Investors who’ve been in the market for any length of time at all have probably heard at least one or two of Warren Buffett’s top stock-picking tips. And you’d be wise to heed his advice. After all, his Berkshire Hathaway regularly outperforms the benchmark S&P 500. If you embrace his approach, you may well do the same.

But what about retirees? Although ultra-rich Buffett can afford for his favorite investing time frame to be “forever,” most ordinary people can’t. At some point retirees need to start living off of their portfolio’s value. More to the point, once someone stops collecting work-based wages, their investing priority shifts away from growth and toward income. Does the Oracle of Omaha have any nuggets of wisdom to offer this crowd?

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As a matter of fact, there are some Buffett tips that apply to retirees.

1. “Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”

He’s also voiced the idea slightly differently by saying, “If you aren’t willing to own a stock for 10 years, don’t even think about owning it for 10 minutes,” but the underlying premise is the same. This standard is ultimately a litmus test as to whether or not you truly believe in the longevity of a company behind a particular stock.

All too often an investor is willing to step into a speculative name knowing that — if need be — they can get out of the position should things take a turn for the worst. If and when such an escape plan is dancing around in the back of an investor’s mind, it’s probably not a pick most retirees should be making in the first place.

2. “I try to invest in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

This one speaks for itself, and applies universally to all sorts of companies and their stocks… growth, value, dividend payer, etc. Is an organization able to continue performing as you need it to perform no matter who’s at the helm, or are you actually only invested in a particular personality?

3. “Price is what you pay; value is what you get.”

This one can hit hard whether you’re a retiree or still have plenty of working years left. It simply means that buying cheap stocks just because they’re cheap is more often than not a mistake. Quality companies worth owning tend to maintain something of a premium stock price that you should be willing to pay. Buffett has also explained this idea by saying, “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.”

4. “Beware the investment activity that produces applause; the great moves are usually greeted by yawns.”

This is another piece of advice that forces investors of all ages to take a long, honest look in the mirror. Are you investing to achieve a specific monetary goal, or are you investing as a means of entertainment? Many people are doing the latter, perhaps even convincing themselves that’s not the case.

The fact is, while earning the sort of money you want — and need — to earn is exciting, your portfolio is better off being boring, while your management of it should be a drama-free effort. Drama and excitement can easily cause you to make emotionally charged mistakes.

5. “Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value.”

Buffett’s broad point here is seemingly pointed at investors looking for growth while they’re working a job. It still applies, however, to older investors relying on their investment portfolio to generate income. That is, sitting on a bunch of cash in a low-yielding bank account means you’re losing buying power.

By proactively moving this cash into an investment — whether it’s a stock or even a higher-yielding money market fund right now — you’re getting measurably more return without giving up much actual liquidity. Most online banks and brokerage accounts are paying in the ballpark of 4% on cash-like and near-cash deposits, for perspective.

6. “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.”

Finally, the Oracle of Omaha offers up some hope by highlighting the fact that anyone can do well as an investor because successful stock-picking isn’t a matter of training, education, experience, or access to more tools and data. What matters most is having the fortitude to stick with a plan based on proven investing concepts.

To this end, Buffett underscores this encouragement by explaining, “An idiot with a plan can beat a genius without a plan.” A plan, of course, provides a framework for the aforementioned discipline. Without a specific plan, even retirees run the risk of chasing down the newest proverbial shiny trinket rather than sticking with a portfolio designed to achieve a specific purpose.

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James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.