One of the challenges that people who are in the process of retiring face is changing their mind-set from that of saving for the future to spending and preserving income. To get past this challenge, says Adriane Berg, founder of Generation Bold and author of Bottom Line’s Aging for Beginners blog, redefine success so that it no longer means your total net worth but instead focuses upon how much income you will have for the rest of your life. More income in retirement means more freedom! When it comes to leaving an inheritance or legacy, Ms. Berg explains that this is a personal choice and a luxury. But she clarifies that for many retired people, leaving a financial legacy tends to be secondary to remaining independent for the rest of their lives.

For more great tips from Adriane Berg, check out her Bottom Line blog “Aging for Beginners,” visit her website, or purchase her most recent book How Not to Go Broke at 102.