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Give Your Retirement Plan a Yearly Check-Up!

Give Your Retirement Plan a Yearly Check-Up!

April 16, 2024

Financial wisdom suggests reviewing your retirement savings plan annually and whenever significant life changes occur. If you haven't revisited your plan yet this year, now's the perfect time.

Assess Your Risk Tolerance

With the market's ups and downs last year, even experienced investors faced challenges. If market fluctuations make you think about selling your investments, it's time to reassess your risk tolerance during your annual review.

Life Changes Matter

Since your last review, have you experienced major life events like marriage, divorce, home buying or selling, childbirth, career changes, or significant health changes? These can all impact your financial present and future.

Rethink Retirement Income Needs

Have your retirement dreams shifted? Perhaps you're rethinking relocation or travel plans, or considering starting a business during retirement. These changes affect your income needs and savings strategies.

Evaluate Asset Allocation

After assessing your risk tolerance and life changes, revisit your asset allocation. Is it still suitable? Do you need to adjust your mix of stocks, bonds, and cash to stay on track with your goals?

Review Plan Rules and Features

Take a fresh look at your retirement plan documents and features. Explore options like Roth accounts or catch-up contributions if you're nearing retirement age. Consider increasing your contributions to maximize benefits.

Annual maintenance of your retirement plan is essential. With just a little attention each year, you can ensure your plan continues to work for you. #RetirementPlanning #FinancialWisdom #SecureFuture

The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Using an asset allocation methodology does not guarantee greater or more consistent returns, or against loss; it is risk management method.