10/12/2026
Autumn is an ideal time to give your finances an annual tune-up.
Just as you might change the batteries in your smoke detectors or get your furnace inspected before winter, taking an hour or two this month to review key parts of your financial life can save you money, stress, and headaches down the road. Here are five areas worth your attention.
1. Get Ready for Medicare Open Enrollment
Medicare Open Enrollment runs from October 15 through December 7, and (as Senior Spirit recently covered) this window is your annual opportunity to make changes to your coverage without needing a special circumstance. Even if you're happy with your current plan, it's worth reviewing it every year, because plans can change their costs, covered medications, and provider networks from one year to the next.
Start by reading the "Annual Notice of Change" letter your plan sent in September. Pay close attention to premium changes and updates to your prescription drug formulary. If you take medications, use Medicare's Plan Finder tool (at medicare.gov) to compare what you'd pay under different plans; the difference can sometimes be hundreds of dollars a year. If the process feels overwhelming, your local State Health Insurance Assistance Program (SHIP) offers free, unbiased counseling and can walk through your options with you over the phone or in person.
2. Dust Off Your Estate Planning Documents
Estate planning isn't a "set it and forget it" task. Major life changes—like a marriage, divorce, death of a loved one, birth of a grandchild, or a move to a new state—can all affect whether your existing documents still reflect your wishes.
Take time this fall to locate your will, power of attorney, and healthcare directive (sometimes called a living will) and read through them. Ask yourself: Is the person I named as executor or agent still the right choice, and are they still willing and able to serve? Does my will still reflect how I want my assets distributed? If you've moved to a different state, note that some documents, particularly powers of attorney and healthcare directives, may need to be updated to comply with your new state's laws. If you don't have these documents at all, now is a great time to meet with an estate planning attorney and get them in place. Also make sure a trusted family member knows where to find the originals.
3. Sharpen Your Scam Defenses
Unfortunately, older adults are frequently targeted by scammers, and the tactics keep evolving. Senior Spirit recently covered how AI is powering the evolution of scams.
Even in this changing landscape, few good habits can protect you. Never give out your Medicare number, Social Security number, or bank information to someone who calls you unexpectedly. Legitimate agencies will NEVER demand this information over the phone. If you get a call claiming to be from a government agency, hang up and call the agency back using a number you look up independently. Be especially cautious during Medicare Open Enrollment season, when scammers often pose as insurance agents.
It can’t be said enough: if something feels urgent or too good to be true, pause and talk it over with a trusted family member or friend before acting. And consider registering your phone number with the National Do Not Call Registry to cut down on unwanted calls.
4. Confirm Your Beneficiary Designations
Here's something many people don't realize: the beneficiary designations on your retirement accounts, life insurance policies, and bank accounts typically override what's written in your will. That means if you named a beneficiary years ago and never updated it, your assets could end up going to an ex-spouse, an estranged relative, or someone who has since passed away.
Pull out your most recent statements for IRAs, 401(k)s, pensions, life insurance policies, and any payable-on-death bank accounts. Confirm that the primary and contingent beneficiaries listed are still who you want. This is especially important after any major life event. Updating a beneficiary form is usually quick and free.
5. Revisit Your Retirement Income Plan
Finally, take a look at how your income is holding up against your expenses. If you're already retired, review your withdrawal rate from savings and investment accounts to make sure it's still sustainable, particularly if the market has shifted this year. Check whether your Social Security strategy still makes sense, and if you haven't yet claimed benefits, consider whether waiting could increase your monthly amount.
Also factor in required minimum distributions (RMDs) if you're 73 or older. Missing these deadlines can trigger steep penalties. If inflation has affected your day-to-day costs, this is a good time to adjust your budget and talk with a financial advisor about whether your income sources are keeping pace.
None of these tasks need to happen in a single afternoon. Consider tackling one item each week this month. A little attention now can bring real peace of mind heading into the winter months, and that's a gift worth giving yourself.
The official U.S. government website for Medicare, a health insurance program for people age 65 or older and younger people with disabilities.
