How to Better Track Your Financial Assets as You Enter Retirement

After working hard for decades, you are finally entering your retirement. While you may be focused on moving to a new location or preparing to take one of many trips to different parts of the world, you should also be paying attention to tracking your financial assets. 

By doing so, you can avoid unexpected surprises that may derail your plans. If you are trying to figure out the best ways to track your financial assets, here are some suggestions.

Tracking Apps

Since there is an app for virtually anything anymore, it should be no surprise that numerous financial tracking apps exist. By taking advantage of these, you can simply pull out your smartphone and instantly view your financial picture. 

One of the best is Mint.com, where you can enter various types of financial data and have it all displayed on a single screen. Also, you can track investment fees, compare individual accounts, and set budgets for yourself based on how much you may be spending in various categories, such as dining and entertainment.

Hiring Financial Professionals

While apps are great, nothing can replace a face-to-face meeting with an experienced financial professional you know and trust. Therefore, always arrange to hire the services of a financial planner to help you during retirement. 

Since you will have various types of life insurance and possibly long-term care insurance as part of your retirement financial package, meeting with professionals from The Lofrumento Agency, Inc. and other financial offices can help you get the advice needed to make well-informed decisions.

Desktop Software

Even if you use apps, it is likely they may not have as many features as you need for certain areas of your financial planning process. Because of this, you may want to purchase desktop software that can go into more detail. 

For example, you can use QuickBooks Pro to monitor the assets of your estate, track the interest that accrues on municipal or corporate bonds in which you have invested, and track the yield to maturity.

Company Retirement Plans

Just as you are entering into retirement, take advantage of your company's retirement plans to help you track your financial assets. 

While you can make many decisions on your own, you can also take advantage of your company's HR department and others within the company to help give you advice on how to roll your money into an IRA, how to rearrange investments to reduce taxable income, and much more.

By taking an active role in tracking your financial assets when beginning your retirement, your later years can be filled with plenty of money and lots of fun.