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A 401k Checkup

Winter is a great time of year to review your retirement account. For one thing, itu2019s tax season. So youu2019re already thinking about money. Plus, life is generally less hectic in winter. Before the pace picks up, spend some quality time with your 401(k).

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A 401k Checkup

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  1. BUILDING BLOCKS FOR RETIREMENT Retirement Planning Essentials A 401(k) Checkup Winter is a great time of year to review your retirement account. For one thing, it’s tax season. So you’re already thinking about money. Plus, life is generally less hectic in winter. Before the pace picks up, spend some quality time with your 401(k). Check the Big Picture. Grab your latest statement and check your balance. Are you saving enough? You can do a quick check by estimating how much income you think you’ll need for a year of retirement. Then, subtract amounts you anticipate receiving from other sources (Social Security, payments from a pension plan, etc.). That will give you a rough estimate of the savings you’ll need to cover one year of retirement. To project the total savings you’ll need, you’ll have to consider the number of years you expect retirement to last, inflation, and other factors. Consider Your Contributions. If it looks like you should be saving more, increase the amount you’re contributing to the plan. For 2019, the tax law limit on contributions is $19,000. If you’re age 50 or older and the plan allows, you can make additional “catch-up” contributions of up to $6,000. Look at Your Lineup. If there’s been a major life change (birth, death, marriage, divorce, etc.) since your last checkup, you may need to change your asset allocation — the percentages of your portfolio that are invested in the different asset types. Your asset allocation should always fit your risk tolerance and investing time frame. Even if your targeted asset allocation is the same, investment performance can change your portfolio’s actual allocation over time. When that happens, you may be exposed to more or less risk than you intended. If the percentages in your account have drifted, it might be time to rebalance. Consolidate Your Accounts If you have more than one retirement account — a 401(k) from a past employer or one or more individual retirement accounts (IRAs) — think about consolidating. Managing your retirement assets might be simpler if they’re all in one account. 701 Westchester Ave, Suite 320E, White Plains, New York, 10604

  2. This material is provided solely for informational purposes and does not constitute investment, tax, legal or accounting advice on the matters addressed. Neither Pentegra Services, Inc., its subsidiaries, nor any of their respective employees intend that this material should be relied on as investment advice, which should be sought from a professional advisor. Performance information shown reflects past performance and does not indicate or guarantee future investment results. Current and future results may be lower or higher than those shown. ©2018 Pentegra Retirement Services 701 Westchester Ave, Suite 320E, White Plains, New York, 10604

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