If you’d like to do a thorough review of your portfolio and plan, here are the key steps to take. I recommend doing them over a series of sessions, not all at once.
Step 1: Gather Your Documentation
This could be your current investment statements, plus Social Security and pension information. Pro tip: Set up a My Social Security account to get an overview of your benefits and earnings history.Step 2: Ask and Answer: How Am I Doing?
To find out if you’re on track to reach your financial goals, review your current portfolio balance, combined with your savings rate. Tally your contributions across all accounts. A decent baseline savings rate is 15 percent, but higher-income folks will want to aim for 20 percent or more.Also factor in other goals you’d like to achieve, such as college funding or a home down payment. Are they realistic? Make sure you’re not giving short shrift to retirement.
