4 Smart Money Moves to Make in Retirement

Shawn Plummer

CEO, The Annuity Expert

Making the right money moves in retirement is critical to ensuring a comfortable future. You want to be sure you have enough money to cover your costs, but you also don’t want to blow your savings too quickly. Here are 4 smart money moves to make in retirement!

Organize your financial life so that you can live a minimally expensive lifestyle.

It’s a good idea to stay organized as a retiree and consider how you can make life easier. Begin by making a list of critical financial contacts, such as your financial advisor, accountant, lawyer, and insurance agents. Make sure to inform someone you trust who can assist with your finances if required.

Consider simplifying your financial policies and accounts next. Begin by making a list of your assets. This should include any bank accounts, retirement accounts, and insurance policies you have. Combine multiple checking or savings accounts at different banks if they exist to obtain the best service, convenience, and amenities available. Consider merging several IRAs into a single IRA if you have many IRAs or 401(k) plans.

Reevaluate your retirement objectives.

It doesn’t matter if you’re retired or not. It’s critical to evaluate your objectives on a regular basis and see whether you need to make adjustments in order to achieve them. You’ll be able to ensure that you can do everything you want in retirement by staying on top of your finances and making minor budget changes.

Whether you want to go on a trip you’ve longed for or just get started in a new pastime, revisiting your finances periodically will ensure that you may do so without having to worry about running out of funds.

Consider assessing your spending after a year of retirement to see if you accomplished your objectives and if you overspent on something you shouldn’t have. This will allow you to see where your money is going and help you align the funds with your long-term goals.

Prepare the necessary estate planning documents

It’s a smart idea to go through and update your estate planning documents after you’ve retired. One of the most essential records to check is your will, which ensures that your money and property are given to beneficiaries as you intended. Make sure the wording in your will reflects how you’ve assigned assets in other documentation, such as insurance policies or retirement accounts, according to proper legal terminology.

You can write your own will, or have a lawyer handle it for you. Living wills and trusts, power of attorney designations, and letters of intent are other estate planning documents that may be created or reviewed. For more information on estate planning, see our estate planning checklist items.

Select your beneficiaries

It’s critical to name a beneficiary so that your money and assets go to the intended person if you pass away. A court will most likely determine what happens to your estate if you don’t name a beneficiary or if the beneficiary is under the age of 18 or deceased. If you don’t check up on your beneficiaries, it’s possible that your funds and property may be given to someone else.

Make sure your beneficiary section is always completed and that additional contingent beneficiaries are named in case the primary one passes away before you. If anything happens to the persons listed as beneficiaries, be sure to check your retirement and insurance accounts and modify them if necessary.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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