Keep in mind that your retirement plan’s default investment may or may not suit your personal needs and goals. You shouldn’t assume the default investment is right for you just because your employer provided it. Sticking with an investment that isn’t a good fit could impact your retirement readiness. Instead, carefully review all your investment options and choose the ones that fit your goals, risk tolerance and investment time frame. Your financial professional can provide guidance in choosing suitable investment options.
Permission to change your mind
If you initially decide to go with your retirement plan’s default investment, you can opt later to have your contributions put into different investments offered by your retirement plan. Take the time to review the investment information your retirement plan provides, your current situation and your long-term goals. You also may want to consider contributing to an individual retirement account (IRA) to help you further prepare for the future. Ask your financial professional about the different kinds of IRAs and how they work.
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