By starting to save, you’ve already taken the most vital step towards achieving your financial goals. It’s also important to monitor your retirement savings plan. Here are four ways to check on your retirement savings health:
1. Keep up your contributions
How much and how often you contribute to your savings plan is key to reaching your long-term goals. Look at where you can increase the amount or frequency of your contributions before you change your investment selections. Use our contributions calculator to find out how increasing your contributions can make a difference to your savings.
2. Stay on track
Keep focused on your long-term goal by keeping current events and markets in perspective. Short-term changes in investments are normal and will likely change as time goes on.
If you switch your investments frequently, you may end up selling your investments when they’re low and buying other investments when they’re high. This may leave you with less retirement savings than you’d hoped.
Sometimes, a change makes sense. If you’ve gone through a life event or are concerned your investments aren’t the right ones for you, take the Investment personality questionnaire again to help ensure your investments are still right for you.
3. Take charge of your future
Plan ahead and take charge of your retirement planning by:
- Becoming familiar with the supports and educational tools your plan sponsor provides, if you’re a member of a group retirement and savings plan
- Monitoring your plan results online, or by using your statement
- Consulting with a qualified financial planner about the full range of retirement income options such as plan savings, personal savings and government programs
4. Understand risk
Risk, if used properly, can help you reach your retirement goals.
Learn what type or level of risk you’re comfortable with and don’t take chances that make you uncomfortable. To determine your risk tolerance, complete our Investment personality questionnaire.