Experienced in municipal and corporate bonds investing, Chris DiGregorio is Janney Montgomery Scott’s senior vice president of investments. At Janney, Chris DiGregorio facilitates retirement planning and reviewing of retirement plans.
It is important to check your retirement plan periodically. Here are three instances when you should do that:
-When you experience major life changes
These include getting married, divorced, or having children. They also include purchasing or selling a house, getting into debt, or changing jobs. All these have the potential to impact your income or net worth, and consequently, your retirement savings needs. Family changes may also have a bearing on your retirement plan’s beneficiary. Review your retirement plan after experiencing a major life change.
-When your risk tolerance changes
Has your tolerance to risk changed? Are you more concerned about market volatility or prolonged bear markets? It is common to have people approaching retirement assume a more conservative approach to risk than younger people with a longer investment horizon. If this is the case, review your retirement plan.
-Have your retirement income needs changed?
Maybe you originally planned to spend your retirement back home but you now want to travel so you’ll need more savings. Maybe your health or that of your spouse has changed. You may also want to start a business or get a part-time job in retirement? All these will impact your retirement income needs. Review your plan to factor these in.
