3 Steps to Take to Determine if Your Retirement is On Track

  • admin
  • December 20, 2019

The idea of nearing retirement may leave you stressed – or fill you with excitement. Many times your stance depends on your financial situation.


As you get closer to retirement, it’s important to assess your financial situation and make sure you have an accurate snapshot of what your finances during retirement will look like. If you’re moving closer to retirement, here are 3 steps you need to take to determine if your retirement is on track:


Step 1: Take a Look at the Numbers

Pull all your account balances and begin looking at where you are at. Are you where you think you need to be? If not, you may want to look increasing retirement savings or adding catch-up contributions. Visit with a tax planning specialist to determine the best way to allocate funds to create a tax friendly financial situation both now – and in retirement.


Step 2: Evaluate Asset Allocation

Make sure that all of your assets are in the best place for the timeframe and retirement goals you have before you. Many people start their retirement savings with one date in mind, set their asset allocation accordingly, but forget to go back and reevaluate as circumstances change. You may want to allocate more aggressively – or more conservatively – based on lifestyle changes or a change in retirement date.


Step 3: Consider Social Security

While it should not be a focal point of your retirement plan, your social security income should be a consideration in the overall retirement strategy. Consider all of your investments and determine when will be the best time for you to begin taking your social security income.


If you are nearing retirement and unsure if your current retirement plan is where it needs to be, give us a call at Metroplex Wealth. Our Southlake wealth managers are specialists in retirement planning and can develop a strategy that fits your needs.


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