It\u2019s easy to put off retirement planning, even when you\u2019re within a decade of that date. However, it doesn\u2019t take a complicated strategy to strengthen your retirement plan. A few strong moves in a single month can reset priorities.<\/p>\n
Learn More: How Much You Need\u00a0To\u00a0Save Monthly\u00a0To\u00a0Retire Comfortably in Every State<\/a>\u00a0<\/strong><\/p>\n Explore More: 10\u00a0Clever Ways Retirees Are Earning Up To $1K per Month\u00a0From\u00a0Home<\/a>\u00a0<\/strong><\/p>\n Here are eight money<\/a> moves you can make this month to get your retirement on track<\/a>.<\/p>\n 1. Increase Your 401(k) Contributions Now <\/p>\n Increasing your retirement plan<\/a> contribution now even by as little as 1% \u201cgives us more time to compound throughout the year,\u201d according to Julian B. Morris, a certified financial planner (CFP) and principal at Concierge Wealth Management<\/a>. \u201cTime in the market is always greater than timing the market.\u201d<\/p>\n This is also the time to revisit contribution limits and catch-up strategies, said Jay Zigmont, CFP, founder of Childfree Trust<\/a>. For 2026, the standard contribution limit is $24,500. People who are ages 50 or older can add an $8,000 catch-up contribution, and people ages 60 to 63 can make a super catch-up contribution of $11,250 on top of the standard limit.<\/p>\n Check Out: Warren Buffett\u2019s Advice\u00a0To\u00a0Prepare for a Recession Is S-Tier<\/a>\u00a0<\/strong><\/p>\n 2. Prioritize Debt Payoff Before Investing More <\/p>\n Before investing more, the experts agree it\u2019s important to eliminate high-interest consumer debt<\/a>, such as credit cards and loans, Zigmont said, except perhaps a mortgage or student loans.<\/p>\n That said, Morris urged people to continue to make even a small retirement contribution while paying down debt, so as not to \u201csacrifice long-term compounding to feel better in the short term.\u201d<\/p>\n 3. Make Sure Your Investments Match Your Time Horizon <\/p>\n It\u2019s not enough just to contribute retirement funds, Morris said. \u201cI would encourage people to make sure that the funds that they are investing in align with their risk tolerance and time horizon,\u201d he explained.<\/p>\n However, as retirement nears, your strategy should shift from higher-risk wealth<\/a> growth to \u201cprotecting your assets so that you can have income and not just growth,\u201d Morris said.<\/p>\n 4. Rebalance and Diversify <\/p>\n Market swings can push portfolios out of alignment. Rebalancing helps restore your intended mix and reduce unnecessary risk, Zigmont said. It\u2019s especially helpful \u201cif your investments have strayed from your target mix of stocks and bonds.\u201d<\/p>\n Rebalancing<\/a> isn\u2019t about getting back to a model portfolio, anyway, Morris noted, but \u201cto align the portfolio with what the money needs to do next.\u201d<\/p>\n 5. Shift Focus From Net Worth to Retirement Income <\/p>\n Many people track their overall net worth<\/a> but don\u2019t focus on their expected income versus their actual spending, Morris said.<\/p>\n \u201cAsk yourself: \u2018If I stop working today where is my income coming from and how will I be spending it?\u2019 Most people don\u2019t have this mapped out,\u201d he said.<\/p>\n Zigmont suggested taking your current annual expenses and multiplying them by 25.<\/p>\n \u201cThat tells you how much you need to save to retire comfortably,\u201d Zigmont explained.<\/p>\n 6. Consolidate Old Accounts <\/p>\n Lost or scattered retirement accounts can also create confusion and inefficiency, Zigmont said. He recommended taking the time now to collect and roll over any old 401(k) accounts and any other retirement accounts.<\/p>\n 7. Automate Your Retirement Savings <\/p>\n Consistency matters more than intention.<\/p>\n Remove decision-making from the process and automate as much as possible to \u201cturn good intentions into actual outcomes,\u201d Morris said.<\/p>\n 8. Use Time-Segmented Investing To Reduce Risk <\/p>\n Rather than becoming more financially conservative, segment assets by when you\u2019ll need them. This can help you avoid selling investments at a loss during downturns, Morris explained.<\/p>\n \u201cWe want to make sure that you avoid being forced to liquidate funds in a downturn and have to capture a loss. The biggest risk is not volatility, it\u2019s being forced to sell at the wrong time,\u201d Morris said.<\/p>\n The sooner you act, the more those small changes have time to grow.<\/p>\n More From GOBankingRates<\/strong><\/p>\n This article originally appeared on GOBankingRates.com<\/a>: 8 Money Moves You Can Make This Month To Strengthen Your Retirement Plan<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"It\u2019s easy to put off retirement planning, even when you\u2019re within a decade of that date. 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