When to reevaluate your retirement plan
Retire
Certain life moments can make you think in a new way. Whether you’re coming up on a new home purchase, a job change, or even growing your family (again), you might be asking yourself if you are ready for the next chapter. While you are making these lifestyle changes, it could be a good time to reconsider your retirement plan as well.
Job Change
You landed a new job and there’s a lot to celebrate. It also presents a great opportunity to boost the amount you’re saving for retirement and get closer to your goals in a way that won’t impact your budget.
A new job means making financial planning decisions such as: scheduling pre-tax withdrawals, covering a new commute or health costs. In a life moment as important as this, you are thinking in a new way and planning new things so this is a good time to revisit that retirement plan too.
An increase in monthly contributions, even if just 1%, can lead to notable differences when retirement rolls around. Your new employer may even have improved matching benefits, which is something to look into and max out if you can.1
Let’s also not forget that Individual Retirement Account (IRA) from the job you just left. It’s one of the best ways to help maintain the hard work you put towards building for retirement so talk to a financial expert about rollover IRA options.
Moving
New home, new town, new neighbors – change is good – so why not take advantage of the fresh start to reevaluate you finances – including ensuring your retirement plan is on the right track.
You are a planner, a decision maker, and rule follower when it comes to securing your future. That means you probably already own a home and have a retirement plan. So, make sure that when moving – whether it’s buying a retirement home or relocating for that new job – you don’t give into the temptation to tap into using retirement funds for the move or home purchase.
A combination of retirement advice guidance and online tools can help steer you toward financial freedom no matter where life may take you. Planning, balancing priorities, and confidence in the road ahead is what can help make your retirement plan work.
Marriage or Divorce
These are moments of change and opportunity to make a life that you want and save for the things that are important to you. Preparing and building future activities are steps to help ensure financial freedom. This is even more important when looking at your retirement plan.2
As with any major life decision, this transition should involve careful consideration and planning. By taking the opportunity to revisit your financial decisions and speak to an advisor, you’re setting yourself up for long-term financial health. Whether it’s changing beneficiaries, updating your address, or a new legal name, retirement plans and saving behavior should be a part of the conversation.
Understanding what potential forms are needed can be a good first step and, if you have an existing retirement plan with John Hancock, you can find them all in one place at the help center. Sitting with a financial advisor is also important next step. Together you can map out your ideal future, strategize how to make your money work harder for you, and come up with ways to balance the necessities of life with the fun you deserve in your later years.
Revaluating your retirement plan during life’s moments can help you to save the money you’ll need for tomorrow while meeting your financial goals today. Let us help you Plan for Amazing at every step in the journey, wherever your decisions take you.