There are many ways in which a retiree can spring clean their finances. Once retirement comes close, the worry of having finances sorted definitely becomes the main concern. Also, the intricacies of understanding retirement planning get very overwhelming for people who have not made a special effort to understand all that a retirement fund holds for them. Here are some ways in which a retiree can spring clean their finances.

• Keep a check on your expenditure
  Just because you are out of the monthly earning, monthly spending cycle that does not mean that your days of watching each dollar are over. With retirement, your main source of income stops, which requires you to note every cent that is going out of your pocket. The best way is to download an expenditure app or have some sort of accountability to ensure that you do not end up spending more than you can afford.
• Consult a financial advisor
  When in doubt, ask the expert. If you have a 401(k) account and you are aware of the intricacies, it is okay. But if you are not aware of how it works, consulting an expert is always better. A consultant can explain and help you with your financial requirements when you hit a certain age gap and they will help you fetch maximum benefit from your investments.
• Evaluate the withdrawals you make
  With the Individual Requirement Account and 401(k) accounts, you have certain withdrawal limits. You also have various milestones such as different ages at which you can withdraw money. When it comes to these accounts, you need to know the right time to withdraw the money so that you do not end up paying any penalty instead of obtaining high returns.
• Maintain Balance of your portfolio
  As you approach retirement, putting all your eggs in one basket is not considered a great idea. It is better to have a combination of stocks, bonds, as well as mutual funds in your retirement portfolio. Depending on the phase of retirement, you can divide your investments accordingly and obtain returns based on different risk factors.
  Once you near the phase of retirement, make an investment with lesser risk and as the phase keeps advancing, you can keep increasing the risk factor.
• Give a helping hand to various charitable homes and NGOs
  Now that your monthly expenditures such as mortgage and other loans are repaid, you can finally think of contributing to the cause you have been thinking of making a difference. However, this is not only a humanitarian factor here but will also help you save taxes.
• Keep a tab on your health insurance situation
  Medicare comes with a lot of benefits, provided all the money is withdrawn at the expected time. If you end up using all your social security funds earlier than you are expected to, you will end up losing out on good returns from your Medicare and health insurance.