Retirement Readiness Resolutions

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Explore essential resolutions for retirement readiness. Discover safe money alternatives to secure your future. Start planning today with SafeMoney.com! A new year has dawned, and you can feel the anticipation in the air. People everywhere have scribbled down their New Year’s resolutions, as 2019 has swept in the allure of new beginnings. A world of opportunity awaits! Perhaps with a nod to another passing year, many of us will put eating healthier at the top of our list of resolutions. Hitting the gym more often (or even at all), being more productive with our time, and perfecting our work-life balance are perennial New Year’s Resolution favorites. And for those in their 50s who have visions of their ideal retirement, the New Year is an ideal opportunity to take stock of what they want to achieve. It’s a time to evaluate where they are in terms of reaching that goal, and to reflect on whether they need to create or refine a retirement plan that will help them get there. Especially for those who are planning on retiring within the next five years, here are three New Year’s Retirement Readiness Resolutions. Resolution #1: Evaluate Your Progress Maybe you have been maxing out your 401(k) contributions. Or perhaps you are funding a Roth IRA to build up your nest egg. Your portfolio may even include some brokerage accounts, mutual funds, or other investments for asset accumulation, tax efficiency , and other long-term goals. It’s time to take stock of these valiant efforts and see just what they amount to. Review your financial accounts, investments, and retirement accounts. If you feel like you are not where you need to be with your nest egg, what steps could take to reach there? Can you begin to make catch-up contributions at work? Are there any cuts you can make to your lifestyle expenditures that would result in a greater stockpile of liquid assets? How have your investments performed? Did the closing days of 2018 put a crimp in your investment portfolio? See what you have to work with, so you can better determine your readiness for retirement. Resolution #2: Revisit and Refine Your Retirement Goals Perhaps when you first drafted your retirement plan, you and your spouse had travel plans. The goal may have been to exchange your home for a luxury RV so that you could l