Make a list of all your monthly income. Then make a list of all your monthly outgo. HOA, telephone,internet/cable, electricity, groceries, entertainment, newspaper, church, etc., etc, and so forth. (sometimes it is necessary to put yearly total divided by 12 for example: Property tax) Hopefully, you will have more income than outgo. -------------- Then make a list of all your investments: Stocks, bonds, saving, cds, annuities, etc. Then make a list of all your assets. House, car, furniture, etc. Add them together to get your net worth. It's a fun project and my financial advisor said everyone should do it but most people don't.
In "outgo" I should have included mortgage payment & car payment which can be substantial. BTW. Seniors should consider "gifting" money to their children. You can "gift" up to $14,000 a year and it is tax free. For more info google "money gifts".