To speak with Russ, a licensed agent, call 918-906-6598 (TTY 711 M-F, 9am-5pm) or email

Tips for Reviewing and Updating Your Retirement Plan

Posted by Russ Scott
Estimated Reading Time 1 minute 37 seconds

Tips for Reviewing and Updating Your Retirement Plan

Retirement is a major life milestone, but the planning doesn’t stop when you walk away from the workforce. In fact, it’s just as important to review and adjust your retirement plan after you’re retired. From managing your budget to ensuring you have the right healthcare coverage, this comprehensive checklist for retirees should help you stay on top of your financial well-being.

Review Your Retirement Budget

Once you’re retired, your spending patterns may change. Review your budget regularly to ensure it aligns with your current needs and lifestyle. Consider factors like travel, hobbies, and healthcare expenses when adjusting your budget.

Review Medicare Plans Annually

Medicare plans can change from year to year, so it’s essential to review your options annually during the open enrollment period. Compare plans to ensure you have the coverage that best meets your healthcare needs and budget.

Consolidate Financial Accounts

Having multiple financial accounts can make money management confusing. Consolidate accounts where possible to streamline your finances and reduce paperwork. This also makes it easier to keep track of your investments and retirement savings.

Update Beneficiary Forms

Life events like marriage, divorce, or the birth of a child may require updates to your beneficiary forms. Review and update these forms regularly to ensure your assets are distributed according to your wishes.

Check Your Credit Reports

Protect your financial health by checking your credit reports regularly. Look for any errors or signs of identity theft. Correcting errors promptly can help maintain your credit score and financial security.

Make a Plan to Pay Off Debts

Entering retirement with debt can put a strain on your finances. Make a plan to pay off any outstanding debts, prioritizing high-interest debt like credit cards. Consider working with a financial advisor to develop a debt repayment strategy.

Consult with Your Financial Advisor Regularly

Your financial advisor can be a valuable resource throughout retirement. Schedule regular meetings to discuss important topics like required minimum distributions (RMDs), investment performance, and any changes to your financial goals or circumstances.

By following this checklist, you can stay proactive in managing your finances and ensure a secure retirement. Retirement planning is an ongoing process, and regular reviews and adjustments are essential for long-term financial success. Consult with us, too, and we can help you evaluate your Medicare options and make changes as needed.

Russ Scott //

I was born and raised in Tulsa, Oklahoma. I played rugby at Oklahoma State University where I graduated with a degree in Finance and a minor in Accounting. My wife, Erica, and I married in 2009 and have three wonderful children Rory (8), Sydney (6) and Reince (5). I've also been a licensed insurance professional with Medicare in the center of it all for more than 15 years.

One thing I don't take for granted is getting the privilege to meet with individuals and independent agents every week to discuss insurance needs in today’s ever-changing benefits environment. The companies that our agency has chosen to represent have become leaders in their markets and our vision is to develop a strong, capable distribution force to bring their insurance products to the public.

Legacy Insurance Advisors' mission is to sell and service all forms of health and life insurance by representing the best carriers in the industry, by maintaining a superior client base, by partnering with and retaining the most qualified professionals, and by providing all agency personnel with the training and tools available to give the very best possible service to our clients and companies. Our agents, managers, and staff are committed to educating and empowering our policyholders. We will provide guidance and expertise while managing our clients’ risk. Because of Legacy Insurance Advisors’ access to multiple providers in nearly every line of insurance, we will customize plans to fit our clients’ wants and needs.

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