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If you’re wondering if you should be doing a retirement plan checkup, the short answer is “yes.” Regularly checking in on your personal retirement accounts—no matter what age—is a smart step toward retiring comfortably. Depending on your portfolio, your financial advisor might recommend an annual assessment. While that’s a great start, it’s important to watch out for these life scenarios that could affect your retirement plan.

  1. Marriage – After the honeymoon and you’re settled into your new married life, do a financial review together. Talk about your retirement goals as a couple. Will one of you retire early? Is there a pension in the picture? Look at both of your accounts and decide if you’re saving enough to meet your retirement goals.  
  2. Kids Going to College – Empty nesters rejoice! You’ve made it to a big financial milestone: paying for college. Whether you’ve saved up to pay for tuition, or your kids are using a scholarship or student loan, this is the time when you should reconsider how much you’re saving for retirement. You might want to scale back or you might want to ramp up. Your financial advisor will help you decide what is right for you.  
  3. New Job – If you’re transitioning to a new job, don’t forget about your 401k account from your former employer. Know what your options are for cashing out or rolling over your money, including any fees you might have to pay. Then, if you’ll be contributing to a 401k account with your new employer, look for opportunities to boost your retirement savings plan. Could you be contributing a higher percentage?
  4. Inheritance – Deciding what to do with an inheritance can have an impact on your retirement goals. Perhaps you’re now able to retire earlier. In any case, it’s always smart to consult your financial advisor upon inheriting money.  
  5. Paying Off Your Mortgage – When nearing retirement, it’s not uncommon to pay off your mortgage. If this is true for you, a retirement checkup is a must. Without a monthly house payment, you may be able to save more aggressively and retire smarter.

A retirement checkup with a financial advisor at Sterling Advisor Group will include a full review of all your retirement accounts and asset allocations. If you’re ready to set up a meeting with Sterling Advisor Group, contact us today at (480) 729-8000.