Schedule an Appointment
Skip to main content

Is Your Retirement Plan On Track For 2021?

By Joe Arnold, AIF®


Did the chaos of 2020 cause you to fall behind on retirement savings? Are you finally in a space where you can begin looking ahead after the events of last year? Or perhaps you set New Year’s resolutions only to have already given them up? If you answered yes to any of these questions, we recommend taking time to review your retirement plan and make sure it’s on track for 2021. 


Last year, millions of Americans quickly learned they weren’t financially prepared for an emergency. (1) To be fair, no one really expected or planned for a global pandemic. But after a year like 2020, we feel it’s more important than ever to plan for future security. When it comes to retirement planning, the biggest risk is perhaps having no plan at all. A good retirement plan can help you avoid common pitfalls and feel more confident in your future.

Review Your Investments

Although there are many components to retirement planning, the right investment allocation could be the difference between an enjoyable retirement and a stressful one. Your investment mix should be invested according to your age, the number of years in retirement and your goals and objectives for your specific personal situation. As life circumstances shift, you’ll want to review and make adjustments accordingly.


For example, individuals more than a decade away from retirement may want to invest in more stocks than bonds, which could help them catch up on retirement savings after a year of focusing on other financial needs. However, asset diversification should always be discussed with a trusted financial professional to evaluate the best approach based on your unique circumstances.


No matter what, you should plan to review your investments periodically with an experienced professional to evaluate your progress and any changing circumstances you may be experiencing. Investment reviews can go a long way in staying on track.

Examine Your Budget

Another important area to review is your budget. If your income changed in 2020 or you were hit with unexpected emergency expenses, budgeting can reveal where to cut back and how to allocate more money toward savings. If you expect a raise in 2021, consider upping your contributions to a retirement account instead of increasing your expenses. 


And if budgeting feels overwhelming, we encourage you to find just one expense in your budget you know you can cut back on this year. With the savings from this one expense, allocate that money into a retirement account. You may find this exercise motivates you to find more expenses to cut back on in your budget (which is great), but it’s okay to take this one step at a time.

Reevaluate Your Goals

Even after a “normal” year, it’s still smart to reevaluate your retirement goals. Things change, priorities adapt, and you may have new opportunities or constraints that require you to revise your goals. 


Perhaps you had visions of traveling during retirement, but once grandkids (and the coronavirus) entered the picture, you realized you’d rather spend more time at home. Or maybe you planned to purchase a second home in retirement, but now the prospect of working longer to finance that dream no longer seems worth it. 


Wherever you are in your retirement planning, or however long it’s been since you reviewed your plan, there’s no better time than now to create or update a realistic plan to increase your chances of reaching your goals.

Do You Know Someone Who Needs Our Help?

If you or someone you know needs help getting retirement back on track for 2021, please give us a call. At Foundation Wealth Advisors, LLC, we’ve used our decades of experience to help clients reach their retirement goals. You can schedule a complimentary appointment by emailing me at or calling (440) 899-7535.

About Joe

Joe Arnold is an independent financial advisor and the founder and president of Foundation Wealth Advisors, LLC, an independent firm whose advisors provide private investment management for individuals and families, as well as retirement plan consulting for small and mid-sized businesses. With 20+ years of experience in the financial industry, Joe specializes in providing objective advice to individuals, as well as transparency in building and managing company 401(k) retirement plans. He is committed to putting his clients’ best interests first in all decision-making and recommendations. Based in Westlake, Ohio, he serves clients in the Cleveland, Akron, and surrounding areas, as well as throughout the country. Joe received a bachelor’s degree in business administration from Cleveland State University and is an Accredited Investment Fiduciary® (AIF). He has been featured on national television, including CNBC and FOX Business, and quoted in various publications, including The Wall Street Journal, CNN Money, Forbes, and others. Joe lives in Rocky River, Ohio, with his wife, Allison, and their two grown children, Kevin and Keira. An avid golfer, he is a former Class A PGA of America teaching professional and NCAA Division 1 athlete. When he’s not working, he enjoys playing golf, reading, and honing his culinary skills. To learn more about Joe, connect with him on LinkedIn.



Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck