As we enjoy this Thanksgiving season centered around gratitude, it’s the perfect opportunity to reflect not only on the people and experiences we cherish—but also on the financial security we’ve worked hard to build. Whether you’re approaching retirement or already enjoying your golden years, taking a thoughtful look at your retirement savings can bring peace of mind and help ensure you’re on the right path for the years ahead.
A retirement savings review can feel overwhelming, but it doesn’t have to be! Think of it as a friendly financial check-in—a chance to make sure your nest egg is aligned with your goals, lifestyle, and long-term needs. With a clear understanding of where you stand, you can move forward feeling confident, secure, and empowered about your financial future.
Below are five key areas to guide your review.
1. Evaluate Your Expected Expenses
A strong financial plan begins with understanding how much you’ll realistically need to support your lifestyle in retirement. Start by taking inventory on your expenses over a month—usually a good benchmark for reoccurring costs—so you have a number to work with to calculate the amount you expect to spend over longer periods of time.
Take a close look at your essential expenditures, such as groceries, utilities, insurance, home maintenance, and property taxes, along with your ongoing healthcare and prescription costs. Then consider your discretionary spending—whether that’s travel you hope to enjoy, hobbies you want to pursue, or gifts you plan to give.
Some costs may decline after leaving the workforce, while others, like medical care or home renovations for aging-friendly features, may rise. By mapping out what you expect to spend, you can build a realistic budget to help you see where your money is going—and where you might have room to adjust. It’s also an important step in understanding how your savings, income sources, and long-term plans align with your needs.
2. Plan for Healthcare and Unexpected Costs
Healthcare is often one of the most significant—and unpredictable—expenses in retirement, which makes planning ahead essential. Figures from the 2025 Fidelity Retiree Health Care Cost Estimate suggest that the average 65-year-old individual may need over 172,000 to cover healthcare expenses throughout retirement.1
It’s important to have health insurance that provides substantial coverage for your needs. Regularly reviewing your policy, including any supplemental policies you may need, can help ensure you’re adequately protected. Remember to account for increasing levels of coverage (and therefore costs) as time goes by, as it is common to require more care and medical assistance as you age.
3. Factor in Longevity and Emergency Funds
Today’s retirees are living longer, fuller lives—and while this is something to celebrate, it also means your savings may need to last longer than you originally planned.
Another critical factor to keep in mind is the increased cost of living over time. Rising prices can gradually reduce your purchasing power over time—building these realities into your outlook can help you make more informed decisions about spending, investing, and planning for the future.
Of course, there will also be expenses outside of the norm that you can’t predict, but you can plan for. Whether you experience a divorce, need emergency funds for home repairs or medical bills, or are weathering market volatility, it’s important to build an emergency fund into your retirement plan, so you have funds available when you need them most.
4. Keep Yourself Accountable
Responsible retirement planning isn’t a one-time task—it’s about ongoing setting good financial habits that help reinforce long-term stability. Setting aside checkpoints throughout the year to revisit your budget, evaluate your spending, and review your investment performance can help you stay aligned with your goals.
You might find it helpful to use budgeting tools, keep simple spending logs, or schedule regular check-ins with a financial advisor to track your progress and adjust as needed. If you want extra assurance that you’re staying on top of your savings plan, you can set up automated contributions to savings or emergencies funds. Together, these small, consistent habits can help you stay proactive and confident as you navigate your retirement years.
5. Understand Your Income Sources
Once you know how much you expect to spend—and how to keep yourself on track—the next step is reviewing the income and other funding sources that will support those expenses. Many retirees draw from a mix of guaranteed and variable income sources.
These may include:
- Social Security benefits
- Pensions or annuities
- Required or elective withdrawals from retirement accounts (401(k), IRA, Roth IRA)
- Income from part-time work, consulting, or freelancing
- Dividends, interest, and distributions from investment portfolios
Reviewing these income sources annually can help ensure your withdrawal strategy is sustainable, tax-efficient, and aligned with your long-term goals. A financial advisor can also help you review your strategy and balance income generation with capital preservation—a key element of maintaining a strong nest egg.
Increase Cash Flow with Your Home Equity
For many older homeowners, their home is one of their biggest financial assets—and therefore can be an important resource for funding in retirement. Tapping into your home equity can be a savvy way to increase your cash flow in retirement, while also providing flexibility and a safety net that supports your broader retirement plan.
Two options for accessing this equity include:
- Reverse Mortgage: Designed for homeowners aged 62 and older, a home equity conversion mortgage (HECM), also known as a reverse mortgage, allows you to convert a portion of your home equity into cash—without monthly mortgage payments (as long as you meet your loan obligations, including staying current on property taxes, insurance, and maintenance).
There are plenty of ways to use a reverse mortgage to help strengthen your financial plan, including using the income tax-free2 funds to delay withdrawals from savings accounts or Social Security benefits, consolidating your debt, or setting up a line of credit3 to help with large expenditures. - HELOC For Seniors®: This first-of-its-kind home equity line of credit (HELOC) is built specifically for homeowners 62 and over. Unlike traditional HELOCs which can carry unpredictable payment increases, HELOC For Seniors® offers interest-only payments for the life of the loan,4 making it easier to manage on a fixed income.
When used responsibly, home equity solutions like these can help extend your savings, stabilize your budget, and give you more control over your retirement journey. Of course, determining the right financial fit for you will depend on your full financial picture and the goals you’d like to achieve.
Facing Your Future with Confidence
The best gift you can give your future self is thoughtful planning today. Taking time to review your savings now can give you the security you need to face the highs and lows of retirement with confidence.
To learn more about how your home equity can help support your overall retirement plan, our experienced loan officers are here to help provide you with the information you need. Contact the Longbridge team today to review your options and see how home equity can fortify your nest egg.
From our Longbridge family to yours, we wish you a wonderful Thanksgiving filled with gratitude, joy, and memorable time with loved ones.