National 401(k) Day offers a great opportunity to revisit your retirement plan savings to ensure that you are doing all that you can right now.
HERE ARE SOME STEPS YOU CAN TAKE:
1. Revisit your long-term goals Has your vision of retirement or anticipated retirement date changed?
Reviewing your objectives and your progress so far can help determine whether you need to make any changes to your strategy.
2. Review your contribution rate
Is the amount you are contributing each pay period in line with your savings target? Remember, the more you can save today, the better
prepared you will be later. Consider:
- Increasing your contribution amount or making incremental changes over time.
- Saving enough to maximize your employer match.
- Making “catch-up” contributions if you are over age 50.
3. Evaluate your plan’s investment options
Assess your current investment mix to ensure that it aligns with your risk tolerance, time horizon, and objectives. Reviewing investment
performance and your asset allocation strategy can help determine whether any adjustments are needed.
4. Update your beneficiary designations
A marriage, birth, or divorce can impact who will inherit your 401(k) assets after your death. Periodically reviewing your beneficiaries—and making any changes—is important to your family’s future financial well-being.