Tending to Your Retirement Plan as Part of Your Financial Spring Cleaning

We’ve talked before about how spring is the perfect time to get your financial house in order. Whether it’s laddering your CDs or starting an emergency fund, there are all sorts of extra steps you can take to build a secure financial foundation while you’re spring cleaning around the house. A recent article at Walletpop points out another area of your finances you might want to tend to right now: your retirement.

Author Jennie L. Phipps suggests making sure your retirement plan is where you want it to be, and if it isn’t, check to see if it’s possible to increase your retirement savings. In addition, she suggests you make sure that your last will and testament is in order. The article also encourages making sure you’re saving for retirement in a way that benefits you come tax time, particularly when it comes to your IRA and 401(k).

If you and your spouse have an investment portfolio, Phipps says it might be time to sit down and make sure you’ve laid out a strategy that works for both of you. Here on the Ally Bank Straight Talk blog, we’ve touched upon the fact that talking with your family about finances is generally a good idea, so it might be wise to make this conversation part of your financial spring cleaning as well.

Will you be revisiting your retirement plan this spring to make sure it’s working in your favor? Are there any other areas of your finances that require some spring cleaning?

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