How To Declutter Your Retirement Finances

Better position your retirement finances with spring cleaning!
There’s a good chance you don’t really need all the various financial accounts, insurance policies, and investments you’ve accumulated over the years. If you’re like most people, you likely just set things up, then left them alone because you’ve been too busy working and living your life to dig into the weeds of your finances.
Retirement is a good time to take a close look at your finances, declutter to get rid of items that no longer serve you, and organize for the next few decades of your life.
The Problem With Disorganized Finances
Messy finances can cause several problems:
You could be incurring unnecessary service fees and other charges.
Unnecessary accounts could distract you from focusing on the most important decisions that could improve your financial security in retirement.
The more accounts you have, the more vulnerable you are losing money to fraud or being hacked.
In your later years, you might need someone to help manage your day-to-day finances and investments. By decluttering your finances now, you won’t leave them a mess to clean up.
ForbesSix Important Decisions To Make During The Critical Retirement Transition ZoneBy Steve Vernon
Why Decluttering Your Finances Is An Essential Retirement Task
The best way to develop a sustainable retirement is to make sure your lifetime retirement income is large enough to pay for your living expenses throughout a potentially long retirement. You’ll want to explore all the resources you have that can generate retirement income and squeeze out the most income from each of them. You might even be able to generate additional retirement income by redeploying assets that have been used for other purposes, such as whole life insurance and home equity.
To help ensure you can afford a long retirement, you’ll also want to reduce your living expenses to just the amounts you absolutely need to support your life and be happy. At the same time, by simplifying your finances, you’ll have more time to enjoy your life now instead of being bogged down managing your various accounts. Decluttering your finances will also help you prepare for your later years when you’re less able to manage your day-to-day finances.