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Conduct an annual financial planning review

Review your retirement accounts and asset allocation on an annual basis to help you stay on track to your financial goals.

Couple conducting an annual financial review

Financial planning is a comprehensive, ongoing approach to managing all areas of your financial life.

As you plan for retirement, your focus is most likely on saving. But once you retire, your focus typically shifts from saving to generating income from your savings, planning for health care costs and making savings last.

Here's why an annual financial review with an Ameriprise financial advisor is a critical touchpoint throughout these stages, and what you should be looking for at these regular meetings.

In this article:


 How an annual review can benefit you 

An annual financial planning review gives you a chance to evaluate your financial position. Many changes can affect your investments during the course of a year. It's important to monitor your retirement and investment accounts regularly and make annual adjustments to stay on track.

  • Your asset allocation could be off balance. Over time, different assets may grow at different paces. For example, what started as a 50/50 allocation between stocks and bonds may now be 45/55.
  • You may be less diversified than you think. If the value of one of your assets grows substantially, it may make up a large portion of your portfolio, potentially reducing your level of diversification and increasing your risk.
  • Your needs have changed. Even if your portfolio has remained the same, your situation may have changed. Your income may have increased or decreased, your retirement plans may have changed, or your portfolio may need modification.
  • You are subject to new rules. Changes in tax laws could affect your portfolio for better or worse. For example, capital gains rates or holding periods could rise or fall, or retirement plan contribution rules could shift.

Your annual financial review checklist: What to look for

  • Reduced tolerance for risk. If you've recently retired, you may need a new strategy to help maximize your retirement income. Your risk tolerance may change at this time, which would affect your asset allocation.
  • Income changes. You may have started to receive Social Security payments or required minimum distributions (RMDs) from retirement accounts. If so, you may need to make adjustments to the accounts that are currently providing income.
  • Investment outcomes. Results that are significantly different than expected can reduce the effectiveness of your plan. Recognizing these changes gives you the opportunity to make necessary adjustments.
  • Changes in your personal or family situation. You may have recently lost a spouse or domestic partner, welcomed new grandchildren into your life or moved to a different state, all of which can impact your financial plan.


Milestones to track as you approach retirement

While it's wise to review your financial planning goals on an annual basis, or even more frequently, these checkpoints could also benefit from a thorough evaluation.


You're eligible to make catch-up contributions to IRAs, 401(k)s and other retirement plans.

55 years old
You can begin taking withdrawals without penalty from qualified retirement plans such as a 401(k)s, 403(b)s and profit-sharing plans, if you have left your job in the year you turned 55 or older. 
Note: Does not apply to IRAs.
59 1/2 years old
You can start taking withdrawals without penalty from IRAs or from qualified retirement plans. Some retirement plans may allow in-service distributions at age 59 ½.
Note: 457(b) plans have no penalty.
62 years old

You're eligible for collecting partial Social Security retirement benefits; also eligible for a reverse mortgage.

66-67 years old

You're eligible for full Social Security benefits according to your birthday or you may wait up to age 70 to qualify for delayed retirement benefits.

73 or 75 years old

Generally, you must begin taking required minimum distributions (RMDs) from IRAs, 401(k)s and other retirement plans when you reach a certain age. Your exact RMD age will depend on the year you are born: The RMD age is 73 for individuals who turn 72 after 2022. In 2033, the RMD age is set to increase to 75.1

An Ameriprise financial advisor will work with you to conduct an annual financial review and help make necessary adjustments to help you meet your goals in retirement.

Our advisors know that trust is a matter of work, not words.

Or, request an appointment online to speak with an advisor.


At Ameriprise, the financial advice we give each of our clients is personalized, based on your goals and no one else's. 

If you know someone who could benefit from a conversation, please refer me.

Background and qualification information is available at FINRA's BrokerCheck website.

1On Dec. 29, 2022, new retirement legislation — known as SECURE Act 2.0 — was signed into law, increasing the RMD age from 72 to 73 beginning in 2023 for individuals who turn 72 after 2022. The law also mandates an automatic increase in the RMD age to 75, beginning in 2033.
Ameriprise Financial cannot guarantee future financial results.
Neither diversification nor asset allocation assure a profit or protect against loss.
Ameriprise Financial, Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.
Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.
Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC.

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