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Baby Boomers Should Review Our Retirement Plans [VIDEO]

November 19th, 2016
[VIDEO] The closer Baby Boomers get to retirement age, the more often we will want to review our plan. Sometimes it is beneficial to run the numbers by a financial planner occasionally to be sure we have the best plan for our circumstances and goals.

Baby Boomers
Should Review
Our Retirement Plan

For Baby Boomers our retirement plan should get a comprehensive review every few years is almost as important as having a retirement plan. What we save for retirement is one of the most important financial challenges we might face in our lifetime, so we need to make sure that we review and monitor it often.

Baby Boomers Retirement Goals
Do the goals we originally set still apply?

Do we still plan to retire at the age we first decided upon?

Has an illness or other life event changed our retirement goals?

Are our investments growing in a manner to finance your retirement goals?

Baby Boomers might need to reevaluate our retirement goals or set some now ones periodically because changes are constantly being made in our lives.

Baby Boomers Personal Finances
Is our income more or less than when we originally set up our retirement plan? Do we have additional income to invest from a second job or our spouse's job? Have we had a bankruptcy or had to make major purchases in the past few years that might affect our retirement plan? Do we have children in college that might dip into your retirement funds? Have we had to withdraw some of your retirement investments for personal use? Baby Boomers circumstances at any given time will dictate what we can put back for our retirement.

Baby Boomers Spending Habits
Have our spending habits changed significantly since we last reviewed our retirement plan? Maybe we got married or divorced, changed jobs, bought a home, made a large purchase, went Baby Boomer crazy (yes, it happens to the best of us), or just don't seem to get around to saving regularly for our retirement. Look at our budget and see if there are ways we can free up some extra money to put aside for our retirement. If we see we are putting too much money aside, we might even use the extra for a much needed vacation.

Baby Boomers Investment Portfolio
Here is where Baby Boomers really need to closely scrutinize how our portfolio is balanced to get the most for our investment dollar. Depending on our age and how close we are to retirement will dictate whether our portfolio will consist of investments for growth, income, or a combination of both. Now is a good time for Baby Boomers to look at the companies we have invested in to be sure that they are performing satisfactorily.

Baby Boomers Social Security
If we haven't already done so, we should get a statement of earnings from the Social Security Administration to tell us what we can expect to earn when we retire. This statement is also a good way to make sure there are no mistakes in our account. Look over the figures and if we have questions or find a mistake, call the SSA immediately.

Baby Boomers Health and Life Insurance
If we are working, chances are we have both health and life insurance, but will these still be available when we retire? Some companies offer both to retirees but what will happen if we leave employment before retirement age? Have we made provisions for health and life insurance coverage or at least discussed these with an insurance agent?

Baby Boomers Pension Plans
If our company offers a pension plan, do we know what type of plan it is? Does our company offer matching funds? Are we contributing all we can to the plan? Can we choose the investments and do we know how well they are doing? How long does it take to be vested? What happens to our retirement plan if we leave the company? How much is our plan worth right now and how much can we expect it to grow between now and next year?

Baby Boomers IRAs
If we have an IRA, would it be more beneficial to roll it over into a Roth IRA? Is our IRA earning us the best possible return? When can we roll it over to another fund?

Ben Stein Talks About Retirement Planning

A Baby Boomers retirement plan should be reviewed periodically to be sure it is performing the way we need it to for our retirement. The closer we get to retirement age, the more often we will want to review our plan. Make sure any changes that we make will benefit our end goals and carefully research every facet of our plan. 

Baby Boomers planning for retirement may want to seriously consider a Financial Planner to be sure that we have the best plan for our circumstances and goals.

Book: Financial Planning for the Baby Boomer Client

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Contact: Daryl Burns

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