Even if you've spent years earning an income, saving diligently and investing wisely, transitioning to life without a regular paycheck can still be stressful. Find balance and confidence during retirement with a few smart spending tips.

Assess your spending priorities.

Be realistic about your spending plans during retirement, but instead of weighing needs versus wants, think about your priorities. 

You'll want to cover the essentials, but you should also make it a goal to enjoy yourself. Travel, bucket list experiences and even planning to leave a legacy for your children and grandchildren are worth accounting for in your retirement spending roadmap.

Maximize Medicare, Social Security and long-term care plans.

Make sure you're aware of different Medicare options, including Medigap and other ancillary plans, to get the most bang for your buck when it comes to health care expenditures. 

Depending on your situation, it could make sense to invest a portion of your retirement portfolio in long-term care insurance. Plus, there are Social Security strategies to explore, including delaying receipt of benefits to bump those monthly income amounts even higher when they do kick in.

Keep working, but take it down a notch.

If you're in good health and concerned about outliving your assets, consider staying in the workforce. Working even a few hours a week can do wonders for your mental and physical health, as socializing and mobility keep your mind and body active and engaged. 

Don't take on anything that causes more stress than it's worth, though. Activities that enhance your life rather than detract from it are the ones worth pursuing.