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Tropical Financial Investment and Insurance Services logo

Richard Weiner

Financial Advisor

 

Tropical Financial Investment and Insurance Services

Located at Tropical Financial Credit Union

3050 Corporate Way

Miramar, FL 33025

 

Phone:  954-517-7738

Cell:      954-401-9548

 

Email: richard.weiner@lpl.com

November/December 2024

Tools to Help Automate Retirement Investing

Investment Tools words in 3d letters in a red metal toolbox to illustrate financial advice and resources to help you grow wealth, income and earnings

Company-sponsored 401(k) plans have undergone significant changes over the years, including matching contributions from your employer and automatic enrollment, rebalancing, and contribution escalators. Even if you don't have these options, you can still model your retirement investing behavior after some of these plan features.


Auto Enrollment
If your retirement plan doesn't offer automatic enrollment, ask what you must do to join. If you don't have a workplace plan, make it your mission to research the qualifications and contribute to an individual retirement plan.


Auto Contributions
Before starting a new job, forecast your take-home pay for your monthly budget after subtracting an amount for retirement contributions. (Remember that your contributions will likely be deducted on a pre-tax basis.) Start contributing as soon as you're eligible because time means everything when building your retirement accounts.


Auto Escalators
Why not put the extra money into a retirement account when you get a raise? Employers can invest your raise automaticallly — before tax — so you do not even see it in your paycheck. If yours doesn't, request a change to your contribution level.


Auto Choice
Some people don't enroll in 401(k) plans because they don't want to choose any investments. So, some employers automatically put employees' contributions into target-date or balanced accounts. Do the same if you don't want to choose among investment options.


Auto Rebalancing
If you choose to invest in a workplace or other retirement plan, it pays to diversify.* To keep your portfolio diversified as planned, you'll need to rebalance it regularly, say every six or 12 months. Many 401(k) plans include this feature; otherwise, set yourself a reminder.


Auto Rollover
Some employers automatically roll over retirement plan balances for employees leaving one job for the next, but the new employer will have to accept these rollovers. If your previous employer doesn't do this automatically, ask your new place of employment about rolling the balance over.


*Diversification cannot eliminate the risk of investment losses. Past performance won't guarantee future results, and investing in stocks or mutual funds can result in a loss of principal.

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Richard Weiner is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Tropical Financial Credit Union and Tropical Financial Investment and Insurance Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Tropical Financial Investment and Insurance Services, and may also be employees of Tropical Financial Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Tropical Financial Credit Union or Tropical Financial Investment and Insurance Services. Securities and insurance offered through LPL or its affiliates are:

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