Do you wonder if you’re taking the right steps towards a successful retirement plan? Here are some tips that can help you make sure you’re on track.
Know your starting point
What are the balances in your existing 403(b), 401(k), IRA, or savings accounts?
Do you own other assets which may be convertible to cash in the future?
What is your current income level?
Do you currently have or follow a household budget?
Does your employer offer a retirement plan?
What are you currently contributing toward retirement?
Are you taking full advantage of any possible employer match?
How much experience do you have with investing?
What is the current asset allocation of your investment portfolio?
Set realistic goals
How long do you have to save before retirement?
Do you know how much money you need to save for retirement?
How much risk are you comfortable taking with your investments?
Do you expect major future changes to your income or expenses?
How much can you realistically increase your contributions?
Avoid Pitfalls That May Reduce Savings Today and in the Future
Set aside and maintain an emergency fund for unexpected expenses.
Do not wait until late in your earnings years to start saving—start early.
Once you start saving, continue the habit, even if it is a small amount.
Avoid withdrawals during earning years, including loans and hardship distributions.
When you leave an employer, rollover your assets—don’t cash out your account.
You do not have to do this on your own
Discuss financial goals with your spouse and family.
Review potential budget changes and opportunities to increase contributions.
Read and learn to understand your account statements.
Utilize professional advice from your investment providers when it is available.
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