Tips for keeping your retirement plan on track

All excuses are good. Life gets in the way -- work, family, vacations, out of town guests, and a tight social schedule -- all make it easy to put retirement planning on the back burner. It's important to remember, however, that retirement planning is an ongoing and evolving process that requires frequent attention.

Life also presents us with a constant flow of change -- job loss or change, marriage, additional children, divorce, housing change, loss of a loved one -- and with each change, retirement planning requires a fresh and new look.

Here are some tips for keeping your retirement plan on track.

Read them and check off the ones you've already done. Doing this will help you focus in on which ones still need attention.

____    Stick to a periodic review plan.
Make an appointment to meet with your financial advisor to reevaluate and readjust your retirement plan to match your current economic and personal situation. In the more stable times of the past, perhaps a review every three to five years was sufficient. Nowadays, it's wise to keep your retirement plans on track by reviewing your plan yearly, or even sooner if a large change in your personal circumstances occurs. Don't let your busy life be an excuse for ignoring plans for your future.

____    Calculate your future needs.
The years fly by quicker than you think, so start anticipating tomorrow's needs today. Decide on how much you will require to maintain the lifestyle you enjoy for 20 — 30 years beyond your retirement and then determine how much you'll need to save monthly in order to be there when the time comes. Keep in mind that the value of your dollars typically decline with inflation, so you'll need to figure this into your calculations. You'll be glad you took the time to do the math when the time comes to depend on those numbers.

____    Take advantage of employer matched contributions.
Take advantage of your employer-sponsored retirement plan by contributing as much as you can. The amount your employer contributes will help grow your equity faster. If you're fifty or older, let the "catch up" rules work for you by increasing the amount of your contribution. It's smart to use every opportunity possible to increase your future net value. ____    Do research into all your benefits.
Once you've retired, you will have benefits available from different sources. It's important that you know what these benefits are now, so that you can maximize the return from them later. Look into the type of benefits you're entitled to from pension plans of both current and past employers. Review your annual Social Security benefit statement for accuracy, as well. Yes, research takes time but, as they say, time is money -- in your pocket! ____    Be ready for the unexpected.
There's no way to know what hand life will deal us. The best bet is to prepare for the unexpected so that all bases are covered. Long-term care costs, like nursing homes and assisted living, are often not covered by Medicare, health insurance or disability insurance. Do research on long-term care insurance and determine if your particular situation merits investment in a policy. Hopefully, you'll never need to use it but if you do, you'll be glad you have it.

Keeping your retirement plan on track is like cooking!

A watched pot may never boil, but ignoring it entirely may find the water has eventually all boiled off and dried up. You don't want to be surprised by equally diminished savings when your time comes to retire. So, keep a watch on your financial pot and, hopefully, it will be spilling over for you when the time comes.

Reference: About Women & Co.

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