Your Year-End Retirement Plan Maintenance Checklist

As 2018 winds down, a comprehensive review of your retirement plan accounts is a task that should make it to the top of your year-end to-do list. After all, even the most comprehensive strategy needs regular maintenance to ensure that you are staying on track with your retirement savings goals.

Here are a few essential steps to include in your year-end analysis.

Review your account statements

Here, you’ll want to ensure that your reported contributions are accurate and being credited to the correct investment accounts.

Assess your portfolio

Be sure that your asset allocation is still in line with your overall retirement goals and risk tolerance. If your asset allocation has gotten out of alignment with your original intentions, you might consider account rebalancing.

Evaluate your contribution amount

Could you increase it to boost your retirement savings? Even a small jump (e.g., 1 percent more annually) can be a difference maker when you retire. Plus, if your employer matches a portion of your contributions—which is free money for your retirement—be sure to contribute enough to take full advantage of the match.

Take advantage of higher contribution limits

In 2019, the maximum amount you can contribute to all company-sponsored retirement plans is $19,000, up from $18,500 in 2018. If you’re over age 50, you can contribute an additional $6,000 in “catch up” contributions.

Stay informed

To keep current on retirement saving and investing trends, take advantage of the educational materials and workshops offered by your employer. Meeting with a financial advisor can also help you determine whether your overall retirement saving and investment strategies are still in sync with your retirement goals.  



Joelle Spear is a financial advisor located at Canby Financial Advisors, 161 Worcester Road, Framingham, MA 01701. She offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. She can be reached at 508.598.1082 or at [email protected]


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