• July 7, 2022

3 Reasons To Review Your Retirement Plan

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Most people in Seneca, SC, have a very different view of retirement than their parents and their grandparents. In the past, people worked for companies for long periods of time, earning a pension and having that income, combined with savings, to carry them through their retirement.

Today, more than ever, people see retirement planning as their own responsibility. They do not have a pension through their employer, and they understand that Social Security does not provide the income they need to live the life they want.

Additionally, people are living longer, retiring earlier, and having more debt as they go into their retirement years. Working with Matthew Dixon, a Registered Financial Consultant, is the first step in setting up a retirement strategy. The next step is to review the plan regularly and make any necessary changes.

At these meetings, which are typically held annually, Matthew Dixon asks questions to help determine any changes in life that may require adjustments to your retirement strategy and portfolio. Reviewing your retirement plan will:

  • Ensure you have health issues covered – as people age, health issues are more common. Early recognition of significant health issues helps the individual or the couple to increase insurance coverage to protect their retirement assets.
  • Evaluate your retirement date – based on real-life situations, the retirement date may need to be extended. Before assuming this is the only option, Matthew Dixon can look at your mix of investments and optimize your portfolio for both risk and potential reward.
  • Changes in finances – paying off large debt such as credit cards, car loans, or even the mortgage provides individuals and couples with additional income to invest.

Adding even a small amount more to retirement investments each month can really add to the long-term growth of the value. In working with a local Seneca, SC, financial advisor, it is easy to schedule these meetings on a regular basis.