We tune our cars, get annual physicals & even have spring cleaning…so don’t forget to checkup your 401k!
This is a pretty simple straight forward reminder. Like a lot of things that are common sense and good for us, we often put it off because…well just because. In hindsight we wish we would have had the brake pads changed when the mechanic mentioned it because now we are looking at rotors too! Or how about that sore tooth that is now a root canal. And what would have been a round of antibiotics is now a week home in bed!
If we put off our health and car it’s likely our 401k is so far down the list we just hope it’s OK and only get nervous when we hear CNBC say the market is “crashing”. Since the internet exploded 20 years ago we can get information and tools for free to help us do almost anything, including checking up our 401k accounts. The key is to find a few sources that help you gather the information and make sense of what you’re doing…and DO it before you hear how “bad” the markets are or how “weak” the economy is!
A quick Google search under 401k checkup will get you thousands of suggestions. Or you may already be familiar with Morningstar; they offer free x-rays of your portfolio. These tools and services offered by many companies typically will give a lot of useful information away for free while also offering more in-depth reports for sale if you’re interested. The key is they are easy to find and lots of good information is free! Why not start there; it is better than doing nothing or pretending and hoping it is all OK.
Once you have found the tools and resources that you like it makes this chore easier. It’s also likely you will not put off what you know is necessary any longer. It can make you feel better about your future and more confident in the decisions you make because you were proactive. Just a little work and you will have your own process for doing a 401k checkup and then it will be an easy habit to hang on to.