Halfway through the year, it’s critical that you review your current financial situation and goals. A big part of this is a detailed review of your retirement planning to date.
Even if you think everything is going as planned in regards to your retirement planning, you’ll never know for sure until you review your approach and determine if you need to make any adjustments.
It’s critical to answer a variety of questions such as:
- Are you on track to save as much money as you need by your target retirement date? If the answer is yes, you can continue to head down the same path. However, if you realize that you’ve fallen behind, now’s the time for a change.
- Do you need to reallocate your investments? As you get closer to retirement age, there’s a good chance that you’ll need to reallocate in order to reduce your risk. If you neglect to do so, a change in the market could push back your retirement date.
- Who’s in line to receive your retirement accounts should you pass on unexpectedly? This isn’t the type of question you want to answer, but it’s the responsible thing to do. Make sure that you’ve named the appropriate beneficiary for all of your retirement accounts. Neglecting to do so is a risk, as it could result in your money ending up in the wrong hands.
These aren’t the only retirement planning questions to answer, but they’re definitely among the most important. Once you answer these, you’ll have a better idea of where you stand and any changes that are necessary in the near future.
Should you have questions about retirement planning, financial planning, and/or estate planning, contact us for professional guidance. Our legal team is available to show you the way.
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