Retirement is your chance to visit places you've always wanted to see, take up a new hobby and spend more time with your family and friends. But to be successful at this new position, you've got to make the most of your income and investments.

Here are some suggestions:

Make it easy to manage your money and pay bills. Have your social security and other income direct deposited. It isn't just safe and reliable, it also means fewer trips to the bank.

Banks also offer quick and easy money-management and bill-paying services by telephone or online, usually for free or at a low cost.

Look for banking services geared to older consumers. Find out if your bank has special accounts or other services for senior citizens.

Consider a second career or working part-time. Working longer, even part-time, can allow you to increase your savings and may boost your retirement income. That alone could also enable you to delay or reduce withdrawals from your savings to cover living expenses.

Be careful with credit cards. You'll probably find that credit cards in retirement are just as necessary as they were when you were younger, but be cautious with your credit cards. Try to have only one or two cards at the most, and monitor them closely.

Understand the pros, cons, and costs before borrowing money with a reverse mortgage. This is a type of home equity loan, a way to get cash by borrowing money using your home as collateral. But there are some important differences between a reverse mortgage and the traditional home equity loan.

You should also be aware that some unscrupulous individuals or companies have promoted reverse mortgages that were not in the consumers' best interest, or that involved extra payments for unnecessary services.