Smart money moves to help manage your money in retirement

You've worked hard to save for retirement, and with a proper financial plan in place, you can now spend time relaxing and participating in the activities you enjoy most. Even if you're financially prepared for life as a retiree, following good money management practices is an ongoing commitment and can be critical to helping maintain your financial health throughout retirement. Here are several smart money moves to help you manage your money in retirement.

Retirement income planning and money management tips for retirees

Retirement income planning becomes increasingly important once you stop receiving a regular paycheck. During retirement, your income may come from a combination of sources such as Social Security, pensions, retirement accounts, annuities, and personal savings. At the same time, the cost of everyday expenses can rise over time due to inflation, while healthcare needs and other spending priorities may change. Creating a plan for how income will be generated, managed, and adjusted can help support long-term financial stability throughout retirement.

Since retirement can potentially last for decades, managing your money is not a one-time task. Regularly reviewing your income sources, retirement expenses, spending habits, and withdrawal plan can help you stay aligned with your goals as circumstances evolve. Annual financial checkups can also help you identify potential challenges early and allow you to make adjustments if needed. To help take an active role in retirement income planning, these money management tips can help you feel more confident about the years ahead.

  Simplify your accounts

Retirement can be an ideal time to make smart money moves that simplify your financial life and help you stay organized. Start by creating a list of bank accounts, retirement accounts, insurance policies, and other important financial assets. If you have accounts spread across multiple financial institutions, you may want to explore account aggregation tools that allow you to view information from various accounts in one convenient location, including bank accounts, credit cards, and investments. If you have multiple IRAs or old 401(k) accounts, consolidating them into a single IRA may make it easier to manage your retirement savings.

To help you stay organized, list important financial contacts such as your financial advisor, accountant, lawyer, and insurance agents. Consider sharing this information with a trusted family member or the person designated as your financial power of attorney so they can easily access key resources if needed.

  Review your beneficiaries

Managing money in retirement involves more than monitoring income and expenses, it also means making sure your assets are set up according to your current wishes. Many financial accounts, retirement plans, and insurance policies require beneficiary designations to help ensure your money and assets are distributed as intended. If you haven't reviewed your beneficiary information recently, retirement can be a good time to revisit these important details.

Consider whether any life changes, such as marriage, divorce, the birth of a child, or the loss of a loved one, may affect who you want listed as a beneficiary. Take this time to ensure all information is current and designate secondary beneficiaries if necessary. By listing contingent beneficiaries, this person or entity will inherit assets if the primary beneficiary cannot be reached or predeceases the grantor. If you've designated a charitable organization as a beneficiary, it may also be worth confirming that it still aligns with your values and goals.

  Re-evaluate your estate plan

Retirement is an ideal time to review and update your estate planning documents as part of your overall retirement income planning strategy. Start by reviewing your will to help ensure your money, property, and other assets are distributed according to your wishes. Also confirm that the instructions in your will align with beneficiary designations and asset allocations outlined in other documents, such as insurance policies, retirement accounts, and trusts. To create or update a valid will, you may choose to use do-it-yourself software and online resources or work with an estate planning attorney.

In addition to your will, consider creating or reviewing other important estate planning documents, including living wills, trusts, powers of attorney, and letters of intent. Keeping these documents current can help ensure your financial and personal wishes are clearly documented and provide guidance for loved ones in the future.

  Reassess your goals

With your working years behind you, it can be helpful to re-evaluate your goals and determine whether your financial plan still supports the retirement lifestyle you envision. While you've likely created a strategy to help manage your savings and retirement income, revisiting it periodically can help ensure it reflects your current priorities, spending needs, and long-term objectives. Preparing for both planned retirement expenses and unexpected costs can help your savings go further and lessen concerns about running out of money. Taking time at least once a year to identify your short- and long-term goals can help you stay on track, make informed financial decisions, and keep your budget, retirement income, and expenses aligned with your evolving needs.

How to make money after retirement

Retirement income can come from a variety of sources, but some retirees choose to earn additional money to help cover income gaps, manage expenses, or work toward other financial goals. Bringing in extra income can add flexibility to your budget, help offset rising costs, and reduce the need to draw as much from your retirement savings for everyday expenses. Depending on your interests, skills, and schedule, there are many ways to earn extra income while still enjoying the flexibility retirement offers.

Popular options include part-time work, consulting, freelancing, tutoring, or seasonal jobs that make use of your professional experience. Some retirees also earn income by renting out property or other assets, investing in dividend-paying investments, or turning hobbies into small businesses. Activities such as pet sitting, crafting, teaching lessons, selling items online, or providing specialized services can also provide additional income. Choosing opportunities that fit your lifestyle and interests can help strengthen your overall retirement strategy while supporting the future lifestyle you want.

How to cut expenses in retirement

Reducing retirement expenses can be just as important as finding ways to generate additional income, especially for retirees living on a fixed income. Lowering unnecessary costs can help extend savings, create more room in the budget for essential expenses, and improve long-term financial stability. A good place to start is by reviewing how your retirement income is spent and identifying which expenses are essential versus discretionary, so you can better understand where adjustments may be possible. From there, consider whether it makes sense to downsize to a smaller home, reduce transportation costs by maintaining fewer vehicles, pay down high-interest debt, or review recurring subscriptions and memberships. Taking steps like these can help lower your overall expenses and preserve more of your retirement savings.

How to save money in retirement

With a fixed income, saving money in retirement requires consistent budgeting, thoughtful planning, and adjusting spending habits even after leaving the workforce. Smart money moves can include reducing high-interest debt, managing withdrawals from retirement accounts to help preserve savings, taking advantage of catch-up contributions for those age 50 and older, and reviewing investment allocations to help maintain an appropriate balance of growth and income that fits your risk tolerance. As you evaluate whether your spending still reflects your priorities and lifestyle, look for ways to reduce larger expenses and help free up money for travel, hobbies, healthcare, or other goals that matter most during retirement.

Where to put money after retirement

After retirement, the focus for your money typically shifts away from maximum growth and toward greater stability, steady income, and capital preservation while still keeping up with inflation over time. With a more limited or fixed income stream, many retirees prioritize protecting what they've built while ensuring they have reliable access to funds for both everyday needs and unexpected expenses. A diversified, "bucket" approach is often used to balance short-term liquidity with longer-term income needs, helping create a more structured way to manage retirement savings. Common places to put money after retirement include maintaining an emergency savings fund for unexpected costs, using high-yield savings accounts or certificates of deposit (CDs) for short-term stability, and adding annuities to help generate guaranteed retirement income. This mix can help retirees reduce exposure to market volatility while still supporting ongoing retirement income needs and financial flexibility.

Tax strategies in retirement

Tax strategies in retirement can help you make the most of your retirement savings by managing how and when you withdraw money from your accounts. Instead of focusing only on this year's tax bill, thoughtful planning looks at your long-term financial picture and ways to help keep more of your savings working for you. Common tax strategies in retirement may include withdrawing money from different types of accounts in a tax-efficient order, converting some retirement savings to a Roth account, or managing your taxable income to help avoid moving into a higher tax bracket or paying higher Medicare premiums.

If charitable giving is part of your retirement plan, options such as Qualified Charitable Distributions (QCDs) may allow you to support causes you care about while also satisfying required minimum distributions. Because everyone's financial and tax situation is different, consider working with a financial or tax professional to determine which tax strategies in retirement may be appropriate for your goals.

Get more retirement money management tips from Midland National

Managing your money wisely and regularly reviewing your financial goals can help you stay on track throughout retirement. Midland National offers annuity and life insurance solutions designed to help strengthen your financial plan. Consider connecting with a financial professional who can help you make informed decisions and create a retirement strategy that reflects your goals, priorities, and the future you envision.

The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

Neither Midland National, nor any of its agents, employees or representatives are authorized to give tax or legal advice. Customers should contact their own independent qualified tax or legal advisor before commencing any charitable giving plan.

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REV 8/2026