Retirement Portfolio Check-up

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9.23.2019
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Financial
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Ameris Bank

Saving for retirement will help bring you peace of mind as you plan for your financial future. Along the way, it’s important to review your retirement savings plan to make sure you remain on track to meet your goals for a financially secure retirement. 

Here are some tips: 

SET CLEAR GOALS. 

To create a retirement portfolio that will suit you and your family’s needs in the future, it’s best to start with clear goals. At what age do you want to retire? Will you have any pensions or income to rely on? Will you put children through college or care for aging parents? How much annual income will you need to live the lifestyle you want? 

ASSESS YOUR SITUATION. 

Look at your current retirement savings to see if your savings align with your goals. If not, you will have to make adjustments: either delay your retirement, increase your savings or tweak investment choices to achieve a more secure financial future. 

REVIEW YOUR RETIREMENT PORTFOLIO. 

Is your retirement portfolio properly diversified for changes in the market? Do your retirement investments match your risk tolerance – are they too aggressive or too conservative for the time you have left before you retire? Have changes in the market caused your portfolio to get off track? Are your investments tax-efficient? Seek professional advice to make sure your investments match your retirement goals. 

TAKE ADVANTAGE OF OPPORTUNITIES. 

If you have a 401(k) plan at your job, make sure you are contributing enough to take advantage of the company match. If you have a high-deductible health insurance plan, you may be able to open a health savings account. You can make tax-deductible contributions to a health savings account, enjoy tax-free earnings and take out tax-free withdrawals to pay for qualified medical expenses. Make sure to consult your tax advisor. 

SET UP AN INDIVIDUAL RETIREMENT ACCOUNT. 

If you want to open an individual retirement account, decide if a traditional IRA or Roth IRA is best for you. A traditional IRA can give you tax-deductible contributions now if you meet income requirements, but you will pay taxes on withdrawals during retirement. With a Roth IRA, you don’t receive a tax deduction on contributions, but earnings and distributions are generally tax-free. 

CHECK YOUR BENEFICIARIES. 

Make sure the beneficiaries of your accounts are current. 

Take time to review your retirement savings plan now to meet your financial goals in the future. Talk to the experienced professionals in our Wealth Management division for trusted advice on how to achieve a financially secure retirement. 

 
 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ameris Bank does not endorse nor is affiliated with the companies listed in this article.