Just as regular health check-ups can help find potential health issues before they become a problem, so may conducting an annual check-up on your retirement savings help prevent veering off-track with your retirement savings goals. Fidelity shares five key steps to give your retirement savings a financial check-up.

  • SEE IF YOU’RE ON TRACK – If you haven’t thought about your retirement savings lately, your first step is to check your balance. To see if you’re on track reach out to one of UNC’s financial professionals to ensure you are meeting key steps to achieve your financial goals.
  • UPDATE YOUR PROFILE AND BENEFICIARIES – Check your profile and make sure your information is up to date and security features are enabled. Beneficiary designations should be reviewed periodically, especially after life events like marriage, divorce or death of a loved one.
  • INCREASE YOUR SAVINGS RATE – If you aren’t already contributing enough, consider increasing your savings rate. If you need to take it slower, start by increasing savings by 1% of your pay each year. Over the course of your career, you should aim to save an average of 15% of your pay. Remember, even small increases can have a powerful impact on your retirement income. Please note: There are no employer match of contributions provided with the University supplemental (403b/457b) nor State supplemental (401k/457b) plans.
  • CHECK WHERE YOU’RE INVESTED – If you haven’t looked at the funds in your retirement account in a while, you may want to confirm that your investment choices still align to your longterm goals. If this isn’t something you have the skill, will, or time to do on a regular basis, you may want to consider a target date fund or a professionally managed account.
  • IT’S OKAY TO ASK FOR DIRECTIONS – Every question is a good question, no matter how basic you may think it is. Even if you don’t know what question to start with, there’s help available online, in person, or by phone. 

Contact a UNC retirement plan financial professional to help conduct your annual financial check-up. Financial professionals with CAPTRUST, Fidelity, and/or TIAA can help you build a personal budget, create a savings plan, and maximize your investment line-up to ensure you are on track to meet your future retirement financial needs.