Another thing that I think is helpful, at least from what we've witnessed over the years of helping people with retirement, is to consider taking your income from your investments on a monthly basis when you retire. Generally, when you have investments, you can decide how to take income from those various buckets I mentioned before. You can take it all in a lump sum at the beginning of the year, you can take it all as a lump sum at the end of the year, or you can take the income from that bucket monthly too.

The reason that I like and encourage people to take income from their investments monthly is because it kind of has a forced built-in budget. I think as we're in our working years, we get accustomed to having a budget based on the frequency of when we're getting paid. And I think by chopping it into bite-sized pieces, as opposed to just putting a big chunk of money in your bank account or your checking account at the beginning of the year, has several benefits from a psychological perspective.

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