Having a retirement plan is like owning a home. There is always something to fix or change in your home, and when left alone too long, it will fall into disrepair. The same goes for your retirement plan! Here are some important questions to ask and tips for vital upkeep of your plan in order to keep it retirement ready.
Do You Have a Market Correction Preparations in Place?
With the ongoing pandemic, labor shortages, inflation, and changing of Federal Reserve policy, many think that a major market correction is on the horizon. With record inflation highs in 2021, are you ready for the potential of a crash in 2022? The possibility of this happening could pose a threat to your retirement plans; however, we can work ahead of time to make a plan. We can’t predict the future of the economy, but we can prepare as much as we can.
How Will Higher Taxes Possibly Affect Your Future?
In 2022 we could see a change in tax policy and increased government spending, which could lead us down the road of higher tax rates, new taxes, or rule changes that can lead to a necessary re-do of personal tax strategy. Long-term tax minimization strategies are vital to a retirement plan as taxes will most likely end up being one of your largest retirement expenses. Understanding the changes that will come to your tax situation upon retirement and adjusting your strategy accordingly is your best bet to prepare for the possible increase of taxes in the coming years.
Who are Your Retirement Account Beneficiaries?
It is important to keep in mind that retirement account beneficiary designations trump will and trust directives! With this in mind, it is important to re-evaluate who you want to leave your money to and adjust all of your accounts accordingly. Life can change often with the introduction of kids, grandkids, marriages, divorces, or charitable interests, and staying up to date with your paperwork is highly encouraged. It is important to talk to a professional when it comes to getting your retirement finances in order, and Moore’s Wealth Management is here to make your journey as stress-free as possible. Click here to schedule a meeting with us to discuss goals, maintenance, and updated plans.
