Why You Still Need a Will—Even If You’re Retired

You’ve saved, invested, and strategized your way to a secure retirement. But what happens next?

If you’ve already mapped out your Social Security timeline, estimated your healthcare costs, and created a retirement income plan—congratulations. You’ve achieved what many never do: retirement readiness.

But there’s one more step that completes the picture—and that’s legacy readiness.

August is Make-a-Will Month, and it’s the perfect time to address the question so many retirees forget to ask:

Question… Do I have a legally binding will that protects my loved ones and my wishes?

Do I have a legally binding will that protects my loved ones and my wishes?

If the answer isn’t a confident yes, read on.

Retirement Isn’t the End of the Road—It’s the Beginning of the Legacy Phase

Many people believe that retirement marks the end of major financial planning decisions. But in reality, it’s the beginning of a new chapter that demands just as much attention—especially when it comes to protecting your estate.

Retirement often means more assets, more responsibility, and more complexity:

• You may now have annuities or multiple income sources.
• Your home is likely paid off—or nearly.
• You might have grandchildren, charities you support, or blended family dynamics.

Without a will or proper estate plan, your loved ones may face court delays, conflict, or confusion when the time comes.

What a Will Actually Does—And Why It Still Matters

A will is more than just a document; it’s a declaration of your values, priorities, and protection strategy.

With a legally executed will, you can:

• Name the executor of your estate
• Decide who receives what—your home, your personal items, even family heirlooms
• Appoint guardians for dependents (including adult children with special needs)
• Minimize the risk of disputes among surviving family members

Without a will, your state decides who gets what—and it may not reflect your intentions.

“I Don’t Need a Will—My Kids Will Just Work It Out”

This is one of the most dangerous assumptions retirees make.

Even in the most harmonious families, grief, money, and misunderstanding can strain relationships. Without written instructions, your loved ones are left guessing—often while navigating a complicated court process called probate.

Here’s the reality:

• Probate is public. Your estate becomes part of public record.
• Probate is slow. It can take months or even years.
• Probate is costly. Court and attorney fees can eat into your estate.

A will doesn’t eliminate probate—but it streamlines it significantly. And when combined with tools like beneficiary designations and trusts, it can drastically reduce probate exposure altogether.

Your Assets May Not Go Where You Think

Let’s say you’ve named your daughter as the beneficiary of your life insurance policy and your son as the recipient of your annuity. So why do you still need a will?

Because those assets are just one piece of your full estate.

• What about:
• Your home?
• Your vehicle?
• Personal property, collectibles, or digital assets?
• That family vacation cabin?

A will ensures everything not covered by a direct beneficiary designation gets passed on according to your wishes.

And don’t forget: beneficiary designations can become outdated. If you haven’t reviewed them in years—or since a marriage, divorce, or death—you may unintentionally disinherit someone or send assets to the wrong person.

Peace of Mind Today. Clarity Tomorrow.

Retirement brings new freedom—but also new responsibility. A will provides:

• Peace of mind for you
• Clarity and direction for your family
• Protection for your estate

And it sends a message to your loved ones that says: “I cared enough to make this easier for you.”

Your First Step for Make-a-Will Month

You don’t need to have a massive estate. You just need a plan.

Here’s how to start:

1. Find your current will. If it’s over 5 years old or your life has changed, it likely needs an update.
2. Check your beneficiary designations on accounts like:

• Life insurance policies
• Retirement accounts (401(k), IRA)
• Annuities

Talk to a trusted professional. A retirement-focused estate planner can ensure everything works together—including your income plan, legacy wishes, and healthcare directives.

💭 Ask Yourself: If something happened tomorrow, would my family know exactly what to do?

If not, now’s the time to fix that. Make-a-Will Month isn’t just about paperwork—it’s about securing the legacy you’ve worked so hard to build.

🧑‍💼 Written by Brent Meyer, founder of SafeMoney.com. With more than 20 years of hands-on experience in annuities and retirement planning, Brent is committed to helping Americans make informed, confident financial decisions.

Disclaimer: This article is for informational purposes only and is not legal advice. Please consult a qualified estate planning attorney or licensed financial professional to discuss your specific situation.