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Tips to help make your retirement nest egg last How much money do you need to retire? Don’t be concerned if you can’t come up with an accurate amount, financial planning and crunching numbers is only part of the answer. Your life in retirement will be somewhat unpredictable at times and you need to be ready for the unexpected. Rather than focusing on a specific number, focus on making your nest egg last. Lee Anne Davies is head of Retirement Strategies at RBC and a gerontologist. She has the following advice to help make your retirement nest egg last: Create a strategy It's never too late to develop a plan. Here are some questions to consider: What will your retirement look like? How will you spend your time? Then establish a financial plan to achieve these goals and live the retirement lifestyle you want. Set a budget It’s important to understand where your money will come from and where it will go. While keeping track of retirement income is important, it’s equally important to keep an eye on retirement spending. Pace yourself Many people think that saving their money is the hard part. But knowing how much money to withdraw, and when, can be just as difficult. You need to withdraw enough to live comfortably and enjoy your retirement. But you will also want to ensure your pace of withdrawals is appropriate to ensure you don’t outlive your money. 239 words Copyright/Reproduction Notice: This article is content from Royal Bank of Canada's (Royal Bank) Editorial Edge website and is subject to the website's terms of use. Royal Bank holds the copyright for the content of Editorial Edge, but agrees to grant the users of the Editorial Edge articles a royalty free, non assignable, licence to use, reproduce and communicate the articles featured herein, provided that the user is a journalist, it is used or reproduced accurately and not taken out of context. Any unauthorized use of the content constitutes a violation of Royal Bank rights. Royal Bank reserves the right at any time to revoke the said licence and require that a user immediately cease to use the said content upon notification.