8-Step Checklist To Help Organize Your Finances as You Age

As you approach or enter retirement, your relationship with money changes. The focus shifts from growing your savings to managing and preserving your wealth in a way that supports your lifestyle and legacy.

These years come with new freedoms, but also responsibilities. The good news? It's never too late to take control of your financial life. This checklist provides key steps to take control of your finances as you age—one smart move at a time.

1. Assess Your Current Financial Situation

Before you can fine-tune your future, you need to know exactly what's coming in and what you can count on. Let's start there.

• List all sources of income

  Your retirement income may come from multiple places: Social Security, pensions, annuities, 401(k) or even part-time work or income properties. Tallying them all up helps you see the full picture.

  For example, some income may be guaranteed, while other sources might fluctuate. Knowing what you can count on each month makes planning much easier.

• Review your expenses

  Take stock of both your essential fixed costs—like housing, insurance, food and healthcare—and more flexible lifestyle spending, such as travel, hobbies or gifts for the grandkids.

  This isn't about cutting back right away. It's about understanding where your money is going and deciding if it aligns with your priorities. If spending on your grandkids brings you joy, that's money well spent. But that dusty gym membership? Maybe not so much.

• Take stock of debts and liabilities

  Carrying debt into retirement isn't unusual, but it can put pressure on a fixed income. Look at what you owe—mortgage, credit cards, car loans, personal loans—and assess whether it makes sense to pay it down, refinance or restructure.

  For example, paying off a high-interest debt could free up hundreds each month—money better used elsewhere.

  READ MORE: Want to Be Debt-Free? Start with this Checklist

• Calculate your net worth

  Your net worth is what you own minus what you owe. It's not a score; it's a snapshot. Knowing where you stand today helps you make smarter decisions for tomorrow, whether that means freeing up cash flow or protecting the assets you want to pass on.

2. Organize Your Financial Documents

Once you have a clear picture of your finances, the next step is to get everything organized. Because even the best plan can fall apart if no one knows where to find the paperwork.

• Gather important documents

  Wills, powers of attorney, tax returns, insurance policies, investment statements—the paperwork piles up over the years. Collecting it in one place ensures nothing slips through the cracks when it matters most.

• Create a filing system

  Whether it's a fireproof box in your closet or a password-protected digital folder, your documents should be easy to access—not just for you, but for a loved one if needed. A little organization now can save your family a lot of time, stress and confusion down the road.

• Make a master list

  Write down what you have and where to find it—account numbers, login info (stored securely) and contact details for your financial advisor , attorney or accountant.

  Think of it as leaving a trail of breadcrumbs. If someone needs to step in, they'll know exactly where to start.

3. Create or Review Your Budget

Once you've gathered your paperwork and laid everything out, the next step is figuring out how it all flows—because a solid budget turns information into action.

• Track income and expenses

  Whether you prefer apps, spreadsheets or notebooks, tracking what comes in and what goes out puts you in control. It also helps you spot the money leaks: $10 here, $30 there. Over time, that adds up.

  READ MORE: 6 Steps To Create a Basic Budget That Works for You

• Adjust for life changes

  Retirement isn't static. You might downsize your home, take up a new hobby or face unexpected health costs. You might also consider moving to a retirement community , which can offer convenience and social connection, but often comes with new costs that need to be built into your budget.

  Your budget should evolve with your life. Maybe you used to spend more on commuting, but now you spend more on travel. That's OK, as long as it's planned.

  READ MORE: 10 Financial Moves to Make After You Pay Off Your Mortgage

• Identify ways to cut unnecessary costs

  This isn't about deprivation; it's about aligning spending with what matters. Cancel the subscription you forgot you had. Shop around for better insurance rates. The goal is to trim the excess so you have more for the things you truly enjoy.

4. Review Your Investments and Retirement Accounts

Next, review the long-term assets fueling your retirement—because smart investing doesn't stop when the paychecks do.

• Rebalance your portfolio

  As you age, your investment strategy should change to reflect your time horizon and tolerance for risk. Maybe that means shifting your asset allocation to more income-generating assets or simplifying what you hold.

• Ensure required minimum distributions (RMDs) are managed

  Once you hit your early 70s,RMDs kick in for many retirement accounts. If you don't withdraw on time, you could face hefty penalties. Planning ahead can help reduce taxes and keep your withdrawal strategy on track.

  READ MORE: What Should You Do With Your RMD? 8 Options To Explore

• Consult with a financial advisor

  According to retirement researcher David Blanchett, retirees who have a clear withdrawal strategy feel more confident and actually spend more—without running out of money. A good financial advisor can help you find that balance.

5. Plan for Healthcare and Long-Term Care Costs

While your investments fund your lifestyle, it's just as important to plan for one of retirement's biggest wild cards: healthcare.

• Understand Medicare and supplemental insurance

  Medicare doesn't cover everything. While it helps with hospital and medical care, it typically doesn't include things like vision, dental or hearing. Prescription drug coverage (Part D) is optional, and even then, out-of-pocket costs can still add up.

  As of 2025, a new $2,000 annual cap on Part D drug costs offers some relief. You may also consider supplemental insurance (Medigap) or a Medicare Advantage plan to help fill coverage gaps, but keep in mind that plan availability and benefits can vary each year.

• Explore long-term care insurance

  Long-term care can be expensive, and it's something many retirees will eventually need. Insurance can help protect your savings and give you more choices about your care.

• Budget for out-of-pocket medical expenses

  Even with insurance, costs like copays, over-the-counter medication and mobility aids can add up. Set aside a cushion so these don't catch you off guard.

  READ MORE: 6 Smart Options To Help Cover the Costs of Long-Term Care

6. Update Estate Planning Documents

Life changes, and so should your paperwork. As your family, finances or priorities shift, your will and other estate planning documents need to keep up. It's not just about what happens someday; it's about making sure everything reflects where you are now and what matters most.

• Review and update your will

  A will isn't a one-and-done document. Review it every few years, especially after big life events. Make sure it still reflects your values and intentions.

• Assign powers of attorney and a healthcare proxy

  If something happens and you can't make decisions for yourself, who will? Having these roles assigned in advance gives you control and gives your family clarity.

• Review beneficiaries on accounts and insurance policies

  These designations override your will, so make sure they're accurate and current. You'd be surprised how often people forget to update them after a divorce or death.

• Consider creating a trust

  For some families, a trust can simplify estate settlement, reduce taxes and provide ongoing support for a child or loved one. It's not just for the ultra-wealthy, but it is something to discuss with a professional.

  READ MORE: How to Discuss Your Estate Plan with Adult Children

7. Watch Out for Scams, Identity Theft and Fraud

Scams targeting older adults are on the rise, and staying informed is your best defense.

• Be aware of common scams targeting older adults

  Phone scams, phishing emails , fake charities, grandparent scams, deepfakes. The tactics change over time, but the goal is the same: to get your money or information. Stay skeptical, protect your identity and don't rush decisions.

• Take steps to protect yourself

  Use strong passwords, shred sensitive documents and monitor your accounts and credit score regularly. If something feels off, it probably is. Ask for a second opinion.

  READ MORE: How To Protect Yourself From AI Fraud and Scams in Banking

8. Seek Help if Needed

Even with everything in place, you don't have to do it alone. Sometimes the smartest move is knowing when to ask for help.

• Know when to involve family/trusted friends

  You don't have to manage everything by yourself. Let someone you trust know where to find your documents or how to help if you're hospitalized. These small conversations can make a big difference.

• Find professional advisors

  From fee-only financial planners to elder law attorneys, experts can offer guidance that pays for itself. Just make sure they're qualified, fiduciary and clear about their fees.

• Tap into resources and hotlines

  Don't know where to start? Groups like the National Council on Aging or AARP, or services like the Eldercare Locator , can point you in the right direction. You're not alone in this.

  Live Well and Leave a Legacy

  Getting older doesn't mean giving up control of your finances. With the right planning, you can reduce uncertainty, support your lifestyle and give yourself the peace of mind to fully enjoy retirement.

  And you don't have to overhaul everything overnight. Start small. Pick one item from this checklist and tackle it today. Then keep going.

  If you hit a wall? Reach out. A trusted advisor, a financial planner or even a knowledgeable friend can help you turn good intentions into real action.

  Your future self—and your family—will thank you.

  READ MORE: 6 Important Costs to Consider When Planning for Retirement