Menu

The Need for Regular Retirement Plan Maintenance

Published by Johnathon Opet

Looking after your retirement plan is a balancing act. Even the most comprehensive strategy needs regular maintenance to continue heading in the right direction. 

Here are 4 Simple Steps to Keep Your Plan on Track

  1. Be sure to read your monthly and quarterly account statements. Check that your reported contributions are accurate and being credited to the correct investment options.
  2. Review your portfolio periodically—quarterly is best—to be sure that your asset allocation is still in line with your overall goals and risk tolerance.
  3. If your asset allocation has gotten out of alignment with your original intentions, consider account rebalancing.
  4. Stay informed and take advantage of educational materials and employer-sponsored workshops to remain current on investing trends.

Life Events May Require a Change to Your Investment Strategy

Life changes can have a big impact on your income and your ability to save. Consider reevaluating your budget and investment strategies when any of the following events occur:

  • Buying a home: A home is probably the largest purchase you’ll ever make, and it is one that will most likely affect your future finances.
  • Family events: Getting married, getting divorced, and sending children to college may require adjustments to your investment strategy.
  • Career changes: A new job, promotion, or layoff can affect your income and change how much you are able to save.

You can’t always prepare for a life event. Whether you plan in advance or react after the fact, make sure you carefully review your investment goals and keep saving for retirement among your highest priorities.

Questions?

Let's chat! Schedule a meeting with us.

 

Johnathon Opet, CFP®, is a financial advisor located at EmVision Capital Advisors, 251 W. Garfield Rd. ​Suite 155 Aurora, OH 44202. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at (330) 954-3770 or at info@emvisioncapital.com.

Authored by the Retirement Consulting Services team at Commonwealth Financial Network.®

© 2021 Commonwealth Financial Network.®

SHARE

EmVisionblog

welcome

Your Family’s Financial Future – Prepare for Life’s Unexpected Turns
Your Family’s Financial Future – Prepare for Life’s Unexpected Turns

When most people plan for their family’s financial future, they focus on their dreams and aspirations. However, financial planning goes beyond investments, education, and retirement savings. Being prepared for unexpected life events is just as...
Unsure When to Claim Social Security? Timing Has Its Benefits
Unsure When to Claim Social Security? Timing Has Its Benefits

For many Americans, social security benefits make up a significant portion of retirement income. When it comes to how much you will receive, you may be surprised to learn that you have a choice in the matter—and timing is everything. The longer you...
529 Plans: Qualified and Nonqualified Expenses
529 Plans: Qualified and Nonqualified Expenses

You’ve put in the hard work of saving for college, and now it’s time to start using those 529 plan assets to help with afamilymember’s education-related costs. But before you begin withdrawing those funds, it’s important to understand the...

Contact us

Form CRS: Client Relationship Summary

Securities and advisory services offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network®. This communication is strictly intended for individuals residing in the states of OH, AZ, CA, CO, DC, FL, LA, MD, MI, MS, NM, OR, PA, SC, SD, TX, VA, AL, HI. No offers may be made or accepted from any resident outside these states due to various state requirements and registration requirements regarding investment products and services. Review our Terms of Use: www.commonwealth.com/termsofuse.html.

Copyright © 2022 EmVision Capital Advisors. All rights reserved.