There is no right or wrong time to draw social security. This decision is up to you. Some people decide to draw at 62 while others draw at full retirement age. For many people, social security becomes a reliable and consistent source of income in retirement. This money is used for a combination of different things like mortgages, car payments, etc.

One of the biggest dangers to your retirement nest-egg is unforeseen healthcare expenses. From Medicare gap coverage to Long Term Care, make sure you have the right insurance. Don’t spend your assets on medical care if you don’t have to.

Is your current savings plan keeping up with inflation? Inflation is at an all-time high. You may need to scale back spending or find alternative solutions for everyday items. The dollar doesn’t last as long as it did 5 years ago. Is your money working as hard for you as you did for it?

Would you describe your risk tolerance as aggressive, moderate, or conservative? Know what you have and plan accordingly. Working years were a time to earn and grow your money. Retirement is a time to protect it. Can you afford a 10%, 20%, or 30% loss to your rest-egg?

How much is your advisor charging you to manage your account? Some brokers charge hidden fees. When in doubt, call and ask.

Do you have taxable accounts or tax-deferred accounts? How will you manage your taxes in retirement? Additionally, will your estate be taxed upon passing? Do you want your children to end up with a massive tax burden?

If you die, will your estate be subject to probate? Do you have a will or trust? When was it updated? Who is paying probate attorney fees? The probate process doesn’t have to scare but there are easy ways to avoid it.