Ways to simplify your finances

Many people prefer to keep their financial information on paper only. If you choose this option, you won’t need a computer, internet access or passwords, but your records may be less accessible. For example, if you are travelling, you won’t be able to view them online. There can also be difficulties if you forget the combination to a safe or lose your safe deposit box key.

Paper copies kept at home can also be lost to theft, fire, or water damage, so be sure to use a fireproof, water-resistant home safe.

Set aside a little time to review and update your information every three to six months, or whenever something changes.

Now that your financial details are all in one secure place, you may want to take some additional steps that will make it easy for your financial advocate to handle your money when the time comes. Here are some suggestions:

Use direct deposit for all income, such as paychecks, investment income, pensions, and Social Security payments. The money will be deposited automatically into the account you choose.

Set up automatic payment (“autopay”) for routine bills, such as your mortgage, utilities, credit cards, and subscription services. Payments will be deducted directly from the account you choose. You’ll need to set this up with the individual banks or service providers, such as your utilities company or the subscription service.

Close unnecessary accounts. Having too many credit cards or other types of accounts can make it difficult for your financial advocate to keep track of your money and they could miss payments or incidents of theft, fraud, or abuse.

Use a password manager. Using one saves all of your different passwords for every website or account so that you don’t have to write them down or remember them every time you need to log in. All you need to remember is the master password for the password manager.

Make sure the accounts you rely on during retirement are protected against fraud and abuse.