How Retirees Can Weigh Their Financial Health

By Len Hayduchok, Fiduciary, Certified Financial Planner ®

It’s time for a check-up! Beyond the blood pressure checks, screenings, and annual visits, financies need their own check-up to make sure all is on track for long-term financial health. Done correctly, financial planning addresses the key financial decisions one should have to make throughout their life. It will eliminate concerns and worries about financial security and beyond peace of mind, even gives a sense of confidence. Nagging questions or concerns about one’s financial picture, now or in the future, may be an indication that proper planning is not in place.

Using this informal ‘quiz’, retirees can consider their financial strength and stability by their ability to answer questions in key areas of Financial Planning: Income, Investments, Taxes, and Risk. Reflection on these queries can serve as a barometer to gauge general health as well as identify areas to further research and consider with expert help. (For most effective use, it’s suggested that you make notes of your questions and thoughts as needed).

Income

• Is there enough money to last my lifetime?

• Which accounts should be drawn from, and which should be left to grow?

• How much money can I spend freely without worrying that I’m spending too much?

• How do I turn assets into regular, automatic cash flow that I don’t have to be managing?

Investments

• Are my investments in “the right places”?

• Am I getting the returns needed to meet my needs over my lifetime?

• Am I getting the advice I need? Am I paying too much in fees?

• Do I have too much money at risk regarding stock market fluctuation?

• Is my money working for me (or could I get better returns without taking more risk)?

• Do I have too much money in the bank getting little interest, or might I need even more liquidity?

Taxes

• Am I paying more in taxes than is necessary?

• Are there tax strategies I am not aware of?

• How are my investment decisions affecting my taxes?

• How can I avoid taxes on Required Minimum Distribution or Social Security income?

• How can I best deduct charitable contributions from taxes?

• Since tax brackets are scheduled to increase in 2026, is there anything I should be doing now?

Risk

• Will my spouse or loved ones be properly “cared for” if I pass away?

• What will happen if I get sick or need to go to a nursing home? How will I be able to afford the care I might need?

• Do I have the right insurances in place? Do I need more or less insurance?

Regardless of whether one’s already retired or wondering if they’re ready to…if these questions are unsettling, it may be helpful to look for financial strategies to get to the place they need to be. Consider submitting one’s financial/retirement plan for a second opinion and review areas of concern with a financial advisor who is well-versed in all areas of financial planning, particularly considering qualifications like Certified Financial Planner and Fiduciary.

(Note: Fiduciary’s are legally and ethically bound to put the needs of their clients first.)