Retirement Planning

Easy Retirement Planning Essentials

Reviewing retirement accounts can slip off of your "To Do" list. It can be easier if you set up automatic contributions by making it a goal to max out your annual contribution to certain accounts.

3 Easy Retirement Account Basics That Can Help You Stay the Course

As the seasons change and life gets busier, it can be easy to forget to review your retirement savings strategies and retirement accounts. If you find that you don’t have much time to devote to planning for your life after work, you can at least know that you’re staying the course with these simple retirement account planning basics.

#1: Make automatic contributions to your 401(k) or other plan.

Nothing could be easier than to have your 401k contributions set up to come out of your paycheck automatically. If you want to save even more, just submit a request to either increase the percentage of your contribution, or simply increase the dollar amount. Some plans will even allow you to set up your account to have increases happen automatically once a year.

#2: Fully fund a Traditional IRA or Roth IRA up to the maximum amount allowed.

No matter what time of the year it is, you can get caught up on your retirement planning savings by fully funding your retirement accounts. So if you’re too busy to contribute monthly or quarterly, then funding your accounts with a lump sum can be an easier way to go.

#3: Take advantage of company matches.

Contributing to your employer-sponsored 401(k) plan is great, but if you’re not adding enough to take advantage of matching contributions, you’re essentially walking away from free money. An easy way to build your retirement savings automatically is to make sure that you’re contributing enough to qualify for your company match.

For more information on saving for retirement, visit the Protective Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

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