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What are the worst times to check your 401(k) balance?
When planning for retirement, you should expect market swings because portfolio growth wont always be linear.
Remember that 401(k) accounts are for long-term investments with anextended time horizon.
Reacting to short-term fluctuations can hurt your overall retirement planning strategy.
I often advise that after you grab the proper asset allocation, just open your quarterly statements.
Ensure youre on the right path, then return to work.
You dont want to rely on your 401(k) for emergencies.
Checking your balance could tempt you to venture to get into the money, hurting your long-term financial plans.
Weiss warned, Dont use your growing 401(k) balance to justify large purchases.
Consider it separate from your month-to-month personal cash flow situation.
Review your quarterly statements to confirm that the information is accurate and that youre on the right track.
Youll want to double-check beneficiaries and adjust your savings rate and asset allocation as needed.
So, its good to review how much you contributed and adjust accordingly.
How Often Should You Check Your 401(k) Balance?
The next logical question is how frequently you should check your balance.
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