The summer is a good time to relax and spend time with family, but that doesn't mean that you can't spend a little time reviewing your retirement plan. While the temperatures are warm, the nights are longer and some employers are allowing shorter work days, set aside some of your free time to think about the future. But don't fret about missing out on the fun, as you can update your plans while sipping sun tea on your deck or porch.
Here are three tips to get started:
Expand your financial knowledge
Retirement planning requires more than understanding how to open a savings account and regularly set money aside for the future. Indeed, there's a lot of information to digest if you want to ensure all your bases are covered. Speak with one of our financial advisors or portfolio managers for guidance on the best steps for updating your strategy.
Furthermore, you might take advantage of numerous online resources that provide financial tips. In your spare time, read a few articles about different retirement plans, tax considerations for your nest egg and different ways to invest your funds. Investopedia.com, Bankrate.com and MarketWatch.com are full of easy-to-digest information. Lastly, consider visiting financial planning seminars offered by universities, employers, banks and other organizations.
Give your portfolio a once-over
Over time, you likely have gained a number of assets. The summer is a great time to review these holdings. Follow these steps to examine your portfolio:
- Check your quarterly account statements to make certain that your money is being invested as dictated by your plans.
- Evaluate the performance of your investments to ensure your mix of tactical investments, stock and bonds is generating the returns you want in the current economy.
- Talk with your advisor and adjust your strategy if your current investments appear too volatile.
Review your asset allocation
In addition to the constantly moving market, life events such as marital or employment changes could be cause to update how your assets are allocated. Depending on the occurrence, you may need to save more or less each month or adjust the amounts being put toward each of your accounts.
These plans could also change as you age - younger investors typically put more toward stocks because they have more time to recover from losses. Ensure that your strategy has the level of risk that you're comfortable with and always keep in mind that diversification is key.
For more information on effective wealth management strategies, contact Landmark Bank.
Investment products and services are not FDIC insured, not insured by any federal government agency, not a deposit or bank obligation, not financial institution guaranteed, subject to investment risk, including potential principal loss.
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