Personal Finance Tips | JULY – Retirement Plan Projections – Contribute to 401(k) – Asset Allocation

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3 Things to Do This Month To Help Keep Your Financial Life On Track This Year – (July) Scott Weiss is a Fee-Only Certified Financial Planner. Learn the 8 Steps to Organize & Optimize Your Financial Life: In this video you will learn how to check if your retirement plan is working, how much you should be saving in your 401(k) or 403(b) plan, and how to know when you need to make changes to your investment strategy.

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Video Notes:

#1 Run a Retirement Plan Projection
Run a retirement plan projection so that you know where you are and what you need to do to get closer to YOUR goals. You should do this once a year to see if you are heading in the right direction. Use my free Retirement Check-Up Wizard here to get a general idea of where you stand with your retirement plans: If you want a more thorough calculation you should work with a Certified Financial Planner. They’ll have access to more sophisticated software and will look at your entire financial life. If you are working with a Certified Financial Planner you will want to revisit their projections at your annual review to account for changes in your financial life.

#2 Increase Your 401(k) Plan Contributions
For most people, setting a goal to max out your 401(k) or 403(b) plan contributions should be key. If you’re saving in a 401(k) or 403(b) and aren’t already on track to max it out, increase your contributions by 1%. Re-evaluate in 6 months and increase your contributions by another 1% until you ultimately max it out.

#3 Review Your Investment Strategy
Has anything changed over the last 6 months that would cause you to have to make changes? Births? deaths? New goals? If so, review your plan or speak to your Certified Financial Planner to help you make smart choices


Weiss Financial Group is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser, tax professional, or attorney before implementing any strategy or recommendation discussed herein. Insurance products and services are offered through individually licensed and appointed agents in all applicable jurisdictions. The advisers at Weiss Financial Group are not attorneys of a law firm but can provide guidance to the client’s other professionals.

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