1. Start with the basics: Day-to-day spending

Look at everyday costs like groceries, rates, power and insurance; have these reduced or gone up in the past year? Have you stopped doing something? Are you allowing enough?

2. Review your retirement income plan

List your income sources - New Zealand Superannuation, Lifetime Retirement Income Fund payments, Lifetime Home payments, term deposits or other investments, part-time work, rental income - and check whether anything is likely to change in the year ahead.

Is it sufficient to cover your retirement income requirements? Do you need to make any changes? Is it still fit for purpose?

3. Refine your budget

If things feel tight, look for opportunities to make small tweaks or find savings:

•    Ways to cut costs:
   - Read Unlock the Full Potential of SuperGold 
   - Read Nine tips to beat food inflation 

•    Review power plans:
   - Read Fight back against your power bill 

•    Trim unused subscriptions:
    - Read Zombie Subscriptions 

•    Check your insurance:
    - Read Is Health Insurance worth the cost? 
    - Read Is your home insured? 
    - Read Should you pay for pet insurance? 
    - Read Has your car insurance gone through the roof? 

•    Are you Eligible for a Rates Rebate:
    - Click to Read 

4. Review your retirement assets

What do you own? Where is it held? What is the value of it today?

If you have multiple term deposits maturing at different times, or investments spread across several providers, consolidating could simplify your life significantly.

Lifetime Retirement Funds offers a complete solution under one roof. Their flagship Lifetime Retirement Income Fund (Click to View) provides regular tax-paid income – for covering your essential expenses. For money you don't need as regular income, they also offer Conservative, Balanced and Growth Funds (Click to View).

The result? Your entire retirement plan in one place — fewer statements, fewer providers, and less mental energy spent on renewals and investment decisions. It's simplification that makes your annual fit check, and everyday life, considerably easier.

5. Irregular expenses

What are you planning this year that requires costs outside of your day-to-day expenses?

•   Travel
   - Read Top tips for motorhome travel these holidays 
   - Read Don’t put off that bucket-list trip: five tips from a travel insider 
   - Read Don’t have a ‘super’ holiday 

•    Home maintenance

•    Medical expenses 
   - Read Operating expenses: how much could your body cost you? 

Do you know where the money is coming from? Have you got enough across your assets to cover it, without dipping into your day-to-day income needs?

A Lifetime Retirement Income Fund provides your essential income, so you can use other savings or investments for one-off expenses without worrying about disrupting your regular cashflow. What matters is knowing that your income plan supports the lifestyle you want today without putting tomorrow at risk.

6. Don’t ignore the value in your home

For many New Zealand retirees, the family home represents a significant portion of their wealth. Yet it’s often left out of the retirement income conversation.

Your annual review is a good time to consider whether accessing some of that equity could enhance your lifestyle; now or later. Options range from downsizing to home equity release solutions that allow you to stay put while unlocking some of your home’s value.

You don’t need to act, but understanding your options puts you in the driver’s seat.

7. Simplify wherever you can

An annual fit check is a good opportunity to ask: can this be simpler?

Consolidating accounts may reduce fees, paperwork and mental clutter. Even moving investments under one provider can make statements easier to understand and decisions easier to make. Just be mindful of exit fees or lost benefits before making changes.

Many retirees find that converting a portion of their savings into a Lifetime Retirement Income Fund brings welcome simplicity. Instead of tracking interest rates, maturity dates, and reinvestment decisions, you receive regular payments and Lifetime does an annual review of your income to ensure it will last to your target age. It's one less thing to manage.

Simplification isn't about doing less, it's about making things easier on future you.

8. Check the foundations: wills, powers and paperwork

It's not the most exciting part of a financial fit check, but it's one of the most important.

Make sure your will is up to date and reflects your current wishes. Confirm your Enduring Powers of Attorney are in place, and that the right people know where key documents are stored. Consider keeping digital copies securely backed up and sharing access with someone you trust.

These steps provide peace of mind, for you and for your family.
•    Read Future-proof your life with an Enduring Power of Attorney 
•    Read What ‘will’ you do with your assets? 
•    Read Digital safe takes the fuss out of estate planning 

Want to know more?