Okay, I have started saving. I have a good plan, now I can just coast until retirement, right?
If you guessed, “Wrong” you are right. A retirement plan, like a relationship or a garden, requires tending. Semi-annual reviews of your investments and your plan are a good idea. As your plans for retirement become clearer you will be better able to assess whether or not the path you are on is working.
Where you decide to live in retirement has a huge impact on how much money you will need. Marriage, children, divorce, and inheritance can also have a significant impact on your plan. If you are overseeing the investments in your account, you will need to keep up with interest rates and the stock market so that you can properly manage your money.
Things do change over time. For instance, as you near retirement you will likely want to have a more conservative investment portfolio than you had as a young person. If you prefer, you can have professionals manage your retirement funds; there are scores of options for that and, again, you should consult with family, friends, and trusted advisors to find the right manager for you and your retirement.