5 Investment Resolutions for 2016
Chart of the Week for December 31, 2015 - January 7, 2016
It's a popular time of the year to start thinking about New Year's resolutions. Here at ICMA-RC, we offer you 5 investment ideas to consider for 2016 resolutions:
- Review your investment plan - Calculate your net worth and review your investment plan to ensure it continues to be on track with your financial goals for retirement and your risk tolerance. If you don't have an investment plan, set one up.
- Review your investment portfolio - Evaluate your asset allocations, which are likely to have shifted during the year, in part due to the differing performance of various asset classes. Consider rebalancing to maintain your target allocations and risk tolerance.
- Pay yourself more - Increase the amount you contribute to your retirement savings plan this year. Think of the future and your retirement needs. If your employer offers a match, make sure to take maximum advantage of those extra funds. For 2016, the contribution limits are unchanged at $18,000 for regular contributions and $6,000 for Catch Up Contributions.
- Learn at least one new thing about investments - Education can help you better understand your investment options and generate new ideas. Try reading a book on personal finances or take a class on investing -- either online or in a classroom.
- Consider opening an IRA - Consult your tax advisor to determine which IRA or retirement plan option may be best for you. The earlier you start saving, the longer your money has the potential to grow.
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Posted by: sarah_oz@yahoo.com
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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