You think you can stop paying attention to finances after retirement? Think again. It's just as important to monitor assets and plan during retirement as when you are saving for it.

Here are a few helpful tips :

* Keep a close eye on your investments. Most retirees play it conservatively in investments as they near retirement age and especially after they enter retirement, choosing to protect their principal above all else. But it may make sense to keep at least a portion of your portfolio in more aggressive investments.

* Spend carefully. A good retirement spending guideline is to make sure annual withdrawals are not more than 4 to 6 percent of your portfolio. Withdrawing principal too quickly can hurt retirees down the road.

* Know your pension distribution options. Most pension plans pay in the form of an annuity. Other plans may have limited distribution options.

* Withdrawal flexibility allows you to withdraw as little money as possible. Choose a retirement fund offering greater flexibility.

* Shortfall woes. If you're nearing retirement and it becomes apparent your retirement savings will not be enough, consider making drastic changes to your budget, such as saving more money, refinancing or getting a line of credit on your home or selling a car.