I’m a Financial Advisor: 4 Financial Resolutions That Actually Work for Retirees

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Younger adults are more likely to make New Year’s resolutions, according to the Pew Research Center, but that doesn’t mean retirees should sit them out. Retirement is one of the best times to revisit long-term money habits, reset priorities and create a plan that supports the retirement lifestyle you want.

To help, here are top financial New Year’s resolutions money experts say actually work for retirees. 

Budget Realistically

“The key with money resolutions is to budget and budget realistically,” said Robert R. Johnson, Ph.D., chartered financial analyst (CFA), chartered alternative investment analyst (CAIA) and professor of finance at Creighton University. “Specifically, one should not simply budget and track expenses, but one should budget for savings.”

According to Johnson, if you want to make savings a priority, it shouldn’t be what’s left over. “It should be a line item on your budget. You don’t successfully build wealth by simply taking what you have left after all your expenses,” he said. “We accomplish what we prioritize. Prioritize savings and invest those savings.”

But don’t forget to take your personal preferences and values into account. Johnson noted that you shouldn’t feel guilty about spending money that others might consider frivolous.

“For example, that daily latte purchase may bring you a great deal of happiness — what economists refer to as utility,” he added. “The key is to budget in order to maximize one’s own unique preferences and not those of others. One certainly shouldn’t cut out those things that truly bring us happiness.”

Cut Out One Vice

A financial resolution Echo Wang, founder of bookkeeping services firm EpicBooks, likes to encourage retirees to do is to cut out one vice. Not because it’s bad, but because it opens up money.

“I say that because it’s money you don’t have to work for, budget or hustle for. You just stop leaking it,” Wang explained.

While these small habits may feel harmless, they can add up. “A pack here, a drink there, wandering around the shops when bored,” Wang said. “But when you add it up, it is one of the easiest ways to provide your finances some much-needed breathing room.”

Wang also mentioned that there’s no need to quit everything. “Just pick one vice. The thing that feels easiest to dial down by like 20% to 30%. That little change tends to free up more money than any strict budgeting rule,” she explained. 

Once you do that, you can transfer the saved amount to another account when it comes in. “The quicker the money leaves the pool of daily spending, the faster they see the difference,” Wang said. “And retirees like wins they can actually see.”

Get Your Financial Estate in Order

Delaney Haley, head of customer experience at estate settlement platform Alix, with over two decades of experience in estate settlement, recommended making 2026 the year you get your documents and financial estate in order and up to date.

“Getting your financial paperwork in order can be a daunting task, which is why many people continue to push it off year after year,” Haley explained. “Don’t let another year go by without taking care of this important to-do.”

Haley suggested starting with a simple inventory. Gather the basics, including your will, bank and retirement account statements, mortgage information, debts, home deeds and car titles. “It’s not unusual that we uncover assets that people didn’t know their relatives had — like an old retirement account from a previous employer,” she said. “In the hustle and bustle of daily life, it can be easy to forget to roll that account over or actually move your assets into the trust you’ve set up.”

Once everything is collected, review what needs updating and make both physical and digital copies. Store them somewhere secure and be sure a trusted person knows where to find them.

Stop Waiting To Have Important Financial Discussions With Family

Haley also suggested having the important financial discussions with family now and not putting it off until later. 

“While virtually every family agrees that talking about estate planning is important, less than half are actually having those conversations,” Haley explained. “No one wants to think about or discuss the end of their life, but it’s not something that can wait.”

According to Haley, the process of settling even a simple estate can take as much as two years and close to 1,000 hours of work. “That’s not something you want to leave your family to manage without a plan in place,” she added. “Having a will or trust in place is a great first step, but it’s also important that your family knows where the will or estate planning documents are, who the estate’s executor will be, who your financial planner is, etcetera.”

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