Countdown to retirement: One year to go
No. 7: Update legal documents and policies
Retirement is an opportune time to review major legal documents and insurance policies and consider adding or subtracting coverage. "Update or prepare legal documents for estate planning or retirement years such as wills, advance directives including health care proxies and power of attorney, and review beneficiaries on retirement plans and insurance," says Tayne.
Make sure those documents are kept in a secure place and that your heirs are aware of their location in case something happens to you. Keep an updated list of passwords for online banking, investment accounts, email and other accounts where your spouse or children can find it in case of an emergency.
If you don't already have a long-term care insurance policy, this may be the time to explore adding one, as nursing home and home care expenses aren't covered by Medicare, adds Murray.