Just like your health, your finances benefit from a regular check-in. Yet for many people, it’s something that slips down the priority list - often until a change in circumstances or an unexpected cost forces action. In “Your annual financial fit check is due,” Lifetime Retirement Income encourages readers to take a step back and assess whether their finances are still working for them.
From reviewing spending and insurance, to checking savings, income and longer-term plans, the article highlights how a simple annual review can help identify gaps, uncover opportunities and provide reassurance. It’s not about overhauling everything - it’s about making sure the basics are still fit for purpose.
You can read the original article here: Your annual financial fit check. We have also published the full article below too, so please tell us what you think in the comments section.
Retirement isn't a set-and-forget phase of life. Spending patterns change, health needs evolve, and priorities shift. What worked beautifully five years ago might need a gentle tune-up today.
It also keeps things simple, which is key as managing complex finances can become more tiring as we age.
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?
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?
If things feel tight, look for opportunities to make small tweaks or find savings:
• Ways to cut costs:
Read Unlock the Value of Better Off Together
Read A simple guide on the cost of running a car in New Zealand.
Read Nine tips to beat food inflation
• Review power plans:
Read Fight back against your power bill
• Trim unused subscriptions:
• Check your insurance
How to save money on my general insurance
How to ensure your house is covered for the right amount
• Are you Eligible for a Rates Rebate:
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.
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 Travel Insurance for Seniors
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.
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.
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
Have you thought about Lifetime Retirement Income to look after your money in retirement?
If you’d like to find out more about any of our retirement income solutions, including Lifetime Income, Lifetime Home and Lifetime Invest, their locally-based income specialists are on hand to chat.
So click on the button below and contact Lifetime Retirement Income to find out more.