Spring Cleaning Your Finances: Get Your Retirement Plan in Order

Just as you declutter your living space, organizing your financial life can help you achieve long-term success in retirement planning. More than half (57 percent) of Americans working full-time, part-time, or temporarily unemployed feel behind on their retirement savings.

If that sounds familiar, now is the time to take action. Spring cleaning your finances can help eliminate inefficiencies, optimize your savings, and help your retirement plan align with your long-term goals. In this blog, we’ll cover three essential steps to refresh your financial strategy and get your retirement plan in order. Here’s what you need to know.

1. Reassess Your Retirement Goals and Adjust Accordingly

Much like tidying up your home, reviewing your retirement plan lets you take stock of what’s working and what needs to change. Your financial situation, priorities, and economic landscape may have shifted since you last checked in. Here’s a look at some key actions you can take:

• Review Your Retirement Timeline: Are you still on track to retire when you originally planned? If not, what adjustments need to be made?
• Reevaluate Your Savings: With inflation and market fluctuations, your savings might need an increase to meet your target nest egg. Consider reassessing how much you contribute to your retirement accounts, such as 401(k)s, IRAs, and other long-term savings vehicles.
• Assess Your Expected Retirement Expenses: Make sure your retirement budget reflects current lifestyle changes, healthcare needs, and potential long-term care costs.
• Check for Any Life Changes: Marriage, divorce, a new child, or relocation can significantly impact your financial outlook. Update your plan accordingly.

Your strategy should be tailored to your unique financial situation, lifestyle goals, and tax considerations. A one-size-fits-all approach may not maximize your retirement income or minimize your tax burden. Consider working with a fiduciary to help develop a personalized retirement strategy that aligns with your needs.

2. Organize and Optimize Your Retirement Accounts 

Like cleaning out old paperwork or reorganizing your closet, decluttering your financial accounts can help streamline your retirement strategy. Many individuals accumulate multiple 401(k) accounts from past employers or hold various investment accounts that may not work together efficiently. Here are some key actions you can take:

• Consolidate Old Retirement Accounts: If you have 401(k)s or other retirement accounts from previous employers, consider rolling them over into an IRA or consolidating them where appropriate.
• Review Your Asset Allocation: Your investment mix can drift from your intended strategy over time. Check your asset allocation and rebalance it if necessary to align with your risk tolerance and time horizon.
• Catch-up Contributions: If you’re 50 or older, don’t forget about catch-up contributions! For 2025, individuals can contribute $31,000, which includes a $23,500 base contribution limit and a $7,500 catch-up contribution—unchanged from 2024.
• Update Your Beneficiaries: If you have experienced major life changes, help ensure your retirement accounts and life insurance policies have the correct beneficiary designations.

3. Tidy Up Your Tax Strategy and Estate Plan

A well-organized retirement plan isn’t just about saving—it’s also about ensuring tax efficiency and proper estate planning so you can maximize your legacy.

• Review Tax-Efficient Withdrawal Strategies: How and when you withdraw funds from different accounts can significantly impact your tax liability. Consider strategies such as Roth conversions or tax-efficient distribution plans.
• Evaluate Required Minimum Distributions (RMDs): If you’re approaching age 73, RMDs will be required from your tax-deferred accounts. Consider making a plan to avoid unnecessary tax penalties.
• Review Your Estate Plan: Confirm that your estate documents are current. This includes your will, power of attorney, healthcare directives, and any trust arrangements that help ensure your assets are distributed according to your wishes.
• Check Your Insurance Coverage: Long-term care insurance, life insurance, and disability insurance should all be evaluated to see if they align with your current needs.

Tax planning should be a year-round effort, not just something to consider during tax season. Reviewing your financial plan now can help you proactively minimize tax burdens in retirement.

Work With a Fiduciary Advisor

At Agemy Financial Strategies, we understand that retirement planning is more than just saving money—it’s about creating a personalized financial roadmap that helps you feel confident about your future. Our team focuses on helping high-net-worth individuals and soon-to-be retirees navigate the complexities of retirement, tax efficiency, and wealth preservation.

Here’s how we can assist you in spring cleaning your finances and optimizing your retirement plan:

• Comprehensive Retirement Planning: We help you assess your current financial situation, set realistic goals, and develop strategies tailored to your unique needs.
• Investment and Wealth Management: Our fiduciary approach helps your investment portfolio align with your risk tolerance, retirement timeline, and financial objectives.
• Tax-Efficient Retirement Strategies: From Roth conversion planning to tax-efficient withdrawal sequencing, we help you create a strategy that minimizes unnecessary tax burdens and preserves more of your hard-earned wealth.
• Estate and Legacy Planning: Our award-winning team helps ensure your assets are structured properly to protect your legacy for future generations.
• Ongoing Guidance and Adjustments: Financial planning isn’t a one-time event—it requires continuous monitoring and adjustments. We stay with you every step of the way, helping you navigate life changes, market shifts, and new opportunities.

Final Thoughts

Spring cleaning isn’t just for your home—it’s an opportunity to refresh, refine, and refocus your retirement plan to provide financial stability in the years ahead. If you’re ready to refresh your retirement plan and help ensure you’re on track for long-term success, Agemy Financial Strategies is here to help. Whether planning for retirement, building generational wealth, or navigating life’s uncertainties, we’re here to provide guidance you can trust.

Contact us today to schedule a consultation and start your journey toward financial confidence.

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Frequently Asked Questions (FAQs)

1. How often should I review my retirement plan?
Reviewing your retirement plan at least once a year or when you experience a significant life event, such as marriage, divorce, career change, or childbirth, is a good idea. Agemy Financial Strategies provides personalized financial reviews to help you stay on track and adjust your plan as your needs evolve.

2. What’s the best way to consolidate old retirement accounts?
Rolling over old 401(k)s into a Rollover IRA is a common approach. This can simplify account management, potentially lower fees, and offer more investment options. However, always consider your specific financial situation before making a decision. Our team can help assess your options and guide you through a tax-efficient rollover strategy that aligns with your long-term goals.

3. How can I reduce taxes on my retirement income?
Minimizing taxes in retirement is key to preserving your wealth and maximizing your income. Agemy Financial Strategies focuses on tax-efficient retirement planning, helping you implement smart strategies to keep more of what you’ve earned. Some effective approaches include:

• Roth conversions: If your financial situation allows it, converting pre-tax retirement savings to a Roth IRA can provide tax-free income later.
• Tax-efficient withdrawals: Strategically withdrawing from taxable, tax-deferred, and tax-free accounts in the right order can help reduce your lifetime tax liability.
• Charitable giving strategies: Utilizing options like Qualified Charitable Distributions (QCDs) from an IRA can allow you to give back while lowering your taxable income.

4. What should I do if I’m behind on retirement savings?
Falling behind on retirement savings doesn’t mean you can’t catch up. At Agemy Financial Strategies, we develop personalized strategies to help you boost your savings, optimize investments, and build a more secure financial future. Key steps to consider include:

• Increasing your contribution rate to retirement accounts.
• Utilize catch-up contributions if you’re over 50.
• Adjusting your budget to prioritize long-term savings.
• Exploring alternative income sources in retirement.

5. Do I need an estate plan?
A basic estate plan, including a will and power of attorney, helps ensure that your assets are distributed according to your wishes and that someone you trust can decide on your behalf if necessary. Agemy Financial Strategies has decades of experience in estate planning to help protect your financial legacy and align with your overall retirement plan.

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Disclaimer: This content is for informational purposes only and should not be considered financial, investment, tax, or legal advice. Please consult with the qualified financial professionals at Agemy Financial Strategies before making any investment or financial decisions.