Five Star award winner Ted McNulty, CFP®, AIF®

How to Make the Most of Your Retirement Savings

Saving for retirement is an important milestone, but making the most of those savings requires thoughtful planning and informed decision-making. Many retirees face financial challenges related to living expenses, healthcare needs, and the strength of their long-term planning. Taking a proactive approach can help individuals better align their resources with their goals and navigate retirement with greater confidence.

Below are several considerations that may help you evaluate how to manage your retirement savings effectively:

Consider Working With a Financial Professional

Just as people seek professional guidance for medical or legal matters, many find value in consulting a qualified financial professional when planning for retirement. A financial professional can help assess your current financial situation, develop a realistic budget, and evaluate investment strategies based on your goals, time horizon, and risk tolerance. While this support can be helpful, it’s important to choose someone who aligns with your needs and preferences.

Look for Opportunities to Manage Everyday Expenses

Managing day-to-day expenses can play a meaningful role in preserving retirement savings. Some retirees take advantage of discounts, coupons, or other cost-saving opportunities on routine purchases. Over time, these small adjustments may add up and provide additional financial flexibility.

Explore Additional Sources of Income

Depending on your circumstances, you may consider opportunities to generate supplemental income during retirement. This could include part-time work, consulting, or turning a hobby into a small business. Any new venture involves risks, including the potential for financial loss, and may not be suitable for everyone. Careful evaluation and planning are essential before pursuing additional income streams.

Evaluate Your Cost of Living

For some retirees, relocating to a more affordable area may be worth considering. Moving to a location with a lower cost of living can help reduce ongoing expenses and extend the longevity of retirement savings. This decision should take into account lifestyle preferences, access to healthcare, proximity to family, and the financial implications of relocating.

Prioritize Health and Well-Being

Maintaining a healthy lifestyle can support overall well-being during retirement. Regular physical activity, balanced nutrition, and preventive healthcare are important considerations that may contribute to quality of life. While healthcare costs can be a factor in retirement planning, individual experiences will vary.

A Holistic Approach to Retirement

Making the most of retirement involves more than financial planning alone. Lifestyle choices, personal goals, social engagement, and meaningful activities all contribute to a fulfilling retirement experience. By taking a balanced and informed approach, individuals can better position themselves to enjoy greater stability, flexibility, and satisfaction throughout their retirement years.

Back to Home Page

This award was issued on 10/01/2026 by Five Star Professional (FSP) for the time period 12/25/2025 through 06/03/2026. Fee paid for use of marketing materials. Self-completed questionnaire was used for rating. This rating is not related to the quality of the investment advice and based solely on the disclosed criteria. 3124 St. Louis-area wealth managers were considered for the award; 151 (5% of candidates) were named 2026 Five Star Wealth Managers. The following prior year statistics use this format: YEAR: # Considered, # Winners, % of candidates, Issued Date, Research Period. 2025: 2,997, 176, 6%, 10/3/25, 12/25/24 - 6/2/25; 2024: 2,685, 187, 7%, 10/1/24, 12/12/23 - 7/9/24; 2023: 2,691, 167, 6%, 10/1/23, 12/12/22 - 6/30/23; 2022: 2418, 158, 7%, 10/1/22, 1/24/22 - 7/22/22; 2021: 2683, 164, 6%, 10/1/21, 12/28/20 - 8/6/21; 2020: 2431, 170, 7%, 10/1/20, 1/6/20 - 8/7/20; 2019: 2481, 185, 7%, 10/1/19, 1/14/19 - 8/9/19; 2018: 2533, 179, 7%, 10/1/18, 1/26/18 - 8/15/18; 2017: 1681, 181, 11%, 10/1/17, 1/26/17 - 8/28/17; 2016: 1427, 324, 23%, 9/1/16, 3/3/16 - 8/22/16; 2015: 2194, 358, 16%, 10/1/15, 2/16/15 - 8/11/15; 2014: 1401, 389, 28%, 2/1/14, 2/16/13 - 8/11/13; 2013: 1726, 485, 28%, 2/1/13, 2/16/12 - 8/11/12; 2012: 1800, 455, 25%, 2/1/12, 2/16/11 - 8/11/11.

Click to access BrokerCheck

Disclosures

Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers. The award is based on 10 objective criteria. Eligibility criteria - required: 1. Credentialed as a registered investment adviser (RIA) or a registered investment adviser representative; 2. Actively licensed as a RIA or as a principal of a registered investment adviser firm for a minimum of 5 years; 3. Favorable regulatory and complaint history review (As defined by FSP, the wealth manager has not; A. Been subject to a regulatory action that resulted in a license being suspended or revoked, or payment of a fine; B. Had more than a total of three settled or pending complaints filed against them and/or a total of five settled, pending, dismissed or denied complaints with any regulatory authority or FSP's consumer complaint process. Unfavorable feedback may have been discovered through a check of complaints registered with a regulatory authority or complaints registered through FSP's consumer complaint process; feedback may not be representative of any one client's experience; C. Individually contributed to a financial settlement of a customer complaint; D. Filed for personal bankruptcy within the past 11 years; E. Been terminated from a financial services firm within the past 11 years; F. Been convicted of a felony); 4. Fulfilled their firm review based on internal standards; 5. Accepting new clients. Evaluation criteria - considered: 6. One-year client retention rate; 7. Five-year client retention rate; 8. Non-institutional discretionary and/or non-discretionary client assets administered; 9. Number of client households served; 10. Education and professional designations. FSP does not evaluate quality of services provided to clients. The award is not indicative of the wealth manager's future performance. Wealth managers may or may not use discretion in their practice and therefore may not manage their clients' assets. The inclusion of a wealth manager on the Five Star Wealth Manager list should not be construed as an endorsement of the wealth manager by FSP or this publication. Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by FSP in the future. Visit www.fivestarprofessional.com.