Skip to main content

Give Your Retirement Plan a Tune-Up

Conducting an annual review of your retirement goals and strategy is an ideal way to check that your plans for your financial future remain realistic and on track. With that in mind, taking the three easy steps outlined below will help you conduct your retirement tune-up.

Step 1: Review Your Retirement Goals

Your first step should be to review your retirement savings goals and assess whether anything significant has occurred during the past year that might affect either your outlook for retirement or your current strategies to prepare for it.

For example, have you decided to change the date when you'll retire? Or have you experienced any new milestones such as getting married, divorced, or having a child? Any of these events may affect how much you will want to save to fund the retirement you envision.

Step 2: Take a Fresh Look at Your Retirement Strategy

Your portfolio's specific mix of stocks, bonds, and cash, known as your asset allocation, should complement your financial goals, risk tolerance, and time horizon.1 If you haven't taken a fresh look at your investments in a while, don't assume that your old asset allocation is still appropriate for your current needs.

Even if your personal outlook hasn't changed, keep in mind that uneven returns provided by different investments may have caused your portfolio to shift from your intended asset allocation. If your asset allocation needs to be rebalanced, now may be the time for action.

 

Step 3: Consider Saving More

None of us know what the future may hold. A good way to improve the odds that you have saved enough for retirement is to save more, no matter how prepared you may already be.

If you have not already done so, consider funding an IRA. For the 2015 tax year, you can contribute a maximum of $5,500 and those aged 50 and older can make an additional catch-up contribution of $1,000. These limits are set annually by the IRS. More information can be obtained at www.irs.gov.

Conducting a retirement tune-up is always a great idea but don't forget to consult with your financial advisor to discuss what else you can do to help achieve retirement security.
 

1Asset allocation does not ensure a profit or protect against a loss.

 

Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of the content. 
© 2015 Wealth Management Systems Inc. All rights reserved.


This website and the articles and other media contained within (the “content”) are provided as a free service to you and are for general informational purposes only. The content is provided to us by our vendors, and our vendors may obtain their content from other parties. While we have vetted our vendors from whom we directly receive content, and believe that our vendors have vetted their providers, we do not control the content and we make no representations or guarantees as to the accuracy, completeness or timeliness of content on this website. Information on this website is not intended to provide legal, accounting, tax or other advice. We also make no warranty or representation regarding, and do not endorse, any linked websites or the information contained therein.


Questions? We are here for you...

To ensure your safety, please do not include sensitive information in your submission.