3 ways to make a difference with your money

You need to establish a laddered, inflation-adjusted income using safe and dependable accounts that will provide a check every month. This should be informed by a plan that maps out your lifetime income needs to ensure that you do not outlive your money. For example, if you need $3,000 a month now, at a 4 percent inflation rate you will need $3,649.96 in five years. In 10 years you will need almost $4,500 per month.

Consider holding off on retirement

Many people are understandably eager to retire as early as possible; others fear Social Security benefits will vanish, so they want to get what they can as quickly as possible – at age 62.

But if you're counting on those benefits as part of your income, you should wait until you're eligible for the full amount. That's age 66 if you were born from 1943 to 1954, and age 67 if you were born in 1960 and later. If you're in the older group, retiring at 62 cuts your benefits by a quarter; for the younger group it's nearly a third. Chances are, you'll be better off mentally and physically if you wait anyway. Many studies show that people live longer and are more vital the longer they remain employed.

Know when to transfer investments out of tax-deferred plans

If you're working for a company that provides a match for 401k contributions, by all means, contribute up to the maximum match. That's free money – you'd be crazy not to take advantage.

But anything beyond that should be invested in something that's more tax efficient: Roth IRA, municipal bonds, life insurance or real estate. No one expects taxes will go down – they'll be going up. Uncle Sam already has a lien on your IRA or 401(k); don't let his lien, the taxes you'll owe, continue to grow. Go ahead and pay now. Your future retired self will be glad you did.