Retirement Plan Progress Check

Do you really know what's going on with your retirement plan? As you start to get closer to retirement age, it becomes increasingly vital for you to make yourself aware of the ins and outs and ups and downs of what is going on with your investment accounts. Too often, people who've been participating in a company 401(k) plan without really monitoring it get close to retirement and are surprised to find that they don't have as much money as they expected and need.

Planning for retirement is an ongoing process. While you shouldn't treat your 401(k) like a short term investment, particularly when there's a significant amount of time before you plan to retire, you do need to do periodic progress checks on your retirement savings accounts. Keep in mind that the market changes over time, so the investment strategies you chose in the past might not still make sense under the current economic conditions.

No one wants to face the nasty surprise of checking his or her retirement account balance only to find that it's significantly lower than expected. That's why conducting periodic retirement plan progress checks is such an important part of retirement planning.

It’s a good idea to sit down one or two times each year and review your retirement accounts with your professional financial advisor. He or she can provide you with the information you need to make sound choices about your financial future. The closer you get to retirement age, the more frequent your progress checks need to become. In other words, it doesn't pay to take a hands-off approach to retirement planning.

Take the time to review your account balances and investment strategies so you can maintain a good handle on what's going on with your investments. Don't panic every time there's a small fluctuation in the market, but be aware of what's going on and watch for trends that might indicate you need to change your investment strategy.



 
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