A new year has a way of encouraging fresh starts. We resolve to walk more, eat better, and finally sort out that cupboard that’s been quietly judging us all year. It’s also the perfect time to give your finances a once-over so you can start the year with the calm confidence of knowing your retirement plan is still working hard for you. 

Think of it as your annual financial ‘fit check’. Nothing too strenuous. No spreadsheet marathons required. Just a thoughtful review to make sure your money is aligned with the life you want to live this year and beyond. 

Why a yearly check-in matters in retirement 

Retirement isn’t a set-and-forget phase of life. Spending patterns change, markets wobble, health needs evolve, and priorities shift. What worked beautifully five years ago might need a gentle tune-up today. 

A short annual review helps you stay in control, reduces stress, and gives you confidence that your income will keep pace with your lifestyle. And perhaps just as importantly, it keeps things simple, which is key as managing complex finances can become more tiring as we age. 

1. Get clear on the big picture

Start with a high-level snapshot of your finances. What do you own? What do you owe? Where does your money come from, and where does it go? 

List your income sources — New Zealand Superannuation, KiwiSaver or other investments, part-time work, rental income — and check whether anything is likely to change in the year ahead. On the expense side, look at everyday costs like groceries, power and insurance, as well as irregular expenses such as home maintenance, travel or medical bills. 

You don’t need a perfect budget, but having a clear sense of cash flow can be surprisingly empowering. If things feel tight, small tweaks like using your SuperGold Card for discounts whenever possible, reviewing power plans, or trimming unused subscriptions can free up more breathing room than you might expect. 

2. Make sure your income is sustainable

In retirement, the focus shifts from growing your savings to making them last. That means checking whether your income strategy is still fit for purpose. 

Ask yourself: am I comfortable managing withdrawals and market ups and downs myself, or would I prefer more certainty? Some retirees enjoy hands-on control. Others value the peace of mind that comes from specialist retirement income solutions that aim to provide a stable, regular income for life. 

There’s no ‘right’ answer, only what suits your personality, confidence level and goals. What matters is knowing that your income plan supports the lifestyle you want today without putting tomorrow at risk. 

3. Simplify wherever you can

Over the years, it’s easy to accumulate multiple bank accounts, investment platforms and insurance policies. While each may have made sense at the time, too many moving parts can make your finances harder to manage than they need to be. 

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. 

Simplification isn’t about doing less, it’s about making things easier on future you. 

4. Revisit your investments with fresh eyes

Your appetite for risk can change in retirement, often more than once. Market swings may feel different when you’re drawing an income rather than contributing to savings. 

Review how your investments are allocated and whether they still reflect your comfort level and time horizon. Some retirees gradually move towards more conservative options; others retain growth exposure to help keep up with inflation. 

If you’re unsure, this is where an independent financial adviser or specialist retirement income provider can be invaluable, helping you sense-check your settings and make adjustments that align with your current reality. 

5. Don’t ignore the value in your home

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. 

6. Check the foundations: wills, powers and paperwork

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. 

A small investment of time, a big return in confidence 

An annual financial fit check doesn’t need to be complicated or overwhelming. A couple of focused hours can help you start the year feeling organised, informed and in control. 

Retirement is about enjoying the life you’ve worked hard to build. Making sure your finances are still keeping up with you is one of the best gifts you can give yourself. This year, and every year.