Check Progress With a Retirement Plan Review

The closer you get to retirement, the more important it is for you to make sure that you won't have any surprises when it's time for you retire. No matter where you are in your career and your retirement planning goals, it's important for you to keep a close watch on how your investments are performing.

It is an error in judgment to simply put money into the investments you chose at some point in the past and then ignore them until it's time to retire. While it is certainly important to take a long term approach to retirement investing, you shouldn't ignore the investments you make until it is time for you to use them. You shouldn't make snap decisions every time the market fluctuates, but you definitely need to review your progress on a regular basis.

People who take this approach to retirement planning are often shocked to find out the balances of their accounts when they're ready to retire. A lucky few might be pleasantly surprised, but the vast majority of people who maintain a very hands-off approach to retirement investment are likely to be very unhappy with the results they see when they finally do check up on their accounts.

Retirement planning isn't something you can decide to do today and then cross it off your list. It is a process. Proper retirement planning requires that you review your strategies, goals, and plans regularly. You don't need to make major revisions every day, every month, or even every quarter. However, it's certainly important to make sure that you don't let five or ten years go by without reviewing your plans.

If you have a ways to go until it's time for you to retire, you may only need to review your plans once or twice a year. If you're within five years of retirement, you should probably focus on your account balances and progress toward your retirement planning goals with an even greater frequency.

Don't lose sight of the fact that an investment strategy that might have worked well for you a few years ago might not make sense today, in light of your current situation, long term goals, or market activity. By staying on top of your retirement planning strategies with regular retirement plan reviews, you'll be able to make sure that you stay on track toward accomplishing your lifelong dream of enjoying a retirement lifestyle. 



 
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