When and How to Update Your Retirement Plan

Even though you and your HCM Advisor will help you create an overall retirement strategy, this does not mean that you won't need to make changes along the way. Many things can happen during the years you are working towards retirement.  Below are the most common reasons we want you to reach out to your advisor to revisit your plan.

Significant Career Changes

When you've had a major change in your career, that's a good time to talk about your strategy. That change can be getting a new job, receiving a large raise, the ability to execute options, quitting, or being laid off. Beyond changes to your main job, starting, investing in, or selling a business is another cause for conversation.

New Family Dynamics

Situations in which there's been a major change in your or your family's lives are good times to reconnect with your financial professional. These events are typically situations in which your beneficiaries might change. They may include marriages, divorces, births, and deaths. 

Additionally, there are times  simple (or complicated) situations like moving to another state, country, or even just up the street may impact you from a tax perspective. 

If one of your family members has become a caregiver, this could be an important conversation starter. 

Age Milestones

Some conversations will happen at set times, such as when you or your spouse turn the key ages of 59, 65, and 70½. Another time to notify your trusted financial professional is if your health has deteriorated; this includes mental and emotional health.

HCM Recommended Reviews

HCM recommends revisiting your plan and lifestyle situation every year or two, regardless if there is a major life change. It might be something you didn’t know to think about, but your financial advisor did. External forces, like tax code changes, may impact you and be worth a discussion. 

What the Conversation Will Include

Many of these conversation-worthy situations are financial in nature. For example, these adjustments may lead to a change in your ability to weather a financial risk, such as having more cash or wealth at your disposal through some sort of windfall. This can also go in the other direction if you experience a considerable loss. 

Whatever the reason, big or small, your trusted financial professional will be more than happy to help you through whatever concern or transition you're facing.