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Time for a Retirement Review

Retirement will come faster than you expect. We know it’s hard to hear that while you’re knee-deep in your career, but it’s true. Your non-working years will be here before you know it, so it’s always helpful to review your retirement plan. Here are some reasons why you must review and revise (if need be) your retirement plan.

Life Changing Moments

A significant life change is a sign that it’s time to review your retirement plan. Here are some life-changing moments that should have you looking at your strategy:

  • Job Change.If you lose or voluntarily change jobs, you need to review your plan.
  • A Raise.A bump in pay is a good reason to look at your savings strategy.
  • Having a Baby.Babies have a huge financial impact, so get started.
  • Separating from your spouse means you must take a look at your retirement goals and plan.

Financial Fluctuations

You can’t predict the future, but one thing you likely can count on is that your finances will not remain stagnant. Some years you might be riding high, some years you might be out of a job and struggling. The uncertainty of money is a good reason to review your retirement plan often and make sure you’re contributing as much as you can when you can.

Lifestyle Choices

There’s a good chance that the way you envision your retirement has changed over time. You might have wanted to travel a lot, but perhaps now you’ve changed your mind and want to stay put. Review your retirement plan so that your savings match up with your lifestyle.

Original article by Chris O’Shea and adapted in partnership with SavvyMoney.

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