Start the Year with a Retirement Reset: Are You on Track?

The New Year is a season of fresh beginnings—a chance to turn the page and create the life you envision. It’s the perfect time to take charge of your finances and shape your future retirement. A retirement reset starts with a check-in: Where are you now, and where do you want to go? By understanding your current standing, you can craft a plan that ensures you stay on track to reach your dreams. 

Reexamine your goals: 

The New Year is the perfect opportunity to take charge of your retirement goals and hit the reset button. Knowing where you stand and having a clear plan are crucial steps toward success. Make some financial resolutions for 2025 and brainstorm what you need to do or learn to accomplish them. 

If retiring in 2025 is your goal, ask yourself: Are you prepared to make that leap? Do you have a solid income plan to support your lifestyle? Have you thought about your legacy and how you’ll leave your mark? If not—or if you have lingering questions—now is the time to seek answers. 

Learn More: Blueprint to a Relaxed Retirement: 5 Essential Pillars of the 210 Financial Plan 

 

What does your retirement income look like?  

Do you know what your retirement income will look like this year? Has it shifted with the times, and are there ways to increase, or are there concerns that some sources may diminish? Now is the time to work with your financial advisor to evaluate and adjust to ensure it aligns with your goals.  

With medical advancements enabling people to live longer, the challenge of outliving retirement savings has become more pressing. While longevity is a gift, it underscores the need for a plan that sustains your essential needs but supports the lifestyle you envision.  

And what about inflation? Rising costs can chip away at your purchasing power over time. A diversified portfolio may help protect your retirement savings and income from these challenges, offering stability and comfort. 

Learn More: Inflation: The Silent Killer 

This New Year, take the opportunity to reset your retirement by asking the tough questions and uncovering ways to better prepare for the road ahead. Whether evaluating your income plan, safeguarding against inflation, or ensuring your savings last a lifetime, proactive steps today can lead to a more secure and fulfilling retirement tomorrow. 

 

What’s your healthcare plan?  

Have there been changes to your health—or your spouse’s health—over the past year? Shifts like these can significantly impact your initial retirement plan. That’s why it’s crucial to evaluate your current healthcare strategy.  

From Medicare to long-term care, explore the options available to ensure you’re prepared for potential changes. Investigate supplemental plans or alternatives that align with your needs and goals. Collaborating with your financial advisor can help uncover opportunities and ensure your healthcare plan complements your retirement strategy.  

 Learn More: Navigating Healthcare Costs in Retirement: What You Need to Know  

 

Do you have your documents in order?  

January is the perfect time to declutter your financial documents and start fresh. Whether you’re ready to go paperless or prefer keeping physical records, organizing your documents can set the tone for a more streamlined and stress-free year. Here are some simple rules to follow:  

• Bank Statements: Keep hard copies for up to one year, then shred them if they’re no longer needed.  

• Tax Returns: Hold onto these for at least three years after the filing deadline.  

• Medical Records and Legal Documents: These should be kept indefinitely for reference.  

• Retirement Account Statements: Preserve statements for your 401(k), IRA, Roth IRA, and other investments to track your progress.  

• Major Life or Home Records: Keep anything related to mortgages, home improvements, major purchases, or life events on file permanently.  

Going digital? Ensure your documents are securely stored online in a protected, easy-to-access location. Not sure what to keep or toss? Call us at (309) 263-1333, and one of our advisors may be able to you. 

 

Have you checked in with your financial advisor?  

When was the last time you connected with your financial advisor? If it’s been a while, now is the perfect time to schedule a meeting. Review your accounts, update your plan, and discuss any changes in your goals or circumstances that can make all the difference in your retirement journey. 

A financial advisor can help you assess your progress, adjust, and create a clear roadmap for the year ahead. Whether you’re on track or need a fresh start, working with an advisor may help ensure you’re equipped to navigate the path to retirement. 

Learn More: Thankful for Financial Guidance: The Value of Working with a Financial Advisor 

 

Are you making the most of your retirement savings? 

As you set your goals for the year, don’t forget to prioritize fun and enjoyment. Retirement is your time to live the life you’ve dreamed of—whether that means traveling, spending quality time with family and friends, or getting involved in your community.  

If you’re unsure whether your retirement income can support the lifestyle you want, it’s time to create a plan. A well-thought-out budget can help you see where your money is going, giving you confidence and comfort when spending. With the right financial plan, you can focus on enjoying the moments that matter most. 

Learn More: Retirement is THE Ultimate Bucket List Item 

 

Conclusion:  

After asking yourself these questions, checking with your advisor, and making any adjustments to your retirement plan can you confidently say that you are back on track or ready to start! The new year offers a great opportunity to start and get back on track especially if you pushed it back in 2024. Schedule a meeting with 210 Financial today and take the first step toward pursuing your financial goals. 

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Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed, and 210 Wealth Management, Inc., d/b/a 210 Financial makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third party websites that 210 Financial may link to are not reviewed in their entirety for accuracy and 210 Financial assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from 210 Financial. For more information about 210 Wealth Management, Inc., d/b/a 210 Financial, including our Form ADV brochures, please visit https://adviserinfo.sec.gov or contact us at (309)263-1333.