Learn About the Importance of Reviewing Your Retirement Savings Plan Regularly.
Your retirement savings plan should be fluid. It should be able to be changed as needed, depending on your needs, your circumstances, and the economy. However, it cannot be fluid if you do not review it regularly. If you leave it alone and don’t think about it as life and the world changes, you have a stale plan that may not meet your needs when you need it most.
Read on to learn why you need to review your retirement savings plan regularly and how it may change with each review.
When Should You Review Your Retirement Savings Plan?
There is no set rule for when you should review your retirement savings plan, except for the annual review that should occur. However, there are times throughout your life and the yar that it may be a great idea to review your retirement savings plan.
You should look at your retirement savings plan when you have a major life event. For instance, if you get married, have a child, have a grandchild, or change jobs, you should make sure your retirement savings plan can accommodate your changing needs. Under these circumstances, you may need to change the amount of money you are investing in your plan. You may need to change the types of plans in which you invest, so you can either earn more money on your investment or change your investment to a more conservative approach as needed.
Another time you should review your retirement savings plan is when you make a significant investment in a home or other type of property. You may find that you need to adjust your savings to accommodate your current financial needs. Keep in mind, your investment is fluid, and you can invest more or less as needed.
Finally, if you notice a large shift in the economy, you may want to adjust your retirement savings plan accordingly. When the market is volatile for an extended period of time, you may wish to invest in more conservative methods. However, when the market is calm, you may choose higher-risk investments.
How Can You Review and Change Your Retirement Savings Plan?
Your retirement savings plan should have an accessible retirement plan advisor to help you review and change your plan as needed. You should not have to manage your own plan. While your retirement savings plan advisor should reach out to you annually to review your plan you can also reach out to your advisor as needed.
It is best to have questions prepared to ask your retirement plan advisor. They can answer your questions and guide you towards the best options for your needs and circumstances.
Conclusion
If you need a retirement plan advisor who is there for you to help you review your retirement savings plan as needed, contact the retirement planning specialists at Retirement Plan Services Group. Call Scott Tanker at 609-922-0201 or email scott.tanker@pbsrep.com. Please view additional blogs at rpsg.com/blog to learn more about what to expect from your retirement savings plan and advisor.