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New Year Financial Review

It’s the season of New Year’s resolutions, and this is also a great time to reassess your retirement plan and investment accounts. Below are a few quick ways you can check in on your retirement accounts and investments.

Reassess your risk through a risk tolerance questionnaire. Periodically reassessing your risk tolerance is important. As your career develops and you approach retirement, often times your goals and objectives may start to shift. These changes can affect your overall risk tolerance towards your retirement accounts that may require you to take action to adjust your portfolio to better suit your updated risk tolerance.

Rebalance your portfolio. Portfolio balancing is an ongoing and important part of keeping your investment portfolio where you had originally decided. As time goes by, typically we will see the equity side of a portfolio begin to overpower the fixed income side of a portfolio, which may expose the portfolio to a greater level of risk or volatility than you might be comfortable seeing reflected in your accounts.

Compare the individual funds and investments in your portfolio. Overtime as we see market conditions change, your portfolio allocations may not perform the way you had hoped, or perhaps you have a few areas of opportunity within your account. Checking in on the individual performance of your investments can help you to find opportunities you may otherwise miss.

Assess changes in income. As your career develops, your income may continue to grow. If that's the case, your old retirement plan income goals may no longer reflect your new lifestyle. If that’s the case, you may want to adjust your retirement plan to reflect a new income goal in retirement.

If you have questions about reviewing your accounts, schedule a meeting with one of our financial professionals who will help you assess your investments and answer any questions you have.

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