More than likely, living in retirement means fewer credit cards.  Make sure they are paid off and closed out.  If you have a fully funded retirement account from which you can begin making monthly withdrawals and you have a house that is paid off, then the chances of you needing to finance any purchases should be pretty low. The exception to this would be vehicles or a change in housing.  Credit cards will not play a major part in your finances in retirement and will become targeted at specific needs.  For example, if significant travel will take place, then a travel rewards card might be good to keep on hand.

Review insurance

Perform an insurance check-up to make sure you are set with your life insurance policy and your health insurance.  Once you leave your job, you will be faced with obtaining health insurance which will be subsidized with Medicare and other government plans.Also, make sure that any beneficiaries have been assigned on any life insurance policies. Check around to see what options are available to those who are retired, but need supplemental insurance to help out in case of need. Also, look into long-term care options as well. Make sure your will is completed and updated.  Update your will with any changes that need to be made because of your financial status change with retirement.

Information disclosure

Make a listing of all of your accounts, online passwords, banks, and financial consultants’ names and numbers as well as any accountants and/or lawyers.  This list should go to your children or in a safe deposit box if you do not have children.

Power of attorney

Be willing to give power of attorney rights to you children who can and will make decisions concerning your financial status if you become unable to do so.

Using these steps you can help prepare for a smoother life during retirement.  And, while you will find that life is just as busy in retirement as not, you will find enjoyment in little things that mean more to you now than ever.