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.
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