4 Financial Resolutions That Actually Work for Retirees

Young people are more likely to make New Year’s resolutions, according to the Pew Research Center, but that doesn’t mean retirees should sit on the sidelines. Retirement is one of the best times to revisit your long-term financial habits, realign your priorities, and create a plan that supports the retirement lifestyle you want.

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

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“The key to funding decisions is budget versus actual budget,” said Dr. Robert R. Johnson, CFA, CAIA, and professor of finance at Creighton University. “Specifically, people should not simply budget and track spending, but rather budget for savings.”

Johnson says if you want to prioritize saving, then saving shouldn’t be the rest. “It should be a line item in your budget. You can’t successfully build wealth by simply taking away the money that’s left after all your expenses,” he said. “We accomplish what we prioritize. Prioritize savings and invest those savings.”

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

“For example, buying a latte every day may give you a lot of pleasure—what economists call utility,” he added. “The key is to create a budget that maximizes your own unique preferences rather than the preferences of others. People certainly shouldn’t eliminate the things that truly bring us happiness.”

One financial resolution Echo Wang, founder of bookkeeping service EpicBooks, likes to encourage retirees to make is to kick bad habits. Not because it’s bad, but because it makes money.

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

While these small habits may feel harmless, they add up to an impact. “A pack here, a drink there, just wandering around the store when I’m bored,” Wang said. “But when you add it up, it’s one of the easiest ways to give your finances some much-needed breathing room.”

Wang also mentioned that there is no need to give up everything. “Pick just one vice. The thing that feels easiest to cut back by 20 to 30 percent. This small change often frees up more money than any strict budgeting rule,” she explains.

Once you do this, you can transfer the savings to another account as you receive the money. “The faster money leaves the daily spending pool, the sooner they see a difference,” Wang said. “Retirees like wins they can actually see.”

Delaney Haley, head of customer experience at estate settlement platform Alix, has more than two decades of experience in estate settlements and advises you to get your documents and financial estate organized and up-to-date in 2026.

“Putting together financial paperwork can be a daunting task, which is why many people put it off year after year,” Haley explains. “Don’t let another year go by without taking care of this important to-do item.”

Haley recommends starting with a simple list. Gather basic information including your will, bank and retirement account statements, mortgage information, debts, home deeds and car titles. “We find it’s not uncommon for people to be unaware of assets owned by their relatives, such as an old retirement account from a former employer,” she said. “In the hustle and bustle of daily life, it’s easy to forget to roll over that account or actually transfer your assets into the trust you set up.”

Once you have collected all the content, review what needs to be updated and make physical and digital copies. Store them in a safe place and make sure a trustworthy person knows where to find them.

Haley also recommends having important financial discussions with your family now, rather than putting them off until later.

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

Even a simple estate settlement can take up to two years and nearly 1,000 hours of work, Haley said. “You don’t want to leave your family dealing with this without having a plan in place,” she added. “Having a will or trust is a good first step, but it’s also important that your family knows where the will or estate planning documents are, who the executor is, who your financial planner is, etc.”

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This article was originally published on GOBankingRates.com: I’m a Financial Advisor: 4 Financial Solutions That Really Work for Retirees