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When Was the Last Time You Checked Your Retirement Plan?

March 01, 2019

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Retirement Planning

Financial experts recommend that you review your retirement plan at least once a year or after you experience any major life changes. If you haven’t looked at your retirement plan in the past 12 months, now may be the perfect time.

Have you experienced any major life changes since the last time you looked at your retirement plan? Life changes such as marriage or divorce, buying or selling a house, having a baby or sending your children to college all have an impact on your ability to save. Did you or your spouse change jobs or receive a promotion? Has there been a significant change in your health? Or perhaps you inherited a large sum of money that changed your net worth? Changes that affect your current and future financial situation should all be considered when you review your retirement plan.

This is also a good time to review the beneficiary designations on your retirement accounts to ensure that they reflect your current wishes. It is especially important if your marital status has changed. With most employer-sponsored plans, your spouse is automatically your plan beneficiary unless he or she waives that right in writing.

Once you take any life changes into consideration, you might want to reassess your retirement savings needs. Have your retirement goals changed? Do you want to travel in retirement, relocate, perhaps start your own business or work part-time? Have you or your spouse’s healthcare needs changed? Once you have clarified your goals, do you need to adjust your savings or investment strategy?

As an MMBB member, our CERTIFIED FINANCIAL PLANNER™ professionals are available to meet with you and answer your questions at no additional cost. They can help you determine your risk tolerance, examine your asset allocation and rebalance your investment portfolio if necessary. To learn more contact us at [email protected] or 800.986.6222.

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