Retirement Life
13 January 2025
Time for your annual financial health check?
January is a great time to check in on your finances and ensure you're on track for the lifestyle you’ve worked hard to enjoy. A couple of hours spent assessing your spending, streamlining your accounts, reviewing your investments, and generally fine-tuning your financial plan can provide peace of mind and reduce the money worries that often hit after the festive period.
Here are five tips to help you start the new year on the right financial foot.
1. Revamp your budget
Start by revisiting your budget. Has your income changed? Have you started drawing from your retirement savings? Do you have other income sources like part-time work or rent and could these change through the year?
On the expense side, update your budget for current costs like utilities, groceries, healthcare, and discretionary spending. Don't forget to plan for occasional one-off expenses such as home maintenance or holidays.
If you need a hand with any aspect of your budget, don’t forget you can request a free copy of our Buckets of Money for Retirement planning guide, written in partnership with finance expert Liz Koh. Request your copy here.
If there isn’t much wiggle room between your income and expenses, consider where you might be able to cut costs, whether by taking advantage of senior discounts or shopping smarter. Check out these past articles for inspiration:
- Click to View: Fight back against your power bill
- Click to View: Top tips for spending less in retirement
- Click to View: Five tips to help you save with your SuperGold Card
Calculate what you could draw in retirement.

2. Organise your financial records
Decluttering and organising your financial records makes it easier to keep track of your money. Sort through physical and digital files, keeping what you need and securely disposing of the rest. While there are no legal requirements for individuals (as opposed to businesses and the self-employed) to retain financial records for defined periods, it is a good idea. For example:
- Tax records: Keep these for seven years.
- Property records: Retain these for the entire time you own a property and for six years after selling.
- Bank and credit card statements: Keep these for a year unless they’re needed for tax purposes or you have financial responsibilities for a business or other organisation (if you’re a director, for example), in which case you’ll need to retain them for at least seven years.
Store important documents like insurance policies, investment statements, and property records in a fireproof box or use secure cloud storage with password protection. A well-organised system saves time and reduces stress when you need to access something.

3. Consolidate financial accounts
Over time, you may have opened multiple bank or investment accounts. Simplify your finances by consolidating accounts where it makes sense to. Streamlining your accounts can reduce fees, simplify tracking, and make it easier to manage your retirement income. However, be cautious to avoid losing any benefits or incurring fees during the consolidation process.
Some people still need multiple accounts (to separate spending and emergency funds, for example). If you prefer to keep all your accounts, consider whether money management apps could help you streamline your financial life by aggregating activity from all your accounts.
4. Re-evaluate your investments
Once you retire your priority shifts from saving to spending, which calls for an entirely different approach to managing your money. Decumulation funds, like Lifetime Income, can help you navigate the thorny issue of how to make your money last and turn your retirement savings into a regular income you can rely on.
If you’re keen to diversify your savings across more traditional funds, make sure your investments continue to match your current risk tolerance, which can change alongside your lifestyle and circumstances. Most asset managers, including Lifetime Invest, will offer a range of funds that cover the spectrum of risk profiles, from growth to conservative to cash.
If you’re unsure about your options or how to assess your risk appetite, consider talking to a financial adviser. We’d be happy to connect you to an independent, qualified advisor for a free, no obligation consultation. Click here to request a referral.

Project your retirement income.
5. Plan for long-term needs
Retirement planning isn’t just about day-to-day expenses. Think ahead to potential healthcare costs or the need for home modifications as you age. Ensure your insurance coverage still meets your needs and explore options like reverse mortgages or debt-free equity release if accessing some of the wealth tied up in your home could support your future needs.
Invest with Lifetime for a retirement income managed for living.