Spring cleaning usually starts with closets, garages, and junk drawers.
But if you’re within 5–10 years of retirement, your finances may need just as much attention.
Because as retirement approaches, the more expensive disorganization becomes.
Old 401(k)s. Outdated beneficiaries. Investment allocations that no longer match your goals. Accounts scattered across multiple institutions. Retirement plans that haven’t been revisited in years because “everything seemed fine.”
That’s more common than most people realize.
In many cases, people aren’t dramatically off track. They’re simply carrying around years of financial clutter that quietly creates confusion, inefficiency, and unnecessary risk.
Spring is a good time to clean some of that up.
Before summer gets busy, here are six financial planning tasks worth tackling if retirement is starting to come into view.
1. Consolidate Old Retirement Accounts
One of the most common things we see with pre-retirees is retirement accounts scattered everywhere:
- Old 401(k)s from previous employers
- Multiple IRAs
- Forgotten brokerage accounts
- Small investment accounts that haven’t been reviewed in years
That may not seem like a big deal, but scattered accounts often create scattered decisions.
It becomes more difficult to:
- Track your actual investment allocation
- Manage risk
- Rebalance properly
- Understand investment fees
- Coordinate distributions and taxes later
Consolidating accounts can simplify your financial life significantly. Fewer statements, fewer passwords, and fewer moving parts. Making it much easier to build an intentional retirement income strategy later.
That doesn’t automatically mean every account should be merged. Some employer plans have strong benefits or low-cost institutional pricing. But it’s worth reviewing what you have and asking whether the complexity is actually helping you.
2. Review Your Retirement Investment Allocation
A lot can change in just a few years.
Your retirement timeline changes. Your risk tolerance changes. The market changes.
Yet many people are still invested based on decisions they made 10 or 15 years ago.
We regularly see pre-retirees who are:
- Taking significantly more risk than they realize
- Sitting on excessive cash
- Overloaded in one sector or stock
- Holding old mutual funds they’ve never revisited
- Still invested aggressively despite being only a few years away from retirement
This doesn’t mean you should become ultra conservative as retirement approaches.
In fact, many retirees still need growth to maintain throughout retirement.
But your investment allocation should reflect your actual life today to include current goals, income needs, and comfort level. Not the version of you from a decade ago.
As retirement approaches, the conversation shifts from simply growing assets to creating a reliable retirement income. That often requires a different level of intentionality.
Spring is a good time to ask:
- Does this portfolio still fit my retirement goals?
- Would I truly be comfortable during a major downturn?
- Am I taking a risk intentionally or accidentally?
3. Review Beneficiaries
This is one of the simplest financial tasks people overlook and forget.
Your beneficiary designations on retirement accounts, life insurance, and investment accounts often override your will.
That means outdated beneficiaries can create major problems for your family later.
We’ve seen situations where:
- Ex-spouses were still listed as beneficiaries
- Adult children were unintentionally excluded
- Trust documents were never updated
- Primary beneficiaries had passed away years earlier
Life changes quickly. Marriages, divorces, births, deaths, and family dynamics all matter here.
Take 20 minutes and review:
- 401(k)s
- Traditional IRAs
- Roth IRAs
- Life insurance policies
- Transfer-on-death accounts
This is simple preventative maintenance that can save your family a massive headache later.
4. Evaluate Your Retirement Cash Reserves
Many pre-retirees either hold far too little cash or way too much.
Some households keep nearly everything invested and have little flexibility for emergencies or unexpected expenses.
Others have hundreds of thousands sitting in low-yield savings accounts because they’re nervous about market volatility.
Neither extreme is ideal.
As retirement approaches, cash reserves become increasingly important because they provide flexibility & stability during uncertain periods:
- Covering emergencies
- Handling unexpected expenses
- Avoiding unnecessary withdrawals during market downturns
- Creating greater confidence and flexibility
At the same time, too much idle cash can quietly hurt long-term purchasing power.
This is where intentional retirement planning matters.
Your cash strategy should support both stability and growth, not just whichever emotion happens to feel strongest after the latest market headline.
5. Calculate Your Expected Retirement Expenses
A surprising number of people nearing retirement still don’t know what they truly spend each month.
Not approximately.
Actually.
Retirement planning becomes difficult when the foundation is unclear.
Before retirement, spend time reviewing:
- Monthly spending
- Debt obligations
- Healthcare costs
- Travel goals
- Family support needs
- Taxes
- Major upcoming purchases
The goal isn’t perfection.
The goal is awareness.
Because retirement isn’t just about building assets.It’s about understanding the lifestyle those assets need to support.
6. Stress Test the Retirement Plan
This may be the most important task on the list.
A retirement plan should work reasonably well even when life doesn’t go perfectly.
Markets will decline at some point.
Taxes will likely change.
Healthcare costs may rise.
Unexpected expenses will happen.
The question isn’t whether life will throw curveballs.
The question is whether your plan has enough flexibility to absorb them.
That’s why stress testing matters.
Strong retirement planning asks:
- What happens if markets drop early in retirement?
- What happens if inflation stays elevated?
- What happens if one spouse passes away earlier than expected?
- What happens if retirement comes sooner than planned?
Most people don’t need perfection.
They need clarity, flexibility, and a strategy that can adapt over time.
Final Thoughts
Spring cleaning your finances isn’t about creating anxiety.
It’s about reducing friction and improving clarity before retirement.
Retirement gets a lot less stressful when you understand:
- What you own
- Why you own it
- How it fits together
- Where potential risks or blind spots may exist
Most people don’t need a perfect plan.
They need a plan they actually understand.
A few intentional hours reviewing your financial life today can potentially save years of confusion later.
And honestly, most people feel better once they finally stop avoiding the things they already knew they needed to look at.
David Drumhiller, CFP®, BFA™, AAMS®is a financial advisor with nearly 20 years of experience helping individuals and families prepare for retirement. He specializes in tax-efficient retirement income planning and comprehensive wealth strategies. David holds Series 7 and 66 registrations and is licensed in WA, OR, and ID, and across the nation. A Washington State University graduate, he lives in Pullman with his wife and enjoys travel, barbecue, and Cougar Athletics.