Many seniors living in Cincinnati struggle with establishing and maintaining a smart budget. Retirement does include some work — it takes research, discipline and effort to stretch fixed incomes. And, as life expectancy increases with advancements in medicine and health care delivery, more seniors will have to make their nest eggs last longer.

If your house isn’t quite in order, now is the time to develop better financial health habits. Today, let’s review five steps you can take in 2017 to shore up your retirement and give yourself more financial security in your golden years.

1. Be careful who you choose to advise you 

The money management industry is booming. There are a lot of firms and advisors out there competing for clients like you. But they’re not always scrupulous in the advice they give.

Diligently research any advisor you’re considering. Check out his or her credentials. Talk to his or her current clients. Make sure that the advisor you choose has experience, a proven record of success and that he or she is more interested in helping you to generate lifelong income, rather than marginal gains.

And remember: Many banks offer free financial advising to their customers, so you might not need to find a separate financial planner at all.

2. Set your retirement budget

Even the best laid retirement plans can be waylaid by careless spending. You need to have a keen sense of how much money will be coming in, and how much you can afford to allow back out.

Remember that the best budgets incorporate saving as a regular expenditure, so don’t live right at the limit of your means. Set back or reinvest 10 to 20 percent of your monthly retirement income. Make sure that your spending lifestyle allows you to save something every month.

3. Be extra cautious about using revolving credit

Before you take out a new home equity loan or swipe your credit card to pay for dinner out, remember that your ability to pay back debt will be limited on a fixed income. It’s best not to use credit lines unless you encounter real liquidity emergencies.

And don’t be taken in by payday lenders that would have you borrow against tax returns, Social Security or annuity income. They’re likely to charge you costly access fees and high interest rates, and over the long term, such lending relationships can become cyclical and predatory.

4. Avoid reverse mortgages

Many older Americans take out reverse mortgages — financial products that allow them to borrow against the equity in their homes — and use them as supplemental sources of retirement income. But a “reverse mortgage” isn’t free money. It’s a home equity loan.

Reverse mortgages can be nice if you don’t want to leave your home to an heir, and if the value of your home at its eventual sale will be enough to cover what you borrow (plus interest) over the years. But if your home value slides or if you live long past average life expectancy, then you, your surviving spouse, or your heirs could be left on the hook for a large, upside-down debt.

Again, it’s important now to live below your means: Never use a reverse mortgage to finance luxuries like vacations or cars, and try not to use one as an income source if you can avoid it.

You can always take out a reverse mortgage in the future if a serious liquidity crisis develops. Keep the prospect of taking out a reverse mortgage in your “financial security tool kit,” as a last resort sort of measure.

5. Establish your financial continuity and care plans

There may come a time when you are no longer able to make financial decisions for yourself and/or your spouse. You should at least plan for the possibility.

Have you updated your will? Have you designated your financial and medical powers of attorney? Made sure that someone you trust will be able to make decisions on your behalf?

Have you discussed your financial situation with your adult children and expressed your wishes? It’s best to do those things now, while you’re healthy, than to put them off until it’s too late.

You should also start planning for any assisted living or residential nursing care you may need. Visit retirement communities in and around Cincinnati, and let your children know where you would like to live should the need arise for you to receive more care.

Are you in good financial shape for your retirement? If not, start now!

As you head into your golden years, make sure you have an excellent grasp of how much income you should expect. if you feel like you need financial planning or money management help, find a reputable, trustworthy advisor.

Most importantly, be careful about your spending and your borrowing. Sure, you can’t take it with you. But you don’t want to leave financial chaos for your surviving spouse or adult children to sort out, either. Take the five steps above to establish better financial health in 2017.