Bank failures, interest-rate hikes and market volatility put stress on Americans and their finances during the first three months of 2023. But instead of worrying, use it as motivation to make sure you’re prepared for what’s ahead. Retirement Tip of the Week: Take the second quarter of 2023 to refresh your retirement plans — even if you’re still planning to work for years.
The last few months — the last few years, really — have reminded us that when it comes to investing, there are many factors that can’t be controlled. But there are still plenty of things retirement savers can do to help them to be less stressed and better prepared for the future. The best thing you can do right now? Focus on what you can control, say financial planners. “I believe savers [and] investors would be best served by using the past 15 months as a wake-up call to be more attentive to their finances,” said Eric Amzalag, a certified financial planner and owner of the advisory firm Peak Financial Planning. Related: Why I abandoned my 529 college savings plan and switched to Series I bonds instead Take the next few months to do some housekeeping, said Rob Greenman, a certified financial planner and chief growth officer at Vista Capital Partners. That can include consolidating retirement plans, reviewing 401(k) plan fees and investments, and doing a checkup of all your assets. Look at how much you’re spending and how mu …