Retirement Planning: 4 Easy steps to simplify your retirement finances

Streamlining your financial life during retirement can reduce stress and free up more time to focus on what truly matters, whether it's spending time with loved ones, pursuing hobbies, or traveling. Here are some easy retirement planning steps to consider:

• Put your RMDs on auto pilot - Starting at age 73, retirees are required to withdraw (and pay taxes on) a minimum amount from their Traditional IRAs and 401(k)s each year. If they fail to do so, the IRS imposes a stiff 50% penalty on the missed required minimum distribution (RMD) amount. To avoid this penalty, consider setting up automatic annual RMD withdrawals.

• Consolidate your accounts and automate your bill payments - Consolidating your investment portfolios and bank accounts makes it easier to monitor and manage your assets, and may result in less paperwork and fewer maintenance fees. Also consider setting up automatic bill payments for regular expenses like utilities, insurance, and mortgage/rent. This ensures bills are paid on time, avoiding late fees and stress.

• Review Insurance Policies - Review your insurance policies and consider consolidating them with one provider. Bundling home and auto insurance, for example, can lead to savings.

• Downsize and declutter - Consider downsizing your living space and decluttering your belongings. This not only simplifies your life but can also reduce housing and maintenance costs, freeing up more money for your ideal retirement.