Roberge asks his clients to answer these questions:
- Do you have a matching contribution?
- Are you taking full advantage of it?
- Have the investment options (especially mutual funds) changed?
- Are you allocated correctly?
- Should you rebalance?
It's important to pay attention to how you save, advisors said.
"One thing that I've found is commonly overlooked is the proper 401(k) contribution," said Clark Randall, CFP, owner of Financial Enlightenment. "The overly ambitious think they are fully funding it, but they are actually funding their plan too quickly and missing out on the allowed company match."
Robert Wander, CFP and owner of Wander Financial Services, warns clients to check their retirement account default allocations. If the company match comes in the form of company stock, beware of becoming overexposed.
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Brett Anderson, CFP and president of St. Croix Advisors, advises his clients to increase their 401(k) savings each year by 1 percent, because it is easy and they won't miss the money. He also asks clients to determine whether they have too much money in pretax retirement accounts.
"When you retire, will all of your income be taxable?" Anderson said. "Funding a Roth IRA account is a great option for tax-free income in those years.
"Most clients like a blend, balancing out their tax rate today and in their retirement years."