You might have your retirement in place but have you done a check-up recently?
Ideally, you should be sitting down at least once a year to conduct a retirement check-up to ensure that everything is running smoothly.
Here are some factors to take into consideration during this check-up.
WHAT AM I CURRENTLY CONTRIBUTING?
What are you currently contributing to your retirement savings? How close are you to reaching the yearly maximum contributions? Have you received a pay increase that will help you contribute more? Does your employer offer some type of match program for you to maximize your savings?
HOW AM I INVESTING?
Once you hit your 50s you should re-examine how you are investing your savings. Your best option would be speaking with a financial adviser who will be able to give you the best advice for your own unique situation.
SHOULD YOU CHANGE YOUR METHODS?
Maybe an employer sponsored traditional 401(k) made sense when you first started saving, but maybe you`re ready to look into a Roth account or an IRA.
HAS MY LIFE CHANGED?
Maybe you were single when you first set up your retirement fund and didn't account for a second person. Or maybe you never designated a beneficiary for your account or the person you designated is no longer a part of your life. Or perhaps you left an old job and never rolled the money over into your new account. During your check-up, make sure all of your information is up to date and correct and that you don't have money floating around.
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