As you plan for your retirement, you must take many things into account, including mitigating your risks and maximizing your retirement savings. While working with a financial advisor is often one of your best options for accomplishing your goals, some things require your attention. The following tips will help you get the most out of your retirement planning.
Don’t Withdraw Early
It’s often tempting to withdraw money from your retirement account early if unexpected expenses arise, but Christopher Dixon Of Oxford Advisory Group suggests this strategy isn’t the best option. While sometimes early withdrawal is unavoidable, it’s always necessary to explore all options first. Even if you intend to return the money, you lose beneficial interest in your investments until that time, reducing the efficiency of your retirement strategy.
Invest in Company Retirement Plans
Many companies offer 401K retirement plans for their employees. Take advantage of these plans as long as you can, especially if your company matches your contributions. Christopher Dixon & Samuel Dixon emphasize the importance of building up your retirement funds as much as possible as soon as you begin working. The more money you contribute to your 401K, the more money your company will add to it, increasing the size of your retirement fund.
Review Your Plan Regularly
Situations change, both in your personal life and in the state of investments. Therefore, Christopher Dixon of Oxford Advisory Group recommends individuals should take a close look at their retirement planning strategy at least once a year. Perhaps nothing has changed, and you will keep everything the same. However, if there is a significant shift in your circumstances, it’s best to review it as soon as possible to ensure you don’t miss out on an excellent opportunity.