We’re creatures of habit, and our financial behaviors are no exception. Specifically in retirement, your financial decisions can either hold you back or help you achieve long-term success. So, which strategies should you ditch, and which ones should you adopt?

Join Joel Johnson, CFP® in this week’s Retire Wiser with NBC Connecticut as he shares three money habits of successful retirees.

Habit #1: Diversify Your Income Sources

When you think about your retirement income, try to separate it into distinct buckets. For instance, your Social Security benefits or pensions are just one piece of the puzzle. You may also have 401(k)s, IRAs, or brokerage accounts to help generate steady cash flow.

Every income source should serve a clear purpose. Some of your money will be for short-term needs, while another portion will need to grow over the long term. When your income is diversified, you have more flexibility and control, especially during times of market uncertainty.

Habit #2: Have a Strong Withdrawal Strategy

Another way to get the most out of your money in retirement is having a smart withdrawal strategy. This should be part of a broader financial plan, not an afterthought. When and how much you withdraw from your accounts can have a major impact on your tax burden as well. In some cases, it may even make sense to spend one account down to zero, allowing other accounts to continue growing.

Habit #3: Pay Close Attention to Taxes

In addition to income, retirement planning is all about taxes. How can you minimize taxes and do so in the most efficient way? As part of your long-term financial plan, consider your lifetime tax burden, not just your annual tax bill.

Strategies like Roth conversions and tax-loss harvesting can make a significant difference over time. By implementing tax-smart retirement habits now, you can stretch your savings further and avoid unpleasant surprises down the road.