Whether you participate in your employer’s 401(k) plan and regularly contribute funds to that account or maintain a retirement savings fund elsewhere, you need to maximize the money you save for your future. 
Conduct reviews in several circumstances.
At least annually
Once a year, pull out your retirement plan details and evaluate your portfolio. You may want to drop or add funds based on performance and ensure your investments are diversified according to your risk tolerance and long-term goals.
Use the annual review to verify your contribution amount and boost or reduce your savings as needed.
When you receive a raise
If you contribute a percentage of each paycheck to an employer-sponsored retirement fund, decide when you get a raise whether to maintain, increase, or decrease that percentage.
Increasing your contribution by some or all of a raise can significantly grow your savings over time.
When you switch jobs
Every company offers different retirement plan options, matching rules, and administrative processes. Check your new employer’s plan and review your current accounts to decide whether to keep, roll over, or consolidate funds.
For help comparing options and managing rollovers, see Retirement Planning Services.
After significant life changes
Marriage, the birth of a child, divorce, or other major life events can change your financial needs and priorities. Review your retirement accounts to ensure you’re saving enough while also keeping an emergency fund and covering current expenses.
Also review and update plan beneficiaries and account ownership as needed.
As you approach retirement
While starting early builds the most time for growth, you can still take actions later in life to improve your position. Review projected retirement needs and account balances to decide whether to increase savings, adjust investment allocation, or change your retirement timeline.
This review may reveal whether you need to cut expenses, work longer, or pursue other measures to boost savings.
Not every month
Avoid reacting to every monthly statement or short-term market movement. Frequent changes based on short-term fluctuations can undermine long-term results.
Trust the strategy established in your annual review and resist the urge to micromanage your plan.
Take responsibility for your financial future by reviewing your retirement plan regularly. If you want professional guidance or broader information on options, see Retirement Planning and Insurance.
If you prefer personalized help, consider the next step to talk to an agent who can review your accounts and goals.
Frequently Asked Questions
How often should I change my investment allocation?
Generally, review allocation annually or after major life events; only change more often if your goals or risk tolerance change significantly.
Should I roll over an old 401(k) when I change jobs?
Rolling over can simplify management and may reduce fees, but compare your old plan, new employer plan, and IRA options before deciding.
When should I increase my retirement contributions?
Consider increasing contributions when you receive a raise, reduce major expenses, or when you realize you are behind your retirement savings targets.
Who should I notify about beneficiary changes?
Update beneficiaries on retirement accounts, life insurance, and any other accounts with named beneficiaries after major life events.