4 Top Banking Habits of the Wealthiest Retirees

Whether retirement glimmers on a distant horizon or is a goal you’re nearing after a few more years of work, if you’re financially savvy, you’re likely thinking about how to build up a comfortable nest egg of retirement savings for your golden years.

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You’re not alone. Many of the wealthiest retirees reached their financial goals by always planning ahead and coming up with banking and investing strategies to maximize their savings over time. But these planners and strategizers represent a small percentage of the population. In fact, only 3.2% of retirees have saved more than $1 million, according to the Federal Reserve.

To reach a goal like that — or at least put yourself in the position to ensure your retirement funds can keep up with the rising cost of living — you can learn some valuable money habits from these wealthy retirees. That’s where insights from experts like Tyler Meyer, CFP and founder of Retire to Abundance, and Erika Kullberg, founder of Erika.com, come in. 

They’re Intentional About Their Cash Management 

Meyer says one of the most common attributes of his wealthiest clients is their deliberate approach to managing their money while preparing for retirement. Specifically, they focus on maximizing returns while balancing practical needs. 

“What this looks like in practice often is [keeping] six to 12 months of living expenses highly liquid at a local bank in either checking or savings accounts,” he says. “While they could often earn slightly higher returns at an online bank or through an investment account, having the convenience of a brick-and-mortar location that they can walk in and transact is still valuable.”

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They Automate Their Transfers 

Another core trait Meyer has noticed in wealthy retirees is the use of automated transfers from their retirement accounts. 

“This [approach] minimizes idle cash and simply allows their intermediate and long-term investments to stay invested for longer, leading to better performance of their overall portfolio.”

Automating transfers also reduces the risk of forgetting to move funds, ensuring these retirees consistently meet savings goals and maintain a stable cash flow for their monthly expenses.

They Don’t Overload Their Checking Accounts 

Kullberg has seen wealthy retirees succeed by taking a considered, strategic approach to their checking accounts, most notably that they only keep enough in checking to cover two to three months’ worth of expenses. 

“This way they’ve got a balance between liquidity for everyday needs while still avoiding having excess funds sitting idle in low or zero interest accounts,” she says. “Then a larger portion of their wealth can be allocated to higher-yield accounts like CDs, bonds, [or] money market accounts.”

They Use Separate Accounts for Different Goals 

Wealthy retirees often get creative when it comes to how they organize their bank accounts. Kullberg has seen them find success by using a layered approach to their savings — maintaining different accounts to meet specific savings goals, like a home renovation project or a vacation. She finds this approach is better for organizing your money and giving you greater clarity about how much money you’ve accrued toward a particular goal at any given time. 

While some people may gain an advantage in retirement by inheriting family wealth or achieving early financial success, most wealthy retirees have achieved financial security by carefully planning and organizing their finances. Take comfort in knowing that by adopting these habits, you can set yourself up for success in your golden years.

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This article originally appeared on GOBankingRates.com: 4 Top Banking Habits of the Wealthiest Retirees