Financial Spring Cleaning for Retirees: 5 Things to Review Right Now
There is something about this time of year that puts people in a clearing-out mindset. Closets get organized. Garages get sorted. Old things get donated or discarded.
Your finances deserve the same attention. Not because anything is necessarily wrong, but because things drift quietly over time. Beneficiaries go unreviewed. Insurance coverage stays on autopilot. Documents that made sense five years ago no longer reflect your current situation. Spring is a natural moment to pull these things into the light and make sure everything still lines up with what you actually want.
For retirees and those approaching retirement, here are five things worth reviewing right now.
1. Beneficiary Designations
This is the most commonly neglected item on this list, and the one with the most potential to cause real problems.
Beneficiary designations on retirement accounts, life insurance policies, and investment accounts override whatever your will says. It does not matter what your estate documents specify. Whoever is listed as the beneficiary on those accounts is who receives the assets. An ex-spouse named on a 401(k) from twenty years ago, a parent who has since passed, or a sibling whose circumstances have changed dramatically, can all end up with assets you would not have intended them to receive.
Life events that should trigger a beneficiary review include marriage, divorce, the birth of a grandchild, the death of a named beneficiary, and any significant change in your family relationships or financial situation. The review itself takes very little time. Contacting the institutions that hold your accounts and asking to confirm your current designations is usually all it takes.
If it has been more than three years since you last checked, that is long enough. Do it now.
2. Estate Planning Documents
Wills, trusts, powers of attorney, and healthcare directives all go stale without anyone noticing. A will drafted before a major life change may not reflect your current wishes. A power of attorney naming someone who has since moved away, become ill, or passed away creates a real gap at exactly the moment it would be needed most.
Estate planning professionals generally recommend reviewing these documents every three to five years, or after any significant life event. If you have moved to a different state since your documents were drafted, that is another reason to have them looked at. Estate laws vary by state, and a document that was valid in one may not function as intended in another.
ALS’s estate planning services include a proprietary Estate Stress Test that walks clients through a ten-step review to identify gaps or misalignments in their current plan. For those who are not sure where their documents stand, that is a practical place to start.
3. Insurance Coverage
Coverage needs shift as life changes, and most people do not reassess their policies with nearly the frequency those changes warrant.
Life insurance is the clearest example. A policy purchased when you had young children, a mortgage, and a working spouse covers a different set of needs than what you may require in retirement. In some cases, coverage is still very much needed — for income replacement, final expense planning, or as part of a legacy strategy. In others, the original purpose no longer exists and the premium dollars could be redirected more effectively.
Medicare coverage is worth reviewing on its own. Many retirees assume their coverage is sufficient until an unexpected bill surfaces. Dental, vision, hearing, and long-term care are among the most common gaps in Original Medicare that catch people off guard. If you have not done a thorough review of what your current plan does and does not cover, our recent post on what Medicare doesn’t cover is a useful starting point.
Long-term care coverage deserves separate attention as well. If you do not have a plan in place for potential care costs, this spring is a reasonable time to start that conversation. According to the 2025 CareScout Cost of Care Survey, the national median for a private nursing home room now runs over $129,000 per year. The window for the most favorable rates and options closes as you get older and health changes. Our long-term care planning team can walk you through asset-based, hybrid, and traditional coverage options to help determine what makes sense for your situation.
4. Your Social Security Statement
Most people check their Social Security statement once, when they first sign up, and never look at it again. That is a mistake worth correcting.
Your projected benefit is calculated based on your earnings record. Errors in that record — even small ones from years ago — can reduce your benefit permanently if they go uncorrected. Reviewing your statement annually gives you the chance to catch discrepancies while the information is still accessible and correctable.
You can access your statement at any time through the Social Security Administration’s my Social Security portal. The statement also shows projected benefit estimates at different claiming ages, which is useful for anyone still deciding when to begin benefits.
If you are within five years of your target retirement date, taking a careful look at your earnings history is time well spent.
5. Your Retirement Income Plan
The last thing to review is the big picture. Does your current plan still hold up given where things stand today?
Markets shift. Spending patterns change. Healthcare costs evolve. A withdrawal strategy that made sense when interest rates were at one level may need adjusting in a different environment. If you have not looked at your projected income, expenses, and withdrawal sequencing in the past twelve months, a review is overdue.
The Consumer Financial Protection Bureau recommends consistent monitoring of retirement income and assets as one of the most practical things retirees can do to protect their long-term financial security. The exercise does not need to be exhaustive. A focused review of your monthly income sources, expected expenses for the year, and whether your withdrawal rate is sustainable can surface issues while there is still time to address them.
If any of these five areas surfaces a question you are not sure how to answer, that is the conversation our team at American Legacy Solutions is built for. From estate planning and beneficiary reviews to insurance coverage and retirement income strategy, our financial planning services are designed to give retirees a clear view of where they stand and what, if anything, needs attention.
Spring is a good time to clean your house. Your finances are no exception!
Frequently Asked Questions
Q: How often should retirees review their beneficiary designations? A: Beneficiary designations should be reviewed at least every three years and after any major life event including marriage, divorce, the birth of a grandchild, or the death of a named beneficiary. Because designations override your will, keeping them current is one of the most important steps in retirement planning.
Q: How often should retirees update their estate planning documents? A: Estate planning professionals generally recommend reviewing documents every three to five years, or after any significant life event. If you have moved to a different state since your documents were drafted, a review is especially important as estate laws vary by state.
Q: How do I check my Social Security earnings record? A: You can review your Social Security statement and earnings history at any time by creating or logging into your personal account at ssa.gov/myaccount. The statement shows your earnings history and projected benefit estimates at different claiming ages.
Q: What insurance coverage should retirees review each year? A: Retirees should review life insurance policies to confirm coverage still matches current needs, assess Medicare coverage for gaps in dental, vision, hearing, and long-term care, and evaluate whether a long-term care plan is in place. Coverage needs change significantly in retirement and policies that made sense during working years may need to be updated.
Q: What should retirees look at when reviewing their retirement income plan? A: A retirement income review should cover projected monthly income from all sources, expected annual expenses, current withdrawal rate from savings and investment accounts, and whether the overall strategy remains appropriate given current market conditions and personal health outlook.