As we get older and begin to reflect on our mortality, our priorities begin to change. In reading many articles and surveys about what is most important to retirees, the top of the lists include physical, mental and emotional health, relationships, socialization, and maintaining independence.

Far down the list you’ll see financial security, or something similar. I would argue that being able to place our top priorities where they are presupposes that we have our financial house in good order.

Below are a few items that I think are critical to feeling comfortable about your financial situation.

Regardless of how much or little your net worth is, outliving your financial assets is the most common fear of retirees. Be sure your financial plan reflects your current and expected situation. If it needs to be updated, please call us.

The highly unusual market situation in 2022, with bond returns down substantially along with equity returns, is causing us to closely examine our portfolio allocations and fixed income product.

Assuming you have regular withdrawal needs as most retirees do, your allocation should hold fixed income products that protect you from needing to sell high loss positions to generate needed cash.

That dictates holding sufficient shorter-term fixed income products to cover your next few years’ cash needs - or have alternative sources that can be tapped into if needed. 

It's always a good time to review our key life governing documents, but especially important in or near retirement. This would include ensuring our health care proxies and powers of attorney name who we want to function in those positions.

Wills, revocable trusts and estate plans likewise should be reviewed and updated as necessary.

So, stay mentally and socially active, exercise, eat right and sleep well.

And don’t forget to keep your financial house in good order!