If you’re retired, it’s easy to let your finances go on autopilot. Since October is National Retirement Security Month, it’s a good time to revisit some areas that can impact your long-term financial security and help your money last a lifetime.

Consider these suggestions: • Manage your withdrawal rate. You’ll likely need to tap into your retirement accounts – your IRA and 401(k) or similar employer-sponsored plan. But think carefully about how much income you withdraw every year. If you take out too much, especially in the early years of your retirement, you risk outliving your resources. You have the option of withdrawing from these accounts at age 59½. Once you turn 73, you’ll be required to take out at least a certain amount each year based on your age and account balance.

• Estimate health care costs. When you turn 65, you will be eligible for Medicare, but you may still need a Medicare supplement plan, both of which will require premium payments. You’ll probably also incur a variety of other unreimbursed expenses for doctor visit copays or deductibles, prescription drugs and vision, hearing and dental care. Additionally, about 70% of adults ages 65 and older will need some form of long-term support, according to the Department of Health and Human Services. This may include a paid home health aide (average cost of $77,792 per year), an assisted living residence (average cost of $70,500 per year) or nursing home care (private room average cost of $127,750 per year). (Cost estimates are from Genworth 2024 Cost of Care Survey.) Over the course of your retirement, these can add up, so be realistic when budgeting for health care expenses in retirement.

• Consider when to take Social Security. You can start receiving monthly Social Security checks at age 62, but your payments will generally be larger if you wait until your “full” retirement age of 66 or 67. (The size of your payments will “max out” at age 70.) If you believe you have longevity working in your favor, and you can afford to wait, you may well be better off by delaying Social Security as long as possible.

• Avoid investing too conservatively. Once you’re retired, you might think you should take as few chances with your investments as possible – after all, you have less time for them to bounce back from a downturn than you did during your working years. Nonetheless, it’s important to consider keeping a reasonable percentage of growth-oriented investments in your portfolio to help you stay ahead of inflation. Even at a low rate, inflation can erode your purchasing power over time.

• Keep your generosity in check. If you have grown children who need financial help, or grandchildren heading to college someday, you’d no doubt like to do what you can to assist them. However, the hard truth is that they have more time than you to find workable financial solutions, whereas if you deplete your funds through your generosity, you could put yourself in a precarious position. So, be as giving as you can afford – but try not to go beyond that. By preserving your financial independence, you’ll end up benefiting your family as well.

Retirement is ideally an enjoyable time in your life, especially if you feel financially stable. So, take time to check in periodically to keep that stability on track.

— This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC