9 Ways to Not Run Out of Money in Retirement

7) Maintain an Emergency Account

At one time, it was said retirees could get rid of their emergency cushion. However, you might not have that much flexibility when you aren’t bringing in a regular salary. You could still face a large unexpected medical bill, home repairs, car repairs or the need for a new car, or some other emergency that happens when you least expect it. Keeping an account that has some funds set aside for these kinds of situations during your retirement years can help you keep your retirement funds intact, and give you the funds you need for those unexpected situations we all face in life. How much you need to keep in that emergency account can be disputed, but most financial experts suggest that you have the equivalent of three to six months’ salary put away for the unpredictable events.