5 Steps to Help Stay on Track Toward Your Retirement Goals
It can be easy to veer off track on your way to retirement, so give your 401(k) or 403(b) an annual checkup to keep it moving in the right direction. Here’s how you can give your retirement savings a check-up.
1 SEE IF YOU’RE ON TRACK
If you haven’t thought about your retirement savings lately, your first step is to check your balance. To see if you’re on track, start by using our age-based milestones. LEARN MORE
2 UPDATE YOUR PROFILE AND BENEFICIARIES
Check your profile and make sure your information is up to date and security features are enabled. Beneficiary designations should be reviewed periodically, especially after life events like marriage, divorce or death of a loved one. How: Visit NetBenefits > Profile
3 INCREASE YOUR SAVINGS RATE
If you aren’t already contributing enough to get your full company match, consider increasing your savings rate to reach the full match. If you need to take it slower, start by increasing savings by 1% of your pay each year. Over the course of your career, you should aim to save an average of 15% of your pay (including any employer contribution)*. But even small increases can have a powerful impact on your retirement income. LEARN MORE
4 CHECK WHERE YOU’RE INVESTED
If you haven’t looked at the funds in your 401(k) or 403(b) in a while, you may want to confirm that your investment choices still align to your longterm goals. If this isn’t something you have the skill, will, or time to do on a regular basis, you may want to consider a target date fund or a professionally managed account. LEARN MORE
5 IT’S OKAY TO ASK FOR DIRECTIONS
Every question is a good question, no matter how basic you may think it is. Even if you don’t know what question to start with, there’s help available online, in person, or by phone. LEARN MORE
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* Total savings rate includes both employer contributions and employee deferrals. Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.