Five Easy New Year’s Resolutions for Your Retirement

January 8, 2015 - Anna O
We all make New Year’s resolutions with the goal of bettering ourselves for the year ahead. Some resolutions may sound familiar – weight loss, self-improvement, increased charitable giving – but you may be overlooking one important area to improve upon, your retirement plan.
The beginning of the year provides an opportunity for you to review your retirement goals and determine if you are on track. Here are a few simple retirement-planning resolutions you may consider for 2015:
  1. Increase your contributions, if possible. Evaluate your current contributions to your retirement plan. Could you be contributing more each paycheck through your payroll process? If so, increase your contributions by an amount you can afford instead of having it reach your bank account, where you can be tempted to spend it.
  2. Embrace technology and make your life easier. Most financial institutions now offer online services or mobile apps for smartphones and tablets to help you monitor and manage your finances. Before downloading an app, review your financial services provider’s terms of use and privacy policy, and determine whether it makes sense to use the app. Also, be sure to review your device’s privacy settings and connect to a secure Wi-Fi network to help protect yourself from fraud and your device from viruses.
  3. Attend an online webinar or set up a meeting with a qualified financial adviser. A qualified financial professional can often help provide solutions to some of your retirement questions. Check with your retirement plan provider to see if they offer this service and at what cost.
  4. Rebalance your portfolio. Review you retirement plan investments to see if they are performing in line with your strategy. Work with a qualified financial professional to help rebalance your asset allocation, if necessary, or talk with your retirement plan provider about how you can do so on your own.
  5. Project how much you will need in retirement. There are several free tools and calculators available to you to help you figure out how much income you’ll need in retirement. The tools can also tell you if you are on track or may need to save more to catch up before you retire. Check out the educational resources available to you through your retirement plan provider.
What are your New Year’s resolutions? Are you taking on any of these retirement-planning resolutions in 2015?

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