Retirement Plan Check-Up
It is important to conduct regular check-ups on your retirement plan to make sure you are on track to reach your retirement goals. Below are a few questions to ask yourself, at least annually, to see if (and how) they affect your retirement planning.
- Review the Past Year
- Did you receive a raise or inheritance?
- If yes, you may want to increase your contributions.
- Did you get married or divorced?
- If yes, you may need to change your beneficiary form.
- Are you contributing the maximum amount allowed by the IRS?
- In 2020, you can contribute up to $19,500 ($26,000 for employees age 50 or older).
- Did you change jobs and still have retirement money with your previous employer?
- You may be able to consolidate your assets with your current plan. (Ask your human resources department for more details.)
- Did you receive a raise or inheritance?
- Set a Goal
- What do you want your retirement to look like? Do you want to travel? Will retirement be an opportunity to turn a hobby into a part-time business? Will you enjoy simple or extravagant entertainment?
- Take time to map out your specific goals for retirement. Participants that set a retirement goal today, feel more confident about having a financially independent retirement down the road.
For more tips on reaching your retirement goals, download the full article below or please contact Kevin Donahue AIF®, CRPC® at kevin@risensonfinancial.com
