Featured Topics
Retirement Industry
Magazine Archive
Education/Advice
Where Do you Go for Financial Advice?
Schedule a retirement plan checkup with a financial professional. Just like an annual physical, Lincoln recommends participants meet with their advisers at least once a year for an annual checkup of their retirement savings plan. Scheduling it around a birthday, annual pay raise or during National Save for Retirement Week makes it easier to remember. Resist the temptation to borrow against the plan. Unexpected costs may come up, and participants may be tempted to borrow. This is especially true during a down market. When participants borrow against their plan, they may miss out on potential returns when the market recovers.Increase contributions with income boosts. There are times when a participant may receive extra cash from a tax refund, a bonus, a salary increase or some other pleasant surprise. Consider increasing contributions every year and saving any extras. Even increasing by a percentage or two can make a big difference in the long run. When the maximum contribution level is reached, an adviser can help participants find the right place to put additional savings.Stay invested. Although retirement may seem far off for some people, it is important to get on track early and then stay the course.Lincoln is also offering savings tips on Twitter @lincolnfingroup, with special National Save for Retirement Week hashtag#SAVE2RETIRE.Corie Russell
Schedule a retirement plan checkup with a financial professional. Just like an annual physical, Lincoln recommends participants meet with their advisers at least once a year for an annual checkup of their retirement savings plan. Scheduling it around a birthday, annual pay raise or during National Save for Retirement Week makes it easier to remember.
Resist the temptation to borrow against the plan. Unexpected costs may come up, and participants may be tempted to borrow. This is especially true during a down market. When participants borrow against their plan, they may miss out on potential returns when the market recovers.
Increase contributions with income boosts. There are times when a participant may receive extra cash from a tax refund, a bonus, a salary increase or some other pleasant surprise. Consider increasing contributions every year and saving any extras. Even increasing by a percentage or two can make a big difference in the long run. When the maximum contribution level is reached, an adviser can help participants find the right place to put additional savings.
Stay invested. Although retirement may seem far off for some people, it is important to get on track early and then stay the course.
Lincoln is also offering savings tips on Twitter @lincolnfingroup, with special National Save for Retirement Week hashtag#SAVE2RETIRE.
Corie Russell
PLANSPONSOR staffeditors@plansponsor.com