Excellent eight

A key element of managing wealth is setting the stage for an enjoyable retirement. Here are eight rules we recommend to ensure success during the Golden Years:

Limit distributions from your retirement savings to a “safe” amount, say between 3% and 4%, depending on the makeup of your portfolio.
Stay flexible in your spending, so that when the value of your portfolio declines, you can live on less.
Invest in the stock market. This is the only way you can keep up with inflation on a long-term basis.
Don’t be afraid to spend principal. Unless your retirement goal is to leave money to your heirs, you should feel comfortable using both income and principal to support your lifestyle.
Put off claiming Social Security. Assuming the financial worst-case scenario, in which you live a long time, waiting until full retirement age or later can result in higher income overall.
Get a job. The extra income will help – and being engaged in something other than leisure activities can be good for your physical and mental well-being.
Consider buying a guaranteed lifetime stream of income. If you’re not already eligible for a private or public pension, an immediate fixed annuity can increase the chances that your money will outlive you.
Stay healthy. Diet, exercise, keeping active mentally, avoiding risky activities and using moderation in all you do will help you to maintain good health.