It's National Save for Retirement Week! Certified financial planners Nancy Coutu and John Gajkowski from Money Managers Financial Group shared a simple acronym to make sure you're ready for retirement.
R - Risk tolerance: Knowing how much risk to take on can keep your portfolio from suffering a catastrophic loss.
E – Expenses: Hidden and costly fees can negatively hurt your portfolio, making you earn much less in the long run.
T – Taxes: Without effective planning, taxes can take a big chunk out of your retirement savings.
I – Inflation: If your savings and investments are making the rate of inflation or less, you are losing money, not saving it.
R – Rollover: Make sure you don't leave your 401(k) at your old company, and work with an expert to determine if rolling over to a Roth IRA would be wise choice.
E - Employer contribution: If you have a company match for your 401(k), make sure you are taking advantage of this free money. If you have a pension, evaluate whether it's stable, and make sure you have a backup plan.