The Benefits of Regular Retirement Plan Maintenance

The Benefits of Regular Retirement Plan Maintenance
The Benefits of Regular Retirement Plan Maintenance

Major life changes can create a whole new set of expenses that compete for a portion of your income, so you should periodically re-evaluate your investment goals and expectations based on your current situation.

Maintaining your retirement plan is a balancing act. Even the soundest strategy needs regular attention, and sometimes adjustments to keep it on an even keel.

Here are a few simple steps you can take to keep your investments working for you:

  • Review your quarterly statements. Check that your contributions are being credited to the correct options and that your investments are performing to your expectations.
  • Look over your portfolio periodically to be sure your asset allocation is still on par with your goals and risk tolerance.
  • If your balance of stocks, bonds, and cash has gotten out of alignment with your original intentions, move some assets around to get back to a distribution that you’re comfortable with.
  • Stay informed – take advantage of your Plan’s educational materials and employer sponsored workshops.

Life events may require a closer look

Any one of the following life changes can have a big effect on your income and your ability to save, so their occurrence can also be a good time to take a closer look at your investment plan:

  • Career Changes: A job change, promotion, or a layoff can impact your income and how much you can ultimately save.
  • Family Changes: Getting married or divorced, having a baby, or sending a child off to college will probably have a major effect on your finances.
  • Buying a Home: Buying a home is probably the single biggest purchase you’re likely to make – one that will most likely alter your future finances as well.

Major life changes can create a whole new set of expenses that compete for a portion of your income, so you should periodically re-evaluate your investment goals and expectations based on your current situation. That might be a good time to take a look at your beneficiary choices too.

You can’t always prepare for a life event. But when you can, part of your preparation should include a careful review of your investment goals and saving for retirement should still be one of your top priorities.

To get the most out of your Plan, know the basics of your investment strategy and take steps to keep it on target and in line with your objectives.

IMPORTANT INFORMATION

You should consider the investment objectives, risks, charges and expenses of the investment options carefully before investing. The prospectuses/prospectus summaries containing this and other information can be obtained by contacting your local representative. Please read the information carefully before investing.



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