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How to Perform a Retirement Plan Tune-Up

To keep your car running smoothly, you need to perform regular tune-ups and due to the volatility of the financial markets in recent years, the same is true for many retirement plans. Here are some tips on performing a retirement plan tune-up:

Tweak your 401(k) contribution - in January, the maximum allowable contribution increased to $17,000 for those over the age of 55 and $22,500 to those over 55. Making the maximum contribution to your 401(k) will help offset other losses.

Rebalance for risk - evaluate your investments to make sure you haven't inadvertently taken on more risk that you'd like, and make the proper adjustments accordingly.

Evaluate a Roth IRA - since Roth funds grow tax-free, a Roth IRA can make sense if you are currently investing after-tax income in an IRA. Income eligibility limits have increased this year to a maximum of $110,000 for individuals and $173,000 for couples.

Take the Required Minimum Distribution (RMD) - if you have retirement accounts that are not Roth IRAs and are over age 70 ½, you must take the required minimum distribution (RMD) by the end of each year or face a potential 50 percent tax on what should have withdrawn.

Check liquidity levels - be sure you have adequate liquidity so you don't have to sell assets in a depressed market.

The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.

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