Why a Financial Check-Up Matters—Even in Retirement

Just because you’ve retired doesn’t mean your financial planning is complete. In fact, retirement often brings about new variables that require ongoing attention. A regular financial check-up in retirement can help you stay aligned with your goals, adjust to changing market conditions, and evaluate your current income, spending, and tax strategies.

Unlike the accumulation phase, retirement is a time of distribution and preservation. That shift demands thoughtful monitoring—not just to track investment performance, but also to help ensure that income sources remain sustainable and tax-efficient.

Key Reasons to Schedule a Financial Check-Up in Retirement

1. Assess Changes in Spending and Income Needs

Your lifestyle in retirement may evolve over time. Maybe you’re traveling more in the early years and spending less later on, or healthcare costs begin to rise. A financial check-up in retirement allows you to revisit your income strategy to make sure it aligns with these shifts.

Are your monthly withdrawals meeting your current needs?

Have unexpected expenses required reallocating funds?

Adjustments may be necessary to avoid overdrawn accounts or the depletion of your assets too early.

2. Review Portfolio Risk and Asset Allocation

Even in retirement, it’s important to manage risk within your investment portfolio. A financial check-up gives you the opportunity to evaluate:

Whether your portfolio is still balanced for your current risk tolerance

If reallocation is needed to protect against market downturns

The impact of market performance on your income strategy

As you age, you might prefer a more conservative allocation, but that shift should be weighed against inflation and longevity considerations.

3. Revisit Your Tax Strategy

Taxes don’t stop in retirement. From Social Security income and Required Minimum Distributions (RMDs) to capital gains and dividends, retirees still face tax-related decisions that can influence long-term outcomes.

A regular financial check-up in retirement can help you:

Strategize for upcoming RMDs

Consider Roth conversion opportunities

Monitor how your withdrawals are taxed

Making small adjustments each year could potentially contribute to a more efficient approach to managing income and distributions.

4. Evaluate Insurance and Long-Term Care Planning

Healthcare costs often increase in retirement, and long-term care needs can arise unexpectedly. Your financial plan should reflect those realities and be reviewed periodically to assess:

Current coverage levels

Life insurance needs

Long-term care planning options, including funding strategies

Reviewing these elements during a financial check-up helps you prepare for changes before they become emergencies.

5. Reassess Estate and Legacy Planning

As your circumstances change, your estate planning documents may need to be updated to reflect your current wishes. During a financial check-up, it’s important to evaluate:

Beneficiary designations

Trusts or gifting strategies

Tax considerations for inherited assets

Keeping your estate plan current can help ensure that your legacy intentions are carried out as desired.

How Often Should You Schedule a Financial Check-Up in Retirement?

For most retirees, an annual review is a practical starting point. However, if your financial situation is more complex or if you experience a significant life event—such as the loss of a spouse, a move, or a major health issue—you may benefit from more frequent reviews.

Partnering with a financial professional during these check-ups can help you evaluate options, run projections, and adjust your strategy with clarity and purpose.

Make a Financial Check-Up Part of Your Retirement Routine

Just as regular health check-ups support physical wellness, a financial check-up in retirement helps keep your financial life on track. It provides a proactive opportunity to adapt your strategy based on new information and changing needs.

At Hanson Wealth Management, we believe that retirement planning doesn’t stop when work ends—it evolves. Our team offers ongoing guidance to help you adjust your strategy and stay focused on what matters most to you.

If you’re ready to review your retirement plan or have questions about any recent financial changes, reach out today. We’re here to help you keep your plan aligned with your life.

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