With the New Year rolling in people all over are making resolutions and goals for 2019. Many people will have goals that are related to money and finances. Whether it’s saving money or getting rid of credit card debt. Preparing for retirement can be a great goal to tackle for the New year.
Here are some Retirement Resolutions for the New Year:
1.Run a retirement estimator: This helps you see your retirement savings balance and helps calculate your withdrawals for each year. Social security is calculated based on your income.
2. Max the match in your employments retirement plan: Some employers will match your contributions. If you can contribute a full amount that matches…do it!
3. Switch to lower cost funds: Having Low costs is a great predictor of which funds are going to outperform going forwards.
4. Purchase Long Term Care insurance: If you are over the age of 50 and in great overall health.. it’s a great time to look into purchasing Long Term Care insurance.
5. Make sure your investments are properly diversified: You can do this with a target date retirement fund. If you have a financial planner they will be able to help with investment guidance.