Summer can serve as a preview of your retirement — long days in the sun and spending time with your loved ones! So, what better time to do a routine check-up on your retirement plan! Protect your loved ones and ensure you are keeping up to date with your retirement plan with our summer homework assignments!
Update / Assign Beneficiaries
Did you experience a major life change this year, such as marriage, divorce, birth or death? It’s important to
consider updating your beneficiaries when you go through a major life change.
Review Cyber Security Best Practices
Retirement plans are a major target for cyber attacks. Retirement plan participants often have weak passwords and
can unknowingly fall for phishing schemes. It’s important to educate yourself on cybersecurity best practices to
ensure you are keeping your information and assets safe.
Raise your plan contributions once a year by an amount that’s easy to handle, on a date that’s easy to
remember —for example, 2 percent every Fourth of July. Thanks to the power of compounding (the earnings on
your earnings), even small, regular increases in your plan contributions can make a big difference over time.
Revisit Asset Allocation
Rebalance your portfolio back to the original asset allocation that took into account your risk tolerance and time
horizon, this ensures you adhere to your investment strategy. You rebalance by selling assets that makeup too
much of your portfolio and use the proceeds to buy back those that now make up too little of your portfolio.
Wearing sunscreen reduces your risk of developing skin cancer, it keeps your skin looking younger and protects
you from UVB rays. What other reasons do you need to wear them?