffee shop. Again, this can be as simple as making a list and totaling it up. Next, figure out what expenses you will still have after retirement, those that you may be able to cut, and even those that may come up. For example, you may have a car payment, which won’t change. But what about your mortgage payment? Could that be adjusted if you downsized? [Relocating](https://realestate.usnews.com/places/rankings/best-places-to-retire) could reduce the cost of the mortgage and property taxes, utilities, and maybe even travel expenses if you move closer to places you visit frequently. In terms of what could arise, some people dream of owning a beach house or mountain home as a vacation destination. Others may have the desire to travel more. These costs will add up fast, so be sure to give your best estimate. And if you think this step doesn’t matter, please reconsider. Just a few years of outpacing your budget at the beginning of retirement could mean trouble down the road.   **3. Formulate a plan.** Don’t get retirement wrong—create a plan. This is the most involved part of planning for retirement, and where you should consider reaching out for help. At Scarborough Capital Management, we’ll help provide visibility on your retirement picture and can develop side-by-side scenarios of what retirement might look like under various circumstances. If you’ve created a budget and have an idea of what you’ve already set aside and what you’ll be spending, you have the basis for building your plan. We’ll be looking at two things—money you currently have and money you may still need to make.   **4. Decide what to do with your cash.** Volatility in the stock market has often caused retirees stress, as they have fewer years to recoup any losses they suffer due to a market dip. While it might be good to keep 40% to 50% of your assets in some type of bonds or cash in retirement, the intelligent investor knows that taking all of your money out of the stock market or other interest-bearing vehicles may not be a good idea. The reason is that without any capital gaining interest, any money that’s just stored “in a mattress,” for instance, can’t keep pace with inflation. This “longevity risk” could be riskier than having a solid, diversified portfolio.   **5. Time your investment account withdrawals.** How much you withdraw early and how the market performs can be some of the essential factors in your retirement picture. In this case, the guidance of a professional may be vital in helping you avoid some serious mistakes.   **6. Time your income, such as employer pensions or deferred compensation plans.** Depending on your circumstances, you may have some flexibility when you commence your pension or deferred compensation benefits. In other cases, there may be predefined dates and timelines for income. Further, many large employers also offer lump-sum pension payout options versus a monthly check over time. Be sure to evaluate these decisions as part of your broader plan.   **7. Time your Social Security benefits.** Delaying your benefits is a decision that should not be made lightly. There is no one-size-fits-all advice in this arena, so it’s crucial to examine your options to see how they fit your situation.   **8. Decide the *pecking order* of your accounts.** Various types of accounts, like a Roth IRA, a tax-deferred annuity, or a checking account, have different tax treatments. Understanding the characteristics of all your assets in conjunction with your goals, timeframes, and legacy wishes will help you determine a tax-efficient strategy to draw on your assets during retirement.   **9. Review protections.** You may be paying for insurance you don’t need, for instance, an old life insurance policy that has a fair cash value to maintain itself. It might be beneficial to add coverage you don’t currently have (such as an umbrella policy or long-term care insurance). After going through the budgeting process, you might find a gap between what you have and what you are planning to spend. If you’re going to maintain your spending plan, you’ll need a small income stream during this period of your life. This exact scenario has caused many retirees to go back into the job market. However, this doesn’t have to be a bad thing. Some of these individuals have earned extra income by looking for employment at places they find enjoyable or meaningful, such as a garden store, library, or even a community center. In other words, it doesn’t have to be viewed as work if you find enjoyment or meaning from it and if you’re setting your own schedule.   **Final Note** It may sometimes seem like retirement planning can be too daunting of a task to take on, but it doesn’t have to. These steps are not meant to be exhaustive. They are designed to help pre-retirees and those already retired, to see that with some preparation and professional assistance, you can help put your mind at ease and enjoy everything that you worked so hard to achieve.   If you’re still struggling to find financial advice you can trust, learn [how to choose a financial advisor](https://scmadvice.com/how-to-choose-a-financial-advisor/) who will put your best interests first. As a fiduciary firm, you are the ultimate focus of our efforts. Contact [our team](https://scmadvice.com/who-we-are/our-team/) at Scarborough Capital Management to see how we can help.       [![New call-to-action](https://no-cache.hubspot.com/cta/default/5952573/7df4cd3b-38e7-4a7b-b453-9c3ad3f0d8e5.png)](https://cta-redirect.hubspot.com/cta/redirect/5952573/7df4cd3b-38e7-4a7b-b453-9c3ad3f0d8e5) [![Scarborough Capital Management](https://blog.scmadvice.com/hubfs/ScarboroughCapitalManagement_June2019/Images/logo.png)](https://scmadvice.com/) For over 35 years, Scarborough Capital Management has been seeking to help busy people make the most of their money. With affordable 401(k) management services plus full-service financial planning and wealth management, we’re passionate about helping you achieve your financial goals… now and in the future. #### Contact - 1906 Towne Centre Blvd., Suite 260 Annapolis, MD 21401 - **Call:** 410-573-5700 or 800-200-3870 **Fax:** 410-573-5708 #### Navigate - [Why Choose SCM?](https://scmadvice.com/why-scm/) - [What We Do](https://scmadvice.com/what-we-do/) - [About SCM](https://scmadvice.com/who-we-are/) - [Who We Help](https://scmadvice.com/our-clients/) - [Free Resources](https://scmadvice.com/resources/) - [Blog](https://blog.scmadvice.com/) - [Contact Us](https://scmadvice.com/contact-us/) ##### Find on Social: - - **![Broker Check logo](https://blog.scmadvice.com/hs-fs/hubfs/Broker%20Check%20logo.png?width=140&name=Broker%20Check%20logo.png)** **Important consumer information** This site is for informational purposes only and is not intended to be a solicitation or offering of any security and: Representatives of Registered Broker-Dealer ("BD") or Registered Investment Advisor ("IA") may only conduct business in a state if the representatives and the BD and IA they represent (a) satisfy the qualification requirements of, and are approved to do business by, that state; or (b) are excluded or exempted from that state's registration requirements. 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