Q. Robert, my husband and I are both 70 and have each been retired for 6 years. I am concerned that we are going through our nest egg too quickly and will run out of money. We try to budget, but there always seems to be some extra expense. Any advice on how to make our money last longer? – Nelle in Kernersville, NC

A. Nelle, this is a common concern for many individuals. Here are some key points that might help you rethink where your money is going:

Overspending Assets:
Withdrawing too much from your retirement insurance contracts and/or investment accounts too soon could put a damper on the plans you have for your ideal retirement. You may overspend due to an unexpected financial situation, or maybe because you are just having too much fun. Regardless of the reason, spending more than you had budgeted for could cause some challenges further down the road.

Inadequate Financial Guidance:
Insurance products, investment accounts and retirement income strategies can be very complex. Trying to “go it alone” could cause you to make unknown errors that could have an adverse effect on your overall retirement income strategy. Finding an experienced financial professional who can help determine your retirement income options and goals can help put you on the path to retirement success.

Helping Family:
There is no question that assisting an out-of-work adult child or an aging relative through a rough period is a commendable act, but doing so in the crucial years leading up to your retirement can be a drain on both your emotions and your finances. Make sure you are taking care of yourself when taking care of others, and be honest with your family about what you can and cannot afford in order to set realistic expectations.