What do you normally do when you receive a retirement statement? Realistically, few of us take the time to examine our statements thoroughly. The bulk of us just file them away without a second glance. This trend could have started as a result of the market decline in 2008 – when reviewing our statements became so painful. Are you are stuck in this rut? If so, now is definitely the time for you to review your portfolio. This year make it a priority and consider the following:
Are you contributing enough to receive your employer match, if applicable?
If your employer makes a matching contribution and you are not contributing enough to receive the full match, you should consider increasing your contribution to take advantage of the full match. Not doing this is like passing up free money.
Have you considered increasing your contribution to take advantage of the new “Payroll Tax Holiday”?
Increasing your contribution by the 2% you are saving from this holiday is a great way to lower your taxable income and boost your retirement savings without affecting your paycheck.
Is your investment allocation in line with your tolerance for risk?
When was the last time you took a Risk Tolerance Survey? If it has been a few years, this year you should make it a point to take our survey again and adjust your investment allocation based on your risk tolerance.
It is time to rebalance?
Rebalancing makes sure that your actual allocation is on track with your target allocation – over time some funds do better/worse than others. It is a good idea to check annually and even out the winners and losers to make sure you are still on track.
Have you calculated how much you need to save now for retirement later?
Statistically most people do not save enough during their working years for their retirement years. Break the trend and check our retirement calculators at http://investrustwealthmanagement.com/calculator.php to see if you are on track. If you aren’t – there is no time like now to start saving more. Starting this year, make it an important point to review and adjust your retirement savings, ensuring that you will be well prepared for your financial future. Please give us a call if you have questions about any of the items we have discussed above, or if we can be of service to you and your family!
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