We’re more than halfway into 2018. Did you know that checking your retirement portfolio mid-year is one of the most crucial things you need to do when it comes to your personal finances? It’s true! The necessity of properly managing your portfolio doesn’t just end when you retire. It’s just as monumental in your golden years as it was when you were still in the workplace. Now, here’s how you can go about it.

  • Make a tradition of it. Set a date each year to check your portfolio—then make it a tradition. Additionally, spend the days or weeks leading up to this preparing the numbers for a financial assessment.
  • Ask for another set of eyes. What else should you do when checking your retirement portfolio mid-year? For one thing, you should make sure that you’re spending efficiently. Find an expert or friend or family member with experience in this area. Then, together, go over your portfolio, savings, and spending. The person helping you might catch something you’ve missed. He or she can also give you advice and answer any potential questions that you have.
  • Figure out how taxes are affecting you. What are you paying yearly on taxes? Property tax, sales tax, and income tax-liable conversions between traditional IRAs and Roth IRAs will also eat into your savings. Calculate how they’re affecting you, and make sure to factor them into your retirement budget.
  • Don’t neglect your cash. In order to ensure that your retirement portfolio provides for you for years to come, you must also be mindful of your cash. How much are you spending? On what? And how does this add up in your budget? Try and make records of how you use your money. Then, use it to calculate your funds over the years and how you can spend them. Your portfolio can only do so much for you if you’re overspending.
  • Consider the long-term. How are your assets being allocated? Additionally, is your spending pattern sustainable? And how are you using minimum distributions? Make sure that you know the answers to these essential questions. If you’ve followed the steps above, then you’ll already be on your way to figuring out your calculations. Don’t be afraid to make a big change. It’s better to course correct sooner rather than later.
  • Let your portfolio work for you. You can still earn savings as you retire. Speak to investors about your portfolio and see just how you can maximize the funds you can earn.
  • Make a plan. Now that you’ve considered the steps above, you’re ready for the final one: making—and in the future, potentially adjusting—your financial plan. This will ensure that you’re wisely utilizing your savings.

Checking your retirement portfolio mid-year is just part one of an important process. However, it can help you lay the foundation for a substantial nest egg. So, go ahead—get ready for a future of impressive savings.

Want to improve your investment portfolio? Well, it’s as easy as calling the experts at Ty J. Young Inc. at 877-912-1919. We’re dedicated to helping you improve your savings in a money-protected fund. If you’re seeking more important advice, continue to follow our Retirement You Earned Blog.

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Posts from the Ty J. Young Inc. team of advisors and leaders.

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