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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.®

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