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Here are 4 tools that are best for retirees

Ferrantrait / Getty Images

Ferrantrait / Getty Images

There’s a lot of advice out there about preparing and saving for retirement, but what happens when you have the nest egg you need and are ready for the next phase?

You can’t just ignore your finances and put your accounts on autopilot. It’s equally important to carefully manage your personal expenses and know how to properly manage your finances in retirement.

Find out: How much the average pensioner under 70 spends per month

Check out: The Surprising Way to Get Guaranteed Retirement Income for Life

Fortunately, there are many ways to keep track of your accounts and investments, monitor your spending, and implement sustainable budgeting strategies.

Whether you’re close to retirement, retiring early, or already enjoying retirement, here are some ways to stay on top of your finances, according to financial experts.

Wealthy people know the best money secrets. Learn how to copy them.

Consultant with fixed price

Financial advisors can charge high fees that add up, but Mike Dion of F9 Finance has suggested a way around this.

“If you need a second look,” he said, “I strongly recommend hiring a fixed-fee advisor to review your finances annually or quarterly.

“Unlike traditional advisors who receive a percentage of your assets, fixed-fee advisors are fiduciaries who are obligated to give you the best advice. And as your money grows, your fee doesn’t grow.”

Read more: I’m a retirement planner – 4 steps you should take if you think Trump will win the 2024 election

401(k) Managers

Eric Mangold, founder and wealth manager at Argosy Wealth Management, says your 401(k) plan is a good place to start.

“There are a lot of great planning tools that investors can use,” he said. “If you have a 401(k), you should look at the firm that manages your 401(k).”

“When you log into your 401(k) account, many of these providers have retirement calculators, and many of these calculators are a pretty easy place to start. Some give you a grade or score that shows you what path you are on to retirement. I think these calculators are a good starting point to understand your retirement readiness.”

Qualified financial expert

While Mangold recommends using pension calculators, he also stresses how important it is to seek advice from a professional. “Pension is not a DIY project,” he stressed.

“You want to know exactly how much money you will need in retirement and what events could jeopardize your retirement – ​​such as needing long-term care, caring for an aging parent, a poor market performance, etc.”

He continued, “This is so individual for everyone, as everyone’s financial situation is different. You should meet with a qualified financial professional and have a detailed and personalized retirement forecast prepared for you. This will show you the money that will come in from your investments, pension, Social Security and other sources of income.

“And it also shows you how much money you spend on expenses and – don’t overlook this – taxes! Usually, the calculators I use with my clients are a bit more advanced and detailed than the ones commonly available.”

Investment Tracker

For those who prefer to manage their finances themselves, portfolio tracking websites or apps can be very helpful.

Dion recommended Empower – “an easy-to-use system that brings together all your assets from different brokers in one dashboard. It has great tools for planning retirement expenses and withdrawals and provides insight into fees you may not know you’re paying. Best of all, using Empower to track them is completely free.”

Other websites or apps to consider include Morningstar, Sharesight and Yahoo Finance.

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This article originally appeared on GOBankingRates.com: I’m a Financial Planning Expert: Here Are 4 Tools Best for Retirees

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