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Spring Forward: How to Refresh Your Retirement Plan This March

Admin
Mar 18
3 min read

As spring begins, it’s the perfect time to refresh not only your home but also your financial future. Just like spring cleaning helps clear clutter and renew your space, a financial refresh can revitalize your retirement plan, ensuring you’re on track for a comfortable future. This March, take the opportunity to review, adjust, and optimize your retirement strategy with these key steps.

1. Reassess Your Retirement Goals

Your retirement goals may evolve over time based on changes in your career, health, or family situation. Take time to reflect on:

Your desired retirement age – Are you still on track to retire when you originally planned?
Lifestyle expectations – Will you travel more, relocate, or maintain your current lifestyle?
Projected expenses – Has inflation or other costs altered your expected retirement budget?

Updating your retirement goals ensures your financial plan aligns with your long-term vision.

2. Evaluate Your Retirement Savings Progress

March is an excellent time for a financial check-in. Ask yourself:

Are you maximizing your retirement contributions?
- 401(k) and 403(b) contribution limits for 2025: $23,000 ($30,500 if age 50+).
- IRA contribution limits: $7,000 ($8,000 if age 50+).
Do you need to adjust your savings rate? If you’re behind, consider increasing contributions or making catch-up contributions.
Have you reviewed employer matching contributions? Ensure you’re taking full advantage of employer matches to maximize your savings.

3. Optimize Your Investment Portfolio

Your investment strategy should adapt as you approach retirement. March is a great time to:

Review asset allocation – Adjust your mix of stocks, bonds, and other assets based on your risk tolerance and time horizon.
Rebalance your portfolio – If market fluctuations have shifted your allocation, bring it back in line with your goals.
Consider income-generating investments – Dividend stocks, bonds, or annuities can provide steady income in retirement.

4. Check Your Social Security and Pension Strategy

Estimate your Social Security benefits using the SSA.gov calculator.
Decide when to claim – Delaying benefits until age 70 increases your monthly payout.
Review pension options – If you have a pension, understand payout structures and spousal benefits.

Strategic planning can help you maximize these retirement income sources.

5. Tidy Up Your Retirement Accounts

Consolidate old 401(k)s or IRAs – If you have multiple retirement accounts, rolling them into one can simplify management.
Update beneficiaries – Ensure your beneficiary designations reflect your current wishes.
Minimize fees – Review investment and account fees that could eat into your savings.

6. Review Your Tax Strategy

Taxes can significantly impact your retirement income. Consider these tax-saving strategies:

Roth conversions – Converting a traditional IRA to a Roth IRA may reduce future tax burdens.
Tax-efficient withdrawals – Plan how to withdraw from taxable, tax-deferred, and tax-free accounts to minimize taxes.
Required Minimum Distributions (RMDs) – If you’re 73 or older, ensure you take your RMDs to avoid penalties.

7. Plan for Healthcare and Long-Term Care

Review Medicare options – If you’re approaching age 65, research Medicare plans and enrollment deadlines.
Increase HSA contributions – If you have a Health Savings Account, continue saving tax-free for medical expenses.
Consider long-term care insurance – Protect yourself against future healthcare costs.

8. Update Your Estate Plan

Review your will and trusts – Ensure your estate plan reflects your wishes.
Assign powers of attorney – Designate financial and healthcare proxies.
Plan for charitable giving – Consider donor-advised funds or other giving strategies.