Your financial goals and risk tolerance will change over time. Younger investors often take more risks, knowing that they can wait for the stock market to recover from a correction. However, retirees tend to become more risk-averse, and that affects how they view money and where they invest it.

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Upper-class retirees have built nice nest eggs for themselves, but being too careless can result in them outliving their money. That’s a scenario every retiree wants to avoid, and that’s why upper-class retirees are making these five money moves.

Upper-class retirees aren’t in a rush to withdraw every penny from their retirement accounts. They do it gradually using frameworks like the 4% withdrawal rule. This rule stipulates that you withdraw 4% of your portfolio each year and hope that your investments will continue to grow by at least 4% per year.

Roth IRA funds are usually the last to be withdrawn since they aren’t taxed. It’s better to knock out the taxable accounts early so you aren’t hit with a big surprise deeper in your retirement. Upper-class retirees may also move more of their assets into dividend stocks to live on the dividends instead of selling stocks and withdrawing the proceeds as a part of the 4% rule.

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Big tech stocks like Nvidia and Amazon make more sense for younger investors who can weather economic downturns. However, as investors get older, they usually distance themselves from these types of stocks in favor of blue-chip dividend stocks.

Most investors diversify their portfolios, but upper-class retirees often diversify to minimize risk and preserve their nest eggs. This strategy may limit an investor’s upside, but it also offers more insulation than most portfolios during downturns.

Upper-class retirees often monitor their budgets to ensure they aren’t overspending. Many of them calculate how much they can withdraw based on the 4% rule and decide how to allocate that money between needs and wants.

After covering the essentials, upper-class retirees usually have some extra money left over for discretionary purchases. Couples may review their budgets and decide what they want to buy this month or save up for a big vacation later in the year.

When couples start families, it makes sense to buy a large house. However, that same house will feel a bit too big when all the children have moved out. You’ll still have various expenses after paying off your mortgage, such as maintenance and property taxes.

Some couples decide to downsize after retiring to reduce their monthly costs. A large house isn’t as practical for an older couple. Some upper-class couples may switch to a one-floor house so they don’t have to walk up and down a set of stairs. Older people often get injured by falling down the stairs, and some retirees may want to eliminate this risk by downsizing.

Some upper-class households will delay Social Security to guarantee higher monthly paychecks when they are ready. You can take out Social Security when you turn 62, but you will receive the highest possible benefit if you wait until you turn 70.

Delaying Social Security can be a good move if you are self-sufficient. The higher Social Security paychecks will reduce the likelihood of running out of money or having to take drastic measures to reduce your living expenses.

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This article originally appeared on GOBankingRates.com: 5 Things Upper-Class Retirees Are Doing With Their Money in 2025