We know you’re enjoying summer! But how’s your retirement plan doing?
Summer can serve as a preview of your retirement — long days in the sun and spending time with your loved ones. So what better
time to do a routine check-up on your retirement plan? Protect your loved ones and ensure you are keeping up to date with your
retirement plan with our summer homework assignments.
- Update or Assign Beneficiaries
Did you experience a major life change this year, such as marriage, divorce, birth or death? Consider updating your
beneficiaries when you go through a major life change.
- Review Cyber Security Best Practices
Retirement plans are a major target for cyber attacks. Retirement plan participants often have weak passwords and can
unknowingly fall for phishing schemes. Educate yourself on cyber security best practices to ensure you are keeping your
information and assets safe.
- Increase Contributions
Raise your plan contributions once a year by an amount that’s easy to handle, on a date that’s easy to remember —for example,
2 percent every Fourth of July. Thanks to the power of compounding (the earnings on your earnings), even small, regular
increases in your plan contributions can make a big difference over time.
- Revisit Asset Allocation
Rebalance your portfolio back to the original asset allocation by selling assets that have outperformed and use the proceeds
to those that have lagged behind. This discipline ensures you adhere to your investment strategy based on your risk
tolerance and time horizon.
- Remember Sunscreen!
Wearing sunscreen reduces your risk of developing skin cancer, it keeps your skin looking younger and protects you from UVB
rays. What other reasons do you need to wear it?