Here is a checklist to keep your retirement accounts healthy!

Is your retirement on track with your goals?

Were half way through the 2018 year. It was just 7 months ago we toasted to the new year. We all had our new year's resolutions set. We told ourselves this is going to the year! We’ll seven months have passed are you on track with your retirement goals?

Here is a checklist I recommend you do to make sure you don’t lose track of your retirement goals:

• Know your portfolio
  I sit down with numerous individuals helping them set up their retirement plans. They come in, sit down, and pick their retirement options. Most people start out with good intentions, but they often just pick and choose their funds and never go back periodically to check up on them. They may have performed well last year but not checking up on them could pick up increased risk as time goes by. It is a good idea to perform a valuation to make sure your assets are well diversified and to make sure your allocations are reset if necessary. As your portfolio grows it is a good idea to keep your assets diversified against risk. Doing this analysis once or twice a year is a good habit to establish if you haven’t started doing this.

• Know when to reallocate and identify risk
  I recommend at a minimum at least give your portfolio a look at once a year, analyze your accounts, look at your depth and breadth of your portfolio, re-balance if needed, make adjustments to make sure your investments are on track. It’s kind of like driving and letting go of the steering wheel it tends to pull slightly to the left or right even with good wheel alignment your car will tend to do this. The same thing happens to your portfolio, do not let it get out of your oversight.

• Plan your exit strategy
  You don’t have to worry about this if you're between 20-40 years old, but once you approach your retirement age 59 1/2 income taxes will be due. You don’t have to wait till your 59 1/2 you can take distributions out earlier if you like but be reminded about penalties you will face.

• Keep your beneficiary options updated
  make sure you know the rules under your 401(k) about passing your portfolio to your beneficiaries. These beneficiary options vary from employer to employer. This would be a good time to also make a plan to roll over your 401(k) into an IRA once you leave your employer. This is highly recommended. Most Americans leave their old 401(k)’s lying around and never make plans to perform rollovers. This is not a wise decision.

• Plan your retirement strategy
  If you find your self-working past the age of 59 1/2 years old most 401(k) allows you to roll them over into IRA’s. Definitely, take advantage of that as an IRA gives you more control and opens the door to more options for your portfolio.

Here are some statistics about retirement accounts according to the Bureau of Labor Statistics:
about 38% of US Americans participate in their employers 401(k)
about 55% of the US American workforce has access to a 401(k)

Bottom line, if you are offered a 401(k) from your employer take the time to know your products and what is available, know what you can and can’t do with your 401(k). Know how and when to roll your 401(k). take time to identify your risk and manage your ROI.

If you need some help with your retirement I am more than happy to sit down with you, I can provide a detailed financial analysis and can customize a specific strategy toward your goals. Everyone has goals and dreams. Do not settle for anything less than your goals and dreams. I can help you. If you are in the greater Austin area feel free to contact me for a consultation. There is never an obligation.

Rene Gonzales

Senior Representative
c. 512-568-7203
e. [email protected]
www.Primerica.com/ReneGonzales
License Number: 2265292