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It's not January 1st, but who says you can't make a resolution at any time of year? Now is a great time to review your saving, investment, insurance, and tax strategies for retirement. Not sure where to start? Use this guide to make sure you don't forget anything!

Items to Check On:

  1. Retirement Contributions: Review your deferrals to retirement plans, such as 401(k)s, and adjust them if needed. Consider maximizing your contributions or increasing them by 1% to make a long-term impact on your retirement goals.
  2. IRAs: Decide whether to contribute to a Traditional or Roth IRA and make a plan to do so. You can contribute in lump sums or set up automatic contributions based on your financial situation.
  3. Tax Withholdings: Calculate your 2023 income tax liability and review the amount you've withheld year-to-date. Adjust your tax withholdings to avoid surprises at the end of the year, especially if you have multiple employers or owed a large tax payment previously.
  4. Investment Portfolio: Regularly review your investments, particularly during significant life events or market changes. Ensure your portfolio aligns with your risk tolerance and consider meeting with a wealth advisor for guidance.
  5. Tax Strategies: Develop a tax strategy to optimize your retirement savings. Consider Roth conversions based on your spending needs and anticipated tax bracket. Additionally, explore tax-loss harvesting opportunities to offset gains with losses.
  6. Risk Management: Regularly review insurance policies, including property & casualty coverage, life insurance, and disability insurance. Confirm that your coverage adequately reflects changes in your circumstances, such as income fluctuations, family additions, or significant life events. Consult with advisors to identify any potential underinsured risks.

By reviewing and adjusting these areas, you can enhance your retirement plans and work towards financial security.

Ready to get started? Find a licensed financial advisor using our one-of-a-kind Find An Advisor tool.