Retirees, Your Finances Need an Annual Checkup

An annual review should include going over your budget, taking a look at your investment portfolio and making sure you have the right beneficiaries listed on life insurance.

A piggy bank with a stethoscope
(Image credit: Getty Images)

If you’re like most people, you probably started off 2021 with lofty goals and ambitious New Year’s resolutions that by now have long since been abandoned. Take heart. There’s one resolution that’s easy to keep because it’s typically a once-a-year commitment.

Like an annual physical, an annual financial review can keep your finances healthy. “We all go on this health checkup every year, but your wealth checkup could be even more important for your long-term well-being,” says Daniel Hill, a certified financial planner and president of Hill Wealth Strategies in Richmond, Va. A review is worth doing even if it seems like nothing has changed. (Financial planners usually recommend that you review your finances after major life events or whenever your goals need adjusting.) Best of all, once you get this job over with, you can generally forget about it for the next 12 months.

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

To continue reading this article
please register for free

This is different from signing in to your print subscription

Why am I seeing this? Find out more here

David Rodeck
Contributing Writer, Kiplinger's Retirement Report