Throughout your working years, you worked hard to build assets for the future. Now that retirement has arrived, you can enjoy the results of your efforts.

Even if you feel financially prepared, retirement still requires careful money management. Your needs, goals, and expenses may change over time. Regularly reviewing your financial plan can help you stay organized and confident.

Here are four important money moves to consider during retirement.

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1. Review Your Retirement Goals

A strong retirement strategy starts with clear financial goals. Once you retire, review those goals regularly and adjust them as needed.

Unexpected expenses can affect your savings. Planning for both expected and surprise costs may help your money last longer and reduce financial stress.

Your priorities may also change over time. You may decide to travel more, start a new hobby, or move to a different home. Reviewing your short- and long-term goals each year can help keep your budget aligned with your lifestyle.

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2. Streamline Your Financial Accounts

Many retirees manage several financial accounts and policies opened over the years. Retirement offers a good opportunity to simplify and organize them.

If you use multiple banks, consider using an account aggregation tool. These tools can combine information from checking accounts, savings accounts, credit cards, and other financial accounts into one location.

You may also want to consolidate multiple IRAs or old 401(k) accounts into a single IRA. Consolidation may make account management easier and reduce paperwork.

Create a list of important financial contacts, including your:

• Financial professional
• Accountant
• Attorney
• Insurance agent

Share this information with a trusted family member or financial power of attorney.

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3. Review and Update Beneficiaries

Retirement is a good time to review beneficiary designations on your insurance policies, retirement accounts, and other financial assets.

Major life events can change your wishes. Marriage, divorce, remarriage, or the birth of children may affect how you want assets distributed.

Make sure all beneficiary information remains current and accurate. You may also want to name contingent beneficiaries. A contingent beneficiary can receive assets if the primary beneficiary dies first, declines the inheritance, or cannot accept the assets.

Keeping beneficiary designations updated can help ensure your assets transfer according to your wishes.

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4. Revisit Your Estate Plan

Retirement is also an ideal time to review your estate planning documents.

Start by reviewing your will. Confirm that it matches the beneficiary designations listed on insurance policies and retirement accounts.

You may choose to create documents online using estate planning software. Many people also work with an estate planning attorney for additional guidance.

Your estate planning checklist may include:

• Wills
• Trusts
• Living wills
• Powers of attorney
• Letters of intent

Regular reviews can help keep your estate plan current as your financial situation and family needs evolve.

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Keep Your Retirement Plan Current

You deserve a retirement filled with relaxation, family, and activities you enjoy. However, maintaining your financial health remains important throughout retirement.

Reviewing your budget, goals, beneficiaries, and estate documents can help keep your financial plan aligned with your needs.

You may also benefit from working with a financial professional who can help you evaluate strategies and keep your retirement plan on track.

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Disclosure:
The term financial professional does not imply engagement in an advisory business where compensation is unrelated to product sales. Financial professionals who hold insurance licenses may receive commissions from the sale of insurance products.